21AValuation factors—10‑year guarantee period—CPI indexed pension with 5% cap

#### 21A Valuation factors—10‑year guarantee period—CPI indexed pension with 5% cap The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10‑year guarantee period; and (b) is indexed in accordance with the consumer price index with a cap of 5%. ```html <table cellspacing="0" cellpadding="0" style="width:100%; margin-left:auto; border-collapse:collapse"><thead><tr style="height:18.75pt"><td rowspan="2" style="width:25.34%; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Member’s retirement age</span></p></td><td colspan="2" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Pension valuation factors</span><br><span>10</span><span>‑</span><span>year guarantee period</span><br><span>CPI indexed pension with 5% cap</span></p></td></tr><tr style="height:3pt"><td style="width:37.34%; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Male</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Female</span></p></td></tr></thead><tbody><tr style="height:12.25pt"><td style="width:25.34%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>55</span></p></td><td style="width:37.34%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.8202</span></p></td><td style="width:37.32%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>17.2175</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>56</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.5271</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>16.9456</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>57</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.2310</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>16.6678</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>58</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.9325</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>16.3841</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>59</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.6322</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>16.0946</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>60</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.3309</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.7994</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>61</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.0294</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.4989</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>62</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>13.7282</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>15.1935</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>63</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>13.4281</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.8835</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>64</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>13.1299</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.5696</span></p></td></tr><tr style="height:12.25pt"><td style="width:25.34%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>65</span></p></td><td style="width:37.34%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>12.8342</span></p></td><td style="width:37.32%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>14.2522</span></p></td></tr></tbody></table> ``` ```html <table cellspacing="0" cellpadding="0" style="width:100%; margin-left:auto; border-collapse:collapse"><thead><tr style="height:18.75pt"><td rowspan="2" style="width:24.88%; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Member’s age at relevant date (in completed years)</span></p></td><td colspan="2" style="border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Reversion valuation factors</span><br><span>10</span><span>‑</span><span>year guarantee period</span><br><span>CPI indexed pension with 5% cap</span></p></td></tr><tr style="height:3pt"><td style="width:37.56%; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Male</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="TableHeading"><span>Female</span></p></td></tr></thead><tbody><tr style="height:12.25pt"><td style="width:24.88%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>Up to 40</span></p></td><td style="width:37.56%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.422</span></p></td><td style="width:37.56%; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.057</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>41</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.342</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.993</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>42</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.261</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.930</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>43</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.180</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.866</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>44</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.099</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.803</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>45</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>2.019</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.740</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>46</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.938</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.676</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>47</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.857</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.613</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>48</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.776</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.549</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>49</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.696</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.486</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>50</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.615</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.423</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>51</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.373</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.359</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>52</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>1.130</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.296</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>53</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.888</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.232</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>54</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.646</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.169</span></p></td></tr><tr style="height:12.25pt"><td style="width:24.88%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>55 and over</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.404</span></p></td><td style="width:37.56%; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:1.5pt; padding-left:1.5pt; vertical-align:top"><p class="Tabletext"><span>0.106</span></p></td></tr></tbody></table> ```