What is the difference between the member taking exchange terms to be 90% of the value of the member's pension vs the plan allowing members to exchange up to 50% of their pension at retirement? For this question, I would have used 90% commutation, but the solution uses 50% - what's the difference? Also, how to get the spouse's death after retirement benefits in part (iv) of this question?
If you haven't figured it out yet, you've mixed up the two numbers. 50% is the maximum you can commute. 90% is the value that you commute at, ie 14.4 per £1pa = .9*16, better than current 12 per £1pa iv) spouse's benefit is 1/6 of total so single is 5/6 so total is 6/5 of single, ie 6/5*16
