1

PPF – S179 FINANCIAL ASSUMPTIONS (A4 & A3)A4 is applicable from 31 March 2008.

A3 assumptions were applicable up to 30 March 2008, and are shown in bold italics.Yield A = 50% of the sum of the FTSE Actuaries’ Government Securities Index-Linked annualised Real Yields over 15 years assuming: a) 5% inflation; and b) 0% Inflation.Yield B = annualised yield on the FTSE Actuaries’ Government 20-year Fixed Interest Index.Yield C = annualised yield on the FTSE Actuaries’ Government 10-year Fixed Interest Index.Yield D = 50% of the sum of the FTSE Actuaries’ Government Securities Index-Linked annualised Real Yields over 5 years assuming: a) 5% inflation; and b) 0% Inflation.

Yield in defermentCompensation increasing in deferment: Adjusted net index-linked gilt yield = Yield A – 0.4% (-0.7%)Compensation not increasing in deferment: Adjusted gilt yield = Yield B – 0.2%

Yield in paymentPensions with no increases in payment: Yield = Yield C + 0.3% (+0.0%)Pensions increasing in payment: Adj yield = max of (Yield D – 0.2% (-0.5%)) and (Yield C – 2.2% (-2.5%))

For any dates where yields are not available the yields for the nearest preceding date should be used. Yields should be calculated to the nearest 0.01%.Source –www.pensionprotectionfund.org.uk – Guidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004

dateILG15 yr0%

ILG15 yr5%

ILG5 yr0%

ILG5 yr5%

FIG20 yr

FIG10yr

YieldA (%)

YieldB (%)

YieldC(%)

YieldD (%)

Yield in deferment Yield in payment

Non-reval Reval Inc non-inc30/03/07 1.29 1.18 1.55 1.38 N/A 4.98 1.24 N/A 5.04 1.47 N/A 0.54% 2.54% 5.04%05/04/07 1.32 1.21 1.58 1.41 N/A 5.01 1.27 N/A 5.07 1.50 N/A 0.57% 2.57% 5.07%29/06/07 1.51 1.40 1.84 1.67 N/A 5.49 1.46 N/A 5.57 1.76 N/A 0.76% 3.07% 5.57%28/09/07 1.25 1.14 1.49 1.33 N/A 5.01 1.20 N/A 5.07 1.41 N/A 0.50% 2.57% 5.07%01/10/07 1.24 1.14 1.48 1.31 N/A 4.99 1.19 N/A 5.05 1.40 N/A 0.49% 2.55% 5.05%31/12/07 0.95 0.85 1.16 1.00 N/A 4.53 0.90 N/A 4.58 1.08 N/A 0.20% 2.08% 4.58%31/03/08 0.88 0.78 0.96 0.81 4.52 4.36 0.83 4.57 4.41 0.89 4.37% 0.43% 2.21% 4.71%01/04/08 0.92 0.83 1.02 0.87 4.58 4.45 0.88 4.63 4.50 0.95 4.43% 0.48% 2.30% 4.80%04/04/08 0.92 0.83 1.02 0.87 4.58 4.46 0.88 4.63 4.51 0.95 4.43% 0.48% 2.31% 4.81%

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2

REVALUATION OF EARNINGS FACTORS (SECTION 148 ORDERS) Tax year of termination

Tax year of

earnings

2009 /2010

2008/2009

2007/2008

2006/2007

2005/2006

2004/2005

2003/2004

2002/2003

2001/2002

2000/2001

1999/2000

1998/1999

1997/1998

1978-79 654.2% 623.8% 595.3% 572.4% 545.9% 522.3% 500.7% 475.9% 453.8% 419.5% 399.0% 377.0%1979-80 565.7% 538.8% 513.7% 493.5% 470.1% 449.2% 430.2% 408.3% 388.7% 358.2% 340.0% 320.7%1980-81 456.1% 433.7% 412.7% 395.8% 376.3% 358.8% 342.9% 324.6% 308.3% 283.0% 267.8% 251.6%1981-82 365.7% 347.0% 329.4% 315.3% 298.9% 284.3% 270.9% 255.6% 242.0% 221.1% 208.4% 194.8%1982-83 323.0% 306.0% 290.0% 277.2% 262.3% 249.0% 236.9% 223.0% 210.6% 191.4% 179.9% 167.6%1983-84 292.8% 276.9% 262.1% 250.2% 236.4% 224.1% 212.8% 199.9% 188.4% 170.1% 159.4% 148.0%1984-85 263.7% 249.0% 235.3% 224.3% 211.5% 200.1% 189.7% 177.7% 167.0% 150.1% 140.2% 129.6%1985-86 241.2% 227.4% 214.5% 204.2% 192.2% 181.5% 171.7% 160.5% 150.5% 134.7% 125.4% 115.5%1986-87 213.3% 200.7% 188.8% 179.3% 168.3% 158.5% 149.5% 139.2% 130.0% 115.6% 107.0% 97.9%1987-88 191.7% 179.9% 168.9% 160.1% 149.8% 140.7% 132.3% 122.7% 114.2% 100.8% 92.9% 84.4%1988-89 168.4% 157.5% 147.4% 139.3% 129.8% 121.4% 113.7% 104.9% 97.0% 84.6% 77.3% 69.5%1989-90 142.2% 132.4% 123.3% 115.9% 107.4% 99.8% 92.9% 84.9% 77.8% 67.2% 60.6% 53.5%1990-91 125.7% 116.6% 108.1% 101.2% 93.3% 86.2% 79.8% 72.4% 65.7% 55.8% 49.7% 43.1%1991-92 105.0% 96.7% 89.0% 82.8% 75.6% 69.2% 63.3% 56.5% 50.5% 41.5% 35.9% 30.0%1992-93 92.5% 84.7% 77.5% 71.6% 64.9% 58.8% 53.3% 47.0% 41.3% 33.0% 27.7% 22.1%1993-94 83.3% 75.9% 69.0% 63.5% 57.0% 51.3% 46.0% 40.0% 34.6% 26.6% 21.6% 16.3%1994-95 77.8% 70.7% 63.9% 58.5% 52.3% 46.7% 41.6% 35.8% 30.6% 22.8% 17.9% 12.7%1995-96 70.3% 63.5% 57.0% 51.9% 45.9% 40.5% 35.7% 30.1% 25.1% 17.6% 12.9% 8.0%1996-97 65.7% 59.0% 52.7% 47.7% 41.9% 36.7% 32.0% 26.5% 21.7% 14.1% 9.8% 5.0%1997-98 57.8% 51.4% 45.5% 40.7% 35.1% 30.2% 25.7% 20.5% 15.9% 9.4% 4.6% -

1998-99 50.9% 44.8% 39.1% 34.5% 29.2% 24.5% 20.1% 15.2% 10.8% 4.2% - -

1999-00 44.8% 38.9% 33.5% 29.1% 24.0% 19.5% 15.3% 10.6% 6.3% - - -

2000-01 36.2% 30.7% 25.6% 21.4% 16.6% 12.4% 8.5% 4.0% - - - -

2001-02 31.0% 25.7% 20.7% 16.8% 12.2% 8.1% 4.3% - - - - -

2002-03 25.6% 20.5% 15.8% 11.9% 7.5% 3.6% - - - - - -

2003-04 21.2% 16.3% 11.7% 8.1% 3.8% - - - - - - -

2004-05 16.8% 12.1% 7.6% 4.1% - - - - - - - -

2005-06 12.2% 7.6% 3.4% - - - - - - - - -

2006-07 8.5% 4.1% - - - - - - - - - -

2007-08 4.2% - - - - - - - - - - -

2008-09 - - - - - - - - - - - -

Source: Compiled from data from the Office of Public Sector Information

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3

RETAIL PRICES INDEX (RPI)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2009 2009

2008 209.8 211.4 212.2 214.0 215.1 2008

2007 201.6 203.1 204.4 205.4 206.2 207.3 206.1 207.3 208.0 208.9 209.7 210.9 20072006 193.4 194.2 195 196.5 197.7 198.5 198.5 199.2 200.1 200.4 201.1 202.7 20062005 188.9 189.6 190.5 191.6 192 192.2 192.2 192.6 193.1 193.3 193.6 194.1 20052004 183.1 183.8 184.6 185.7 186.5 186.8 186.8 187.4 188.1 188.6 189 189.9 20042003 178.4 179.3 179.9 181.2 181.5 181.3 181.3 181.6 182.5 182.6 182.7 183.5 20032002 173.3 173.8 174.5 175.7 176.2 176.2 175.9 176.4 177.6 177.9 178.2 178.5 20022001 171.1 172 172.2 173.1 174.2 174.4 173.3 174 174.6 174.3 173.6 173.4 20012000 166.6 167.5 168.4 170.1 170.7 171.1 170.5 170.5 171.7 171.6 172.1 172.2 20001999 163.4 163.7 164.1 165.2 165.6 165.6 165.1 165.5 166.2 166.5 166.7 167.3 19991998 159.5 160.3 160.8 162.6 163.5 163.4 163 163.7 164.4 164.5 164.4 164.4 19981997 154.4 155 155.4 156.3 156.9 157.5 157.5 158.5 159.3 159.5 159.6 160 19971996 150.2 150.9 151.5 152.6 152.9 153 152.4 153.1 153.8 153.8 153.9 154.4 19961995 146 146.9 147.5 149 149.6 149.8 149.1 149.9 150.6 149.8 149.8 150.7 19951994 141.3 142.1 142.5 144.2 144.7 144.7 144 144.7 145 145.2 145.3 146 19941993 137.9 138.8 139.3 140.6 141.1 141 140.7 141.3 141.9 141.8 141.6 141.9 19931992 135.6 136.3 136.7 138.8 139.3 139.3 138.8 138.9 139.4 139.9 139.7 139.2 19921991 130.2 130.9 131.4 133.1 133.5 134.1 133.8 134.1 134.6 135.1 135.6 135.7 19911990 119.5 120.2 121.4 125.1 126.2 126.7 126.8 128.1 129.3 130.3 130 129.9 19901989 111 111.8 112.3 114.3 115 115.4 115.5 115.8 116.6 117.5 118.5 118.8 19891988 103.3 103.7 104.1 105.8 106.2 106.6 106.7 107.9 108.4 109.5 110 110.3 19881987 100 100.4 100.6 101.8 101.9 101.9 101.8 102.1 102.4 102.9 103.4 103.3 19871986 96.25 96.60 96.73 97.67 97.85 97.79 97.52 97.82 98.30 98.45 99.29 99.62 19861985 91.20 91.94 92.8 94.78 95.21 95.41 95.23 95.49 95.44 95.59 95.92 96.05 19851984 86.84 87.20 87.48 88.64 88.97 89.20 89.10 89.94 90.11 90.67 90.95 90.87 19841983 82.61 82.97 83.12 84.28 84.64 84.84 85.30 85.68 86.06 86.36 86.67 86.89 19831982 78.73 78.76 79.44 81.04 81.62 81.85 81.88 81.90 81.85 82.26 82.66 82.51 19821981 70.29 70.93 71.99 74.07 74.55 74.98 75.31 75.87 76.30 76.98 77.79 78.28 19811980 62.18 63.07 63.93 66.11 66.72 67.35 67.91 68.06 68.49 68.92 69.48 69.86 19801979 52.52 52.95 53.38 54.3 54.73 55.67 58.07 58.53 59.11 59.72 60.25 60.68 19791978 48.04 48.31 48.62 49.33 49.61 49.99 50.22 50.54 50.75 50.98 51.33 51.76 1978

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Compiled from data from National Statistics Index based on January 1987 = 100.0

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4

PENSION PROTECTION LEVY (PPL)The PPL is paid by eligible schemes is calculated annually and comprises a risk-based levy and a scheme-based levy. The levy year starts on 1st April.

Calculation of risk-based levy for 2008/09 (2007/08 shown in bold italics)

Levy =min (U x P x R x c , PPF liability x k%)• where U is the underfunding risk for the scheme;• P is the insolvency probability;• R is the proportion of the PPL that is risk-based (80%)• c = levy scaling factor = 3.77 (2.47)• k= cap on risk-based levy = 1% (1.25%)

•P is calculated with reference to a failure score between 1 and 100 assigned to the sponsoring employer, calculated by Dun & Bradstreet UK Ltd. (www.dnb.com/uk ) •D&B’s PPF helpline number is 0870 8506209

Calculation of scheme-based levy

Levy = L x h • where L = the amount of the scheme’s protected liabilities• h = 0.0165% for 2008/09 (0.016% for 07/08) Total PPL = risk-based levy + scheme-based levy

•U = [1.21 (1.05) x PPF liability – assets] if less than 120% (104%) funded.• U = PPF liability x u, if funding position ≥ 120% (104%), where u is set out in the table on the right:

Probability of insolvency based on D&B failure score

A = D&B failure score B = Probability of insolvency (%)

A B

2008B

2007 A B

2008B

2007 A B

2008B

2007100 0.01 0.0740 67 0.50 1.2580 34 1.82 2.099099 0.03 0.1360 66 0.52 1.2800 33 1.87 2.101098 0.05 0.1804 65 0.54 1.3044 32 1.93 2.112097 0.07 0.2216 64 0.56 1.3534 31 2.02 2.119096 0.08 0.2621 63 0.58 1.3891 30 2.09 2.124095 0.09 0.3033 62 0.60 1.4123 29 2.13 2.135094 0.1 0.3456 61 0.63 1.4370 28 2.16 2.146093 0.11 0.3858 60 0.65 1.4620 27 2.23 2.156092 0.12 0.4286 59 0.67 1.4945 26 2.30 2.234491 0.13 0.4714 58 0.70 1.4950 25 2.37 2.285090 0.15 0.5133 57 0.73 1.4960 24 2.50 2.385389 0.17 0.5548 56 0.76 1.4970 23 2.52 2.495088 0.18 0.5943 55 0.79 1.4980 22 2.54 2.584487 0.20 0.6370 54 0.82 1.5384 21 2.57 2.684586 0.21 0.6827 53 0.86 1.5500 20 2.69 2.801885 0.23 0.7241 52 0.90 1.5650 19 2.84 2.944684 0.24 0.7619 51 0.94 1.5700 18 2.90 3.080183 0.25 0.8008 50 0.98 1.5800 17 2.97 3.187682 0.27 0.8351 49 1.02 1.5945 16 3.09 3.335881 0.28 0.8744 48 1.08 1.6474 15 3.26 3.521080 0.30 0.9047 47 1.12 1.6742 14 3.46 3.707979 0.31 0.9313 46 1.17 1.6800 13 3.64 3.911578 0.32 0.9609 45 1.22 1.6900 12 3.81 4.161077 0.34 1.0050 44 1.26 1.7077 11 4.11 4.371176 0.35 1.0384 43 1.32 1.7756 10 4.40 4.761275 0.37 1.0645 42 1.38 1.8367 9 4.67 5.027974 0.39 1.1119 41 1.42 1.9054 8 5.01 5.490673 0.40 1.1300 40 1.47 1.9200 7 5.35 6.153672 0.41 1.1566 39 1.53 1.9400 6 5.89 7.023571 0.43 1.1911 38 1.59 1.9590 5 6.63 8.475170 0.44 1.2112 37 1.67 2.0344 4 7.74 11.02969 0.46 1.2317 36 1.72 2.0570 3 9.71 15.00068 0.48 1.2400 35 1.76 2.0898 2 13.79 15.000 1 29.26 15.000Notes:

•There are additional rules for calculating the PPL for multi-employer schemes.•Full notes on calculation of value of assets can be found on the PPF website. Source: www.pensionprotectionfund.org.uk

PPF Funding position (f)

Under funding

factor (u) 2007/08 2008/09104% 120-125% 1%

104-111% 125-130% 0.75%111-118% 130-135% 0.50%118-125% 135-140% 0.25%

>125% ≥ 140% 0%

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PPF CAP AND CASH CONVERSION FACTORS

Annualised pension value

for each £1,000 of lump sum

Annualised

pension value for each £1,000 of

lump sumAge Pre97 Post97 Age Pre97 Post9716 47.22 26.76 44 52.36 34.0817 47.30 26.91 45 52.74 34.5518 47.38 27.06 46 53.14 35.0419 47.47 27.22 47 53.58 35.5520 47.56 27.38 48 54.04 36.0921 47.66 27.56 49 54.53 36.6522 47.77 27.73 50 55.05 37.2523 47.88 27.92 51 55.61 37.8824 47.99 28.11 52 56.20 38.5525 48.11 28.30 53 56.83 39.2526 48.24 28.51 54 57.50 40.0027 48.38 28.72 55 58.22 40.7828 48.52 28.94 56 58.99 41.6229 48.67 29.17 57 59.81 42.5030 48.83 29.41 58 60.68 43.4331 49.00 29.66 59 61.62 44.4332 49.18 29.92 60 62.62 45.4833 49.37 30.19 61 63.68 46.6034 49.57 30.47 62 64.82 47.7935 49.78 30.76 63 66.04 49.0636 50.00 31.07 64 67.35 50.4137 50.24 31.39 65 68.75 51.8538 50.49 31.72 66 70.25 53.3839 50.76 32.07 67 71.86 55.0340 51.04 32.44 68 73.60 56.7941 51.34 32.82 69 75.46 58.6842 51.66 33.22 70 77.48 60.7143 52.00 33.64Notes:•These factors do NOT apply to lump sums resulting from commutation of pension•Factors are shown for age exact at date of retirement•For intermediate ages (determined in complete years and days), factors should be obtained by linear interpolation•These factors will be reviewed from time to time and may be changed without notice•Based on Version 2 (September 2006)

Notes:•These factors are the age specific cap factors to be used to adjust the compensation cap•The same factors should be used for S143 and S179 valuations•These factors will be reviewed from time to time and may be changed without notice•Based on Version 7 (April 2008) Source:www.pensionprotectionfund.org.uk

Compensation Cap factors and levels Derived cap Derived cap

Age last

bday Factor

From 01/04/07

to 31/03/08

From 01/04/08

.

Age last

bday Factor

From 01/04/07

to 31/03/08

From 01/04/08

. 16 0.6356008 19,022.62 19,612.32 46 0.7520849 22,508.82 23,206.6017 0.6376635 19,084.35 19,675.97 47 0.7595126 22,731.12 23,435.7918 0.6398049 19,148.44 19,742.05 48 0.7673473 22,965.60 23,677.5419 0.6419589 19,212.90 19,808.51 49 0.775617 23,213.10 23,932.7120 0.644194 19,279.80 19,877.48 50 0.7843516 23,474.51 24,202.2321 0.6465144 19,349.25 19,949.07 51 0.7935834 23,750.81 24,487.0922 0.6489236 19,421.35 20,023.41 52 0.8033469 24,043.02 24,788.3523 0.6514269 19,496.27 20,100.66 53 0.8136789 24,352.24 25,107.1624 0.6540295 19,574.16 20,180.96 54 0.8246191 24,679.66 25,444.7325 0.6567364 19,655.17 20,264.49 55 0.83621 25,026.56 25,802.3926 0.6595533 19,739.48 20,351.41 56 0.8484972 25,394.30 26,181.5327 0.6624861 19,827.25 20,441.90 57 0.8615302 25,784.36 26,583.6828 0.665541 19,918.68 20,536.17 58 0.8753619 26,198.32 27,010.4729 0.6687249 20,013.97 20,634.41 59 0.89005 26,637.91 27,463.6930 0.672045 20,113.34 20,736.86 60 0.9056568 27,105.01 27,945.2631 0.6755088 20,217.01 20,843.74 61 0.9222501 27,601.62 28,457.2732 0.6791248 20,325.23 20,955.31 62 0.939901 28,129.88 29,001.9133 0.6829016 20,438.26 21,071.85 63 0.9586897 28,692.20 29,581.6634 0.6868489 20,556.40 21,193.65 64 0.9786895 29,290.77 30,198.7935 0.6909767 20,679.94 21,321.02 65 1 29,928.56 30,856.3536 0.695296 20,809.21 21,454.30 66 1.0227332 30,608.93 31,557.8137 0.6998185 20,944.56 21,593.84 67 1.0470051 31,335.35 32,306.7538 0.7045566 21,086.37 21,740.05 68 1.0729606 32,112.17 33,107.6539 0.709524 21,235.03 21,893.32 69 1.100768 32,944.40 33,965.6840 0.7147354 21,391.00 22,054.12 70 1.1306433 33,838.53 34,887.5341 0.7202062 21,554.73 22,222.93 71 1.1628335 34,801.93 35,880.8042 0.7259531 21,726.73 22,400.26 72 1.1976309 35,843.37 36,954.5243 0.7319943 21,907.54 22,586.67 73 1.2353825 36,973.22 38,119.3944 0.7383491 22,097.73 22,782.76 74 1.2764962 38,203.69 39,388.0145 0.7450384 22,297.93 22,989.17 75 1.3214512 39,549.13 40,775.16

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