7AValuation factors—no guarantee period—CPI indexed pension with 5% cap

#### 7A Valuation factors—no 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 no 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>No guarantee period</span><br><span>CPI indexed pension with 5% cap</span></p></td></tr><tr style="height:3.5pt"><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="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>15.5689</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>17.0704</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>15.2477</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>16.7844</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>14.9204</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>16.4912</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>14.5872</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>16.1904</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>14.2486</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>15.8821</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>13.9052</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>15.5660</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>13.5575</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>15.2421</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>13.2060</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>14.9106</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>12.8512</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>14.5715</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>12.4939</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>14.2252</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>12.1346</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>13.8719</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>No guarantee period</span><br><span>CPI indexed pension with 5% cap</span></p></td></tr><tr style="height:3.5pt"><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>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>2.700</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>1.162</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>2.610</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>1.093</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>2.520</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>1.023</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>2.430</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>0.953</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>2.340</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>0.883</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>2.250</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>0.814</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>2.160</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>0.744</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>2.070</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>0.674</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>1.980</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>0.604</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>1.890</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>0.535</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>1.800</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>0.465</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>1.530</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>0.395</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>1.260</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>0.325</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>0.990</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>0.256</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>0.720</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>0.186</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>0.450</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>0.116</span></p></td></tr></tbody></table> ```