Commutation

Commutation is the complete working system of a third-party administrator running a closed defined-benefit occupational pension scheme - the firm that holds the members, calculates the benefits, pays the pensioners, runs the triennial actuarial valuation, prices transfer values and steers the scheme towards buyout with an insurer.

Thirteen real modules, each a browsable page with real seeded scheme data. The MEMBER REGISTER carries every life the scheme is responsible for across active, deferred, pensioner and dependant status with normal retirement age and benefit category. SERVICE & SALARY HISTORY holds the pensionable service in years and complete months, final pensionable salary and the accrual rate, with benefits split into the tranches of the legislation period they were earned in. REVALUATION & INDEXATION shows how each deferred pension has been revalued and each pension in payment indexed - the index used, the statutory cap applied, the cumulative factor and the resulting current entitlement. TRANSFER VALUE QUOTATIONS tracks cash equivalent transfer values with their basis, guarantee expiry, advice requirement and scam-warning checks. COMMUTATION & RETIREMENT QUOTES prices the full pension against the maximum tax-free cash at the scheme's own commutation factors. PENSIONER PAYROLL runs the month with gross, tax code, deductions, net paid and every exception held back with its reason.

The TRIENNIAL ACTUARIAL VALUATION sets technical provisions against assets with the full assumption set - discount rate, inflation, mortality base table and improvement scale - each beside the previous valuation's figure. The DEFICIT RECOVERY PLAN, INVESTMENT & HEDGING (with interest-rate and inflation hedge ratios reported separately, and collateral headroom in basis points of yield rise), DATA QUALITY REMEDIATION, TRACING & MORTALITY SCREENING and BUYOUT READINESS complete the trustee's view. A MEMBER PORTAL models a member's own pension at every possible retirement age and the cash-versus-pension trade-off at their own factor, and a SCHEME DASHBOARD closes the loop.

The signature drawing is a funding level bridge: a waterfall stepping from the 2021 deficit through investment return, deficit contributions, member experience, assumption change and interest cost to the 2024 position, with five signed steps that sum exactly to the closing figure. Designed in Swiss International Style actuarial reporting crossed with Ulm School information design - a cool paper grey ground, deep ink graphite, one pure signal red reserved strictly for a shortfall, a lapsed guarantee or a failed check, on a visible hairline modular grid with tabular lining numerals and bracketed negatives throughout.