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April 08

vix said:
I think that the reason you give the member, from what I have seen of past papers, is that the scheme has set aside funds to meet the cost of a £20,000 pension from age 65. If he retires at 62, he will be getting his pension for an extra 3 years. The amount set aside is not enough for this so it must be reduced.

You had to touch on benefits accrued to date of leaving then revalued to age 65 as the new ERF applied to this figure and the old ERF applied to the pension revalued to 62. However, I didn't give any technical detail, I just confirmed that his pension was expected to be £20,000 at age 65 and the reduced pension he would get at age 62 would be the same under the two ERFs.

Did anyone else mention how ERFs might change between now and his 62nd birthday? This was the bit I found the toughest to simplify.
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I also struggled trying to explain how the ERF applied to the revalued pension in the past and the new method was to be applied to the revalued pension at age 65. What is a revalued pension and how does one explain it in words. In DB schemes when we discount pensions I think we discount at i - j where j is pre-retirement inflation. I thought revaluing was just a way of getting the nominal pension at different time... and I wasted so much time trying to think if this what was meant
 
didster said:
(Do you think the examiners read these forums and take any of the comments into account for setting/marking papers?)
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I'm not sure - I was thinking about that too. I know that the tutors review our posts and can sometimes take any major concerns to the Institute.

Has anyone used the new Institute forum for posting exam queries and subject discussions? Won't this be a duplication of what exists here? Will it mean that they will only pay attention to any concerns raised on their forum? :confused:
 
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I was reading through the discussion you guys had about the first question (pensions) - the format of letter and also the terms that need to be explained in the letter...... Just out of curiousity, since results are out, how did everyone do?
 
I Passed

7th time lucky!
This pesky exam was the last one I had left and has been hanging over my head since 2004. I have absolutely no clue what the hell I did differently this time but hey, I ain't complaining.
So with that comes qualification. Amen.
 
I passed

3 rd serious and 5th actual attempt....but no whining!! I will qualify as well.
 
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