Has anyone compared the ASET solution to the one from the examiners report? 4 pages in ASET, 3 lines in the report !!! Now i presume (hope) that ASET go over and above what's required in the exam but surely there must be a compromise between the two. Does anybody think they know how much is really expected and what would get full marks in this question without resorting to 4 pages?
Showing your working in Pension derivation questions I would guess that to score full marks on this, your final formula needs to be correct and everything in it needs to be well defined. Define j, v, i, l, s, z, a exactly as ActEd does on page 8. On page 9 you could just write down the EPV of the PSL and define D,C, and M - you don't need to explain every step as we have done (especially the italics which are intended to be additional points). For the EPV of the FSL, I actually think the bottom bit of page 10 should get full marks because everything is well-defined within it. However, you risk losing method marks by not showing all your working, should your final line not be quite right. Then define M bar, R bar and shortcut to the total service liability. The most valuable bit of advice we give on this question is that, for 5 marks, maybe you should leave it until the end? Why not write down the short solution offered by the examiners and come back to fill in the "derivation" actually asked for later? If you run out of time, maybe you will lose 2 or 3 out of 5 (big deal for the time it would have taken!), maybe you don't lose any marks at all! Good luck! John
