1. 1-2 December 2003 The Glasgow Moat House
Not a penny more, not a penny less – problems with transfer values Clare Hobro Younger Members’ Convention
1-2 December 2003
The Glasgow Moat House

2. Slides for prior publication on website
Note these slides say hardly anything, as I am expecting a everyone to contribute ideas and debate during the session.

3. What is a pension transfer value?
Your ideas please!

4. Who cares how much it is?

5. Pension, lovely pension, how much will you give me for this prime pension?
What transfer amount would be fair?

6. What if scheme is underfunded?
Is it fair to pay full TV?
If not fair, what would you do?

7. What data is needed ?

8. Men are from Mars, women are from Venus
So should their transfer values be different?
What about young and old?

9. How much is your pension worth?
Peanuts?
More than your house?
More than your car?

10. So what do the figures look like? £5,000 pension at leaving date
Age 55, left at 30, retiring at 60?
Age 30, leaving now, retiring 65?
Age 30, leaving now, retiring 65, scheme 90% funded?

11. Too high, too low? TVs were generally calculated as ….
This was too low. Why?.. ...
This was too high. Why?......
The big pensions lock in …..

12. Legislation and guidance says…..

13. Would you accept this transfer value?
Age 55, left at 30, retiring at 60
Age 30, leaving now, retiring 65
As above but underfunded
Why put all your eggs into one basket anyway?
And what are you moving to
defined contribution? – taking more risk
defined benefit – how do receiving scheme transfer in terms compare to your TV?

14. Thank you! Clare Hobro 2 December 2003 Younger Member’s Convention