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Subject 404 — UK Fellowship Pensions |
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来源：www.21ks.net 作者：佚名 更新时间：2008-5-27 15:55:48 |
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Faculty of Actuaries Institute of Actuaries
EXAMINATIONS
April 1999
Subject 404 — UK Fellowship Pensions
Paper One
You must answer this subject only,
you may not attempt another subject in the 400 series.
Time allowed: Three hours
INSTRUCTIONS TO THE CANDIDATE
1. You have 15 minutes at the start of the examination in which to read the
questions. You are strongly encouraged to use this time for reading only but
notes may be made. You then have three hours to complete the paper.
2. You must not start writing your answers in the booklet until instructed to
do so by the supervisor.
3. Write your surname in full, the initials of your other names and your
Candidate’s Number on the front of the answer booklet.
4. Mark allocations are shown in brackets.
5. Attempt all 6 questions, beginning your answer to each question on a
separate sheet.
AT THE END OF THE EXAMINATION
Hand in BOTH your answer booklet and this question paper.
In addition to this paper you should have available
Actuarial Tables and an electronic calculator.
ã Faculty of Actuaries
404(1)—A99 ã Institute of Actuaries
404(1)—2
1 (i) Outline the tax treatment of an established UK approved final salary
pension scheme. [4]
(ii) Discuss the purpose of funded un-approved retirement benefit schemes
outlining the UK tax implications for the employer and employee.
[4]
[Total 8]
2 A large company has two separate pension schemes for different parts of its
workforce, a defined benefit pension scheme and a defined contribution
scheme. Describe briefly how the possible benefit designs of each scheme
could allow for early retirements. Your answer should include reference to
any assumptions used to determine benefits and any other factors which may
need to be considered. [9]
3 (i) List the main reasons for performing a valuation of a UK final salary
pension scheme. [3]
(ii) Outline the steps an actuary would follow in performing the valuation
of the scheme’s assets and liabilities. [7]
(iii) (a) Set out in general terms how you would analyse the experience
of the pension scheme between the last two annual valuations.
(b) Outline how the results of the analysis may be used. [6]
[Total 16]
4 A UK company operates a contracted-out final salary pension scheme. All
staff are eligible although the take up amongst the part-timers, who constitute
about half the staff, is low. Members contribute 5% of basic salary and the
Scheme provides a pension at age 60 of 1/60 of basic salary for each year of
service together with a 50% spouse’s death after retirement pension.
The results of the Scheme’s 1st January 1999 valuation on the long term
funding basis showed a surplus which is being used partially to offset future
company contributions.
The company is considering a flexible benefits proposal where the members
can choose for future service only to pay a lower contribution for lower
benefits as follows;
Contribution Rate % Accrual Rate
3 80
5 60
The company wishes to consider paying a non pensionable cash supplement to
those staff who select the lower contribution rates.
404(1)—3 PLEASE TURN OVER
The finance director has asked for your comments on these proposals. Draft a
report explaining:
· The advantages and disadvantages to the company and staff of the
proposals.
· The f[1] [2] 下一页 |
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