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1-2 December 2003 The Glasgow Moat House

Not a penny more, not a penny less – problems with transfer values Clare Hobro Younger Members’ Convention. 1-2 December 2003 The Glasgow Moat House. Slides for prior publication on website.

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1-2 December 2003 The Glasgow Moat House

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  1. Not a penny more, not a penny less – problems with transfer valuesClare HobroYounger Members’ Convention 1-2 December 2003 The Glasgow Moat House

  2. Slides for prior publication on website • Note these slides say hardly anything, as I am expecting a everyone to contribute ideas and debate during the session.

  3. What is a pension transfer value? • Your ideas please!

  4. Who cares how much it is?

  5. Pension, lovely pension, how much will you give me for this prime pension? • What transfer amount would be fair?

  6. What if scheme is underfunded? • Is it fair to pay full TV? • If not fair, what would you do?

  7. What data is needed ?

  8. Men are from Mars, women are from Venus • So should their transfer values be different? • What about young and old?

  9. How much is your pension worth? • Peanuts? • More than your house? • More than your car?

  10. So what do the figures look like?£5,000 pension at leaving date Age 55, left at 30, retiring at 60? Age 30, leaving now, retiring 65? Age 30, leaving now, retiring 65, scheme 90% funded?

  11. Too high, too low? • TVs were generally calculated as …. • This was too low. Why?.. ... • This was too high. Why?...... • The big pensions lock in …..

  12. Legislation and guidance says…..

  13. Would you accept this transfer value? • Age 55, left at 30, retiring at 60 • Age 30, leaving now, retiring 65 • As above but underfunded • Why put all your eggs into one basket anyway? • And what are you moving to • defined contribution? – taking more risk • defined benefit – how do receiving scheme transfer in terms compare to your TV?

  14. Thank you! Clare Hobro 2 December 2003 Younger Member’s Convention Clare.Hobro@HewittBaconWoodrow.com

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