Another reason for their low projections is their use of a relatively moderate warming scenario of 3-4 degrees of warming by 2100, based on the pledges in Copenhagen in december 2009, so not a worst-case scenario.
Even then they estimate a 5% risk of more than 132 cm of SLR by 2100.
This is based on expert elicitation (13 experts, see Bamber & Aspinall 2013), not their processed-based models. Individual experts may estimate the risks to be considerably higher.
They say a 5% chance of more than 132 cm is a "low'' probability, but given the potential impacts it seems a pretty high risk.