Solved: Developments in the UK’s Pension Scheme

Assessment Information
This 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.
Reforms 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 Assessment
In 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.
1. 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
2. Overview of the UK pension system (Maximum marks available: 30 marks)
  • 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
3. Overview of the 2015 pension reform (Maximum marks available: 30 marks)
  • 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
4. Overview of the experience of Pensioners under the new pension system (Maximum marks available: 10 marks) 5. Conclusions and policy recommendations (Maximum marks available: 10 marks) 6. Organisation and academic writing (Maximum marks available: 5 marks) 7. Referencing (Maximum marks available: 5 marks) Further Assignment Guidance How to pass this assignment In order to pass this assignment, you need to:
  • 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.
Word Count Limit You must indicate the number of words you have used on the front page of your Assignment Submission Sheet. When you calculate this you must include any quotations and footnotes you have used but you do not need to count the Reference list or any Appendices. The assignment must be between 1500-1650 words. Do not exceed the word count. An example of the expected front page is provided in Appendix 3. The contents of your Reference list and Appendices are not normally given a specific mark, but they may contribute to your overall mark. It is therefore recommend that you only use Appendices for supporting material and not for the substantial part of your work. Return of Marked Work You can expect to have marked work returned to you by the University deadlines (15 working days for levels 1 and 2). Marks should be available through Turnitin. Marks will have been internally moderated only, and will therefore be provisional; your mark will be formally agreed later in the year once the external examiner has completed his / her review. Appendix 1: Marking statement How markers will provide feedback on your assignment Feedback statements will focus on three key areas
  • Areas of Strength
  • Areas for Improvement
  • General comment
Name of Marker/Moderator Brief Comments (Please read your marked work for more detailed feedback)