The factors in the table below should be used for determining the lifetime equivalent value of a step-down pension for calculations with effective dates from 1 November 2024.
Step-down factors from 1 November 2024
In all determinations, the compensation cap must be compared with an annual value of benefits. And in calculating the maximum amount of cash that can be taken through commutation, these factors should be used alongside the commutation factors.
Early retirement factors for a step-down pension
For an early retirement, with an effective date on or after 1 November 2024, the amount of early step-down pension compensation is calculated according to the factors in this table:
Early retirement factors from 1 November 2024
Previous periods
View step down factors from previous periods
Please note:
The early retirement factor is applied to the compensation before the compensation cap is applied.
From time to time we review all factors, which may be changed without notice.