Assessment InformationThis assignment is designed to assess learning outcomes: 1. Discuss the key features of the developments in the UK’s pension system. This assignment is an individual assignment.
ASSIGNMENT REMITReforms to the UK pension scheme implemented in 2015 provided pension savers with significantly greater freedom of choice. In particular, retiring defined contribution (DC) pension scheme members are no longer forced to buy an annuity which is currently quoted at low rates. You are required to: (i) Provide an account of the development of the market for pensions in the UK over the past four decades, emphasising the dominant types of pensions, the key providers, previous mis-selling scandals and the existing regulatory regimes for the pension industry (ii) Assess the various benefits and risks of the new freedom for pension savers and scheme providers (iii) Describe the behaviours which may be evolving among DC retirees with the view to identifying the more popular actions undertaken by members who are taking advantage of their greater pension freedom (iv) Recommend changes in the investment planning of DC schemes and traditional lifestyle strategies to ensure that pension savers utilise their pension freedom in a manner that best suits their individual circumstances as well as making their post-retirement savings last until they die.
Criteria for AssessmentIn completing this assignment, students must: 1. Provide an overview of the UK pension schemes, key providers, misspelling scandals and regulatory bodies 2. Explore the principal benefits and risks arising from the recent reforms on pension in the UK 3. Discuss the more popular choices among the DC pension retirees in the wake of their greater pension freedom 4. Conclude with an assessment of how the UK’s pension system is likely to development in the light of the greater pension freedom 5. Provide advice on how DC retirees might make use of their post-retirement savings to ensure that it lasts until they die 6. Include academic journal articles to support your discussion Word Count The word count is 1,500 There will be a penalty of a deduction of 10% of the mark (after internal moderation) for work exceeding the word limit by 10% or more. The word limit includes quotations, but excludes the bibliography.
ASSIGNMENT GUIDELINE1. Introduction (Maximum marks available: 10 marks)
- A brief summary of the motivation of the essay
- The major objective of the essay
- Policy relevant of your review
- A summary of the key features of the UK pension’s market
- Major types of UK pensions
- Key providers
- Pension mis-selling scandals
- Regulatory bodies
- The benefits of the new pension system
- The potential areas of concern for the new pension system
- The arrangements that were put in place to prevent abuse
- Ensure that you have fully met all the learning outcomes and tasks as detailed in the accompanying Assignment Brief document. If you do not meet the at least half of the tasks detailed under the “Criteria for Assessment” section, you are unlikely to pass this coursework.
- Ensure that your assignment meets academic standards for referencing, structure, spelling and grammar use
- Use the Marking Statement information provided in Appendix 1 to guide the development of your report. This indicates the areas that markers will be expecting to see and will provide feedback on in your report.
- Use the Assessment Marking Criteria to ensure you demonstrate key academic principles (see Appendix 2)
- Submit all the work required through Turnitin by the given deadline Before you submit your coursework, we strongly recommended that you check to ensure you have covered all of the tasks detailed under the “Criteria for Assessment” section and that you have met all of the Learning Outcomes.
- Areas of Strength
- Areas for Improvement
- General comment