PSI8.2.40 - Lump Sum Benefits and Communication: Commutation Factors - Procedure

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

When considering a scheme for approval you may need to ask what the commutation factors will be. For members without continued rights we expect a factor of 12:1, but for members with continued rights ask for factors for persons retiring at NRD (distinguishing between men and women). With disrectionary schemes ask for specimen factors (for both men and women) for each age at which retirement will be permitted.

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