22 Jul EXPLAIN BRIEFLY TO BILL THE REASONS FOR THE PENSION CRISIS.
RIFA 3
Order Description
Write a report for Mr and Mrs Murray and family addressing the following points. All parts carry equal marks (20 Marks) with a further (5) marks for presentation and evidence of relevant research.
(a) Bill Murray has .recently graduated and accepted a job offer with the option of contributing to a final salary pension scheme. Bill is not keen on thinking about a pension at such a young age but he has read something about the pension crisis and has a nagging doubt that maybe he should be doing something about a personal pension. He decides to ask your advice. Required:
1) Explain briefly to Bill the reasons for the pension crisis. (6 marks)
2) Explain what a final salary pension scheme is and compare it with a defined contribution scheme. (8 marks)
3) Advise Bill about issues involved in taking a life insurance. (6 marks)
(b) Fred Murray (the musician) has been working as a manager in a major music club earning 55000 per annum. He is provided with a diesel car with CO2 emissions of 120 g/km costing 22000 after Fred has contributed 4000 towards the cost of the car. His employer also pays him fuel allowance of 500 per month. He is also provided with a parking space at work in the centre of London worth 875 a year. He received some interest on his bank savings account of 16400 (net) and interest on his New cash ISA of 2100. He has also invested on the London Stock Exchange earning 18900 (net) as dividend. On 1st May 2013 he sold a painting for 11000 and incidental costs of disposal were 650. He bought the painting in 2001 for 15000. After 2005 in July 2014 he sold a property for 105000 and the cost of legal fees
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