PENSION TRANSFER REPORT - Provident Solutions Transfer Analysis... · PENSION TRANSFER REPORT Money Purchase Arrangements CLIENT NAME: Alan Plan CLIENT Ref: Pas1 FROM: Various TO:

PENSION TRANSFERREPORT

Money Purchase Arrangements

CLIENT NAME: Alan PlanCLIENT Ref: Pas1

FROM: VariousTO: Scottish Life Pension Portfolio (Fee Option)

ADVISER NAME: Paul SmithREPORT PRINT DATE: 13/02/2009

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Client Name: Alan PlanAdviser Name: Paul SmithCase Reference: 25665

Analysis Report Introduction The purpose of this analysis is to provide information, which will assist you to make an informed decision, onwhether or not, to transfer all or some of your pension funds to an alternative Pension arrangement. This analysis does not, on its own, show whether or not transferring your funds is advisable, as that also depends onmany other factors, such as your “attitude to risk” and your personal circumstances and objectives. It does,however, give an indication of the likelihood of being able to match or exceed the fund provided by the Existing planswith a transfer to an alternative plan based on a charges comparison. Projections have been provided to indicate the possible fund value at retirement based on assumed growth ratesthis is compared with the projected fund if invested in:

• Scottish Life Pension Portfolio (Fee Option) The analysis will show the results of this comparison as:

This analysis needs to be read in conjunction with the illustrations provided by the recommended provider and anyrecommendations made by your adviser. The analysis has been based on your personal information and the details supplied by your existing plan providers. Personal Pension Policies These policies operate on the “Money Purchase” basis (also known as “Defined Contribution”) & provide a fund ofmoney, at retirement, which is then used to purchase a pension and normally a Tax Free Lump Sum. The amountof the fund at retirement is dependent upon the level of contributions paid, the investment return on the contributionsonce invested, and the charges under the policy. At retirement the fund is normally used to provide a pension by purchasing an annuity in the open market. Theamount of pension provided is therefore dependent upon the annuity rates then available in the market.

1. The estimated fund value at retirement from the providers.

2. The estimated annual investment return needed, from the Proposed Plan, to provide a fund at retirement ageof 65 equal to that of your Existing arrangements.

3. The estimated percentage difference between the proposed alternative Pension policy and your Existingarrangements at retirement.

4. The immediate effect on your fund as a result of the transfer.

5. The fund values that may be paid as a death benefit immediately following transfer.

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This report has been based on the following information. Please make it known if any part of this information isincorrect as it may affect the result of this analysis.

Personal Information

Name Mr Alan PlanDate of Birth 19/06/1950Sex Male

Marital Status DivorcedSpouse's Date of Birth N/AOther Dependants No

Health Status NormalAttitude to Risk MediumEmployment Employed

Retirement Age for Analysis 65

Plans for analysis

Plan Name AXA 7873201Fund Value £46,290.31Transfer Value £46,063.03Fund Valuation Date 11/02/2009Current Contributions £57.69 (Monthly), Indexation 0%

Plan Name AXA - 0761371Fund Value £19,601.97Transfer Value £19,176.37Fund Valuation Date 12/02/2009Current Contributions £50.00 (Monthly), Indexation 0%

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Notes & Assumptions • The illustrations take into account the current charging structure of the Scottish Life Pension Portfolio (Fee

Option) and your existing arrangements.

• The fund available at retirement will depend upon the actual growth in your selected plan and the funds. Thefigures are not guaranteed.

• All firms use the same rates to illustrate how funds may be converted into a pension but their charges vary.The maximum that growth rates can be illustrated at is set by the FSA, some providers however choose toshow lower rates. This comparison is on a like for like basis.

• The actual transfer value received may be higher or lower than that shown due to investment fluctuationsbetween the calculation date of this analysis & completion of the transfer.

• You should be aware that the choice of funds available with Scottish Life may differ from your currentproviders. This could impact on potential fund performance.

• The figures illustrated for the plan considered assume that investment will be with the provider’s standarddefault fund & charges unless otherwise specified.

• Where part of, or the entire fund is Protected Rights it is assumed that no further contracting out rebates willbe received.

• Where regular premiums are indexed by RPI the increase will be 4.5% lower than the growth rate quoted i.e.if growth is shown at 7% RPI is assumed to be 2.5%, when indexed by NAE the increase will be 3% lowerthan the growth rate quoted i.e. at 7% growth NAE is assumed to be 4%.

• When projected fund values are shown in Today’s terms inflation is assumed to be 2.5%pa.

• The projected values are rounded down to three significant figures as per the industry standard in line withFSA rules which means that £109,100 is shown as £109,000. Where there are multiple ceding plans orbenefits with individual projected values below £100,000 which together are above £100,000 theaccumulative projections may include 4 significant figures i.e. £75,600 + £33,500 = £109,100, where as theaccumulated transfer may achieve £109,600 but would be shown as £109,000 consequently the rate ofreturn required and effect on fund shown may in some instances conflict with the comparison of projections.

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ACCUMULATIVE COMPARISON FUNDS TRANSFERRED TO Scottish Life Pension Portfolio (Fee Option)

Projected Fund resulting from transfer value and future contributions at proposed age of 65

Assumed Growth Rates 5% 9%

Existing Plans £90,100 £113,000

New Plan - Scottish Life - Pension Portfolio (Fee Option) £92,600 £116,000

Rate of Return Required from Scottish Life 4.52% 8.51%The effect this will have on the fund if moved to Scottish Life +2.79% +2.77%

These figures assume that you transfer your existing fund and pay the same level of future contributions into theScottish Life Pension Portfolio (Fee Option) considered.

Where the total projected fund value from the receiving scheme is £100,000 or more, that figure will be roundeddown to the nearest thousand. Please see the notes page.

Low rate growth results comparison

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AXA 7873201The figures below take into account your AXA 7873201 transfer value of £46,063.03 and your regular contributionsof £57.69 per month assuming no increases


Assumed Growth Rates 5% 7% 9%

Existing Plan - AXA 7873201 £62,000 £69,600 £77,900

New Plan - Scottish Life - Pension Portfolio (FeeOption)

£63,500 £71,300 £79,900

Rate of Return Required from Scottish Life 4.56% 6.56% 8.54%The effect this will have on the fund if moved to ScottishLife

+2.57% +2.54% +2.61%


Redirection of contributions, Paid-up fund remains with current provider at proposed age of 65

Assumed Growth Rates 5% 7% 9%

Existing Plan - AXA 7873201 £56,700 £64,000 £71,900

New Plan - Scottish Life - Pension Portfolio (Fee Option) £4,800 £5,110 £5,430

Total of existing plan Paid-up and Redirection ofContributions Values

£61,500 £69,100 £77,300

Rate of Return Required from Scottish Life 8.17% 9.97% 12.21%The effect this will have on the fund if moved to ScottishLife

-0.8% -0.7% -0.72%

These figures assume that you pay the same level of future contributions into the Scottish Life Pension Portfolio(Fee Option) considered instead of paying them into your existing plan.

FUND VALUE COMPARISON

On the day of transfer, the value of the funds in your existing arrangements and theproposed replacement plan are as follows:

AXA 7873201 £46,290.31Scottish Life - Pension Portfolio (Fee Option) £46,063.03The day one effect of transfer -£227

DEATH BENEFIT COMPARISON

On the day of transfer, the capital value of the death benefits under your existingarrangements and the proposed replacement plan are as follows:

AXA 7873201 £46,290.31

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Scottish Life - Pension Portfolio (Fee Option) £46,063.03

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AXA - 0761371The figures below take into account your AXA - 0761371 transfer value of £19,176.37 and your regularcontributions of £50.00 per month assuming no increases



Existing Plan - AXA - 0761371 £28,100 £35,100




Redirection of contributions, Paid-up fund remains with current provider at proposed age of 65


Existing Plan - AXA - 0761371 Unknown Unknown


Total of existing plan Paid-up and Redirection of ContributionsValues

Unknown Unknown

Rate of Return Required from Scottish Life n/a * n/a *The effect this will have on the fund if moved to Scottish Life Unknown Unknown

These figures assume that you pay the same level of future contributions into the Scottish Life Pension Portfolio(Fee Option) considered instead of paying them into your existing plan.

* The actual yield required has not been calculated but is in excess of 25%

FUND VALUE COMPARISON

On the day of transfer, the value of the funds in your existing arrangements and theproposed replacement plan are as follows:

AXA - 0761371 £19,601.97Scottish Life - Pension Portfolio (Fee Option) £19,176.36The day one effect of transfer -£425

DEATH BENEFIT COMPARISON

On the day of transfer, the capital value of the death benefits under your existingarrangements and the proposed replacement plan are as follows:

AXA - 0761371 £19,601.97Scottish Life - Pension Portfolio (Fee Option) £19,176.36

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PROPOSED PENSION PLANThis analysis compares the estimated projected fund value provided by your existing arrangements with the fundwhich may be provided by the following pension policy: -

Standard Charges

Scottish Life Pension Portfolio (Fee Option) (Managed)

Adviser Fee As SpecifiedAdvisor Fee As SpecifiedAnnual Management Charge 0.7% tiered

The value of these standard plan charges may vary depending on the size of the fund or investment, they arebased on an assumed investment fund and the level of commission specified. If other funds or level of commissionare selected the results of the analysis would be different.

Adviser Commission[No uplift applied]

Regular Premium: Initial 25% (Annualised Premium) Fund Based 0%

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TAX FREE LUMP SUM AT NORMAL RETIREMENT AGE - 65TH BIRTHDAYSet out below is a comparison of the estimated Tax Free Lump Sum that may be provided on retirement atproposed age of 65

Existing Schemes Scottish Life Pension Portfolio (Fee Option)£22,500 £23,100

Value of Tax Free Lump Sum Assuming Low Growth

Assumptions1. The value of the investments in the Scottish Life Pension Portfolio (Fee Option) are based on medium levelgrowth rate before charges are deducted.2. Retail prices Index (RPI) 2.5%.3. The Standard Lifetime Limit will increase from £1.5m in 2006/07 to £1.8m in 2010/11 and remain until 2015/16and RPI thereafter. (This is only relevant if you have a ‘Protected Tax Free lump sum’ in respect of membership ofthe benefits accrued by the scheme before 6th April 2006).

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DEATH BENEFIT COMPARISONOn the day of transfer, the capital value of the death benefits under your existing arrangements and the proposedreplacement plan are as follows:

AXA 7873201 £46,290.31AXA - 0761371 £19,601.97Total £65,892.28Scottish Life Pension Portfolio (Fee Option) £65,200

If the death benefit available after transfer is lower than that provided by the existing arrangements, considerationshould be given to replacing the shortfall.

A lump sum death benefit is available up to 100% of the fund. A tax charge may be levied on any amount abovethe Lifetime Limit tax-free cash allowance.

After transfer – the proposed Scottish Life Pension Portfolio (Fee Option) will provide 99.01% of the existing plan’sdeath benefit

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Summary Transfer Comparison

Projected Fund Value at proposed age 65

Provider Plan 5% 9%Aegon Scottish Equitable Personal Pension (FVR) additional

term AMC£94,400 £118,000

Aegon Scottish Equitable Stakeholder Pension (FVR)additional term AMC

£94,300 £118,000

Aegon Scottish Equitable Personal Pension (FVR) 1%AMC £94,300 £118,000Aegon Scottish Equitable Stakeholder Pension (FVR) 1%AMC £94,300 £118,000Aegon Scottish Equitable Personal Pension (FVR) 1.5%AMC £94,300 £118,000Legal & General PP2000(FBC) £93,800 £117,000Legal & General Stakeholder(FBC) £93,800 £117,000Standard Life Personal Pension Flex £93,800 £117,000Standard Life Stakeholder Pension Plan £93,800 £117,000Aegon Scottish Equitable Flexible Pension Plan Additional

AMC Option£93,300 £117,000

Scottish Widows Retirement Account ScaledCommission Option

£93,200 £117,000

Clerical Medical Futureproof Individual PensionReduced Allocation

£93,200 £116,000

Generic Stakeholder 1% AMC £92,600 £116,000Generic Personal Pension 1% AMC £92,600 £116,000Generic Buyout Plan 1% AMC £92,600 £116,000Generic SIPP 1% AMC £92,600 £116,000Scottish Life Pension Portfolio (Fee Option) £92,600 £116,000Scottish Life Pension Portfolio (SIPP Option) £92,500 £116,000Aegon Scottish Equitable Flexible Pension Plan Adviser

Charge Option£92,500 £116,000

AXA Individual Personal Pension Plan(Initial)

£92,200 £115,000

AXA Self Invested Personal Pension(Initial)

£92,200 £115,000

Winterthur Life The One - Personal Pension (Initial) £92,100 £115,000Winterthur Life The One - Personal Pension (Level) £92,100 £115,000Aegon Scottish Equitable Stakeholder Pension 1%AMC £91,300 £114,000Aegon Scottish Equitable Personal Pension 1%AMC £91,300 £114,000Scottish Widows Retirement Account Flexible

Commission Option£91,300 £114,000

Generic Stakeholder 1.25% AMC £91,300 £114,000Aegon Scottish Equitable Personal Pension 1.5%AMC £91,200 £114,000

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Aegon Scottish Equitable Flexible Pension Plan EstablishmentCharge Option

£91,100 £114,000

Liverpool Victoria Personal Pension £90,900 £114,000Aegon Scottish Equitable Personal Pension additional term

AMC£90,300 £113,000

Aegon Scottish Equitable Stakeholder Pension additional termAMC

£90,300 £113,000

Existing Plan £90,100 £113,000Generic Stakeholder 1.5% AMC £89,900 £112,000Nucleus Nucleus Pension Account £88,000 £110,000Winterthur Life The One - Self Invested Option £86,800 £109,000MW Pensions Acorn SIPP £84,500 £106,000MW Pensions SIPP2 £83,900 £105,000SIPP Centre SIPP Centre £83,200 £105,000Cooper Parry The Cooper Parry SIPP £82,400 £103,000AXA Self Invested Personal Pension

(Level)Unavailable

Scottish Life Pension Portfolio (StandardCommission Option)

Unavailable

Clerical Medical Futureproof Individual Pension -Interim Fund Charge

Unavailable

AXA Individual Stakeholder Pension(Level)

Unavailable

Norwich Union Stakeholder Pension (Initial) UnavailableNorwich Union Stakeholder Pension (Level) UnavailableLegal & General PP2000(IC) UnavailableLegal & General Stakeholder(IC) UnavailableAXA Individual Stakeholder Pension

(Inital)Unavailable

Clerical Medical FutureProof Individual Pension Plan1%AMC

Unavailable

AXA Individual Personal Pension Plan(Level)

Unavailable

Clerical Medical Futureproof Individual Stakeholder1%AMC

Unavailable

Clerical Medical FutureProof Individual Pension Plan1.5%AMC

Unavailable

Clerical Medical FutureProof Individual Stakeholder1.5%AMC

Unavailable

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Commission

The commission quoted is based on the providers 100% base and does not include any IFA specific split.

The commission quoted does not include any IFA specific terms. The level and style of commission variesbetween providers.

Commission at proposed age 65

Provider Plan Fund (5%) Initial(Single)

Level /Initial(Regular)

Fund-Based

Total

Aegon ScottishEquitable

Personal Pension (FVR)additional term AMC

£94,400 £1,300 £323 £0 £1,620


Stakeholder Pension(FVR) additional termAMC

£94,300 £1,300 £129 £0 £1,430


Personal Pension (FVR)1%AMC

£94,300 £1,300 £129 £0 £1,430


Stakeholder Pension(FVR) 1%AMC

£94,300 £1,300 £129 £0 £1,430


Personal Pension (FVR)1.5%AMC

£94,300 £1,300 £323 £0 £1,620

Legal & General PP2000(FBC) £93,800 £0 £0 £1,500 £1,500Legal & General Stakeholder(FBC) £93,800 £0 £0 £1,500 £1,500Standard Life Personal Pension Flex £93,800 £0 £0 £1,500 £1,500Standard Life Stakeholder Pension

Plan£93,800 £0 £0 £1,500 £1,500


Flexible Pension PlanAdditional AMC Option

£93,300 £1,950 £129 £0 £2,080

Scottish Widows Retirement AccountScaled CommissionOption

£93,200 £1,950 £323 £0 £2,280

Clerical Medical Futureproof IndividualPension ReducedAllocation

£93,200 £1,950 £245 £0 £2,200

Generic Stakeholder 1% AMC £92,600 £1,950 £245 £0 £2,200Generic Personal Pension 1%

AMC£92,600 £1,950 £245 £0 £2,200

Generic Buyout Plan 1% AMC £92,600 £1,950 £245 £0 £2,200Generic SIPP 1% AMC £92,600 £1,950 £245 £0 £2,200Scottish Life Pension Portfolio (Fee

Option)£92,600 £1,950 £323 £0 £2,280

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Flexible Pension PlanAdviser Charge Option

£92,500 £1,950 £323 £0 £2,280

Scottish Life Pension Portfolio (SIPPOption)

£92,500 £1,950 £323 £0 £2,280

AXA Individual PersonalPension Plan (Initial)

£92,200 £1,950 £258 £0 £2,210

AXA Self Invested PersonalPension (Initial)

£92,200 £1,950 £258 £0 £2,210

Winterthur Life The One - PersonalPension (Initial)

£92,100 £1,950 £323 £0 £2,280

Winterthur Life The One - PersonalPension (Level)

£92,100 £1,950 £245 £0 £2,200


Stakeholder Pension1%AMC

£91,300 £1,950 £258 £0 £2,210


Personal Pension1%AMC

£91,300 £1,950 £258 £0 £2,210

Scottish Widows Retirement AccountFlexible CommissionOption

£91,300 £1,950 £323 £0 £2,280

Generic Stakeholder 1.25%AMC

£91,300 £1,950 £245 £0 £2,200


Personal Pension1.5%AMC

£91,200 £1,950 £839 £0 £2,790


Flexible Pension PlanEstablishment ChargeOption

£91,100 £1,950 £297 £0 £2,250

Liverpool Victoria Personal Pension £90,900 £1,950 £129 £0 £2,080Aegon ScottishEquitable

Personal Pensionadditional term AMC

£90,300 £1,950 £323 £0 £2,280


Stakeholder Pensionadditional term AMC

£90,300 £1,950 £323 £0 £2,280

Generic Stakeholder 1.5% AMC £89,900 £1,950 £245 £0 £2,200Nucleus Nucleus Pension

Account£88,000 £1,950 £245 £0 £2,200

Winterthur Life The One - Self InvestedOption

£86,800 £1,950 £245 £0 £2,200

MW Pensions SIPP2 £83,900 £1,950 £258 £0 £2,210MW Pensions Acorn SIPP £84,500 £1,950 £258 £0 £2,210SIPP Centre SIPP Centre £83,200 £1,300 £163 £0 £1,460Cooper Parry The Cooper Parry SIPP £82,400 £1,950 £245 £0 £2,200

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PENSION TRANSFER COMPARISON FILE SUMMARY

ACCUMULATIVE FUNDS TRANSFERRED TO Scottish Life Pension Portfolio (Fee Option)

Name Mr Alan Plan Date 19/06/1950Sex Male Marital Status DivorcedSpouse's Date of Birth N/A Other Dependants NoHealth Status Normal Attitude to Risk MediumDesired Retirement Age Proposed Retirement Age 65



Existing Plans £90,100 £113,000




Where the total projected fund value from the receiving scheme is £100,000 or more, that figure will be roundeddown to the nearest thousand. Please see the notes page.

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Record of Input DataPrint Date 13/02/2009

Client DataRefTitle MrForename AlanSurname PlanSex MaleDate of Birth 19/06/1950Partner's Date of Birth N/AMarital Status DivorcedHealth Status NormalOther Dependants NoEnhanced / Primary Protection ApplicableAttitude to Risk MediumEmployment Employed

Plan(s) for TransferScheme Name AXA 7873201Type Personal PensionFund Valuation Date 11/02/2009Fund Value £46,290.31Fund Value Transfer £46,063.03Pre 97Protected Rights TV £18,318.04Regular Contributions £57.69Frequency MonthlyIncrease Rate 0%Current Death Benefits Value £46,290.31Proposed Retirement Age 65Monetary Values / Today's terms Monetary

Growth RatesGrowth Rates Low Med High

5% 7% 9%

Projections at age 65.Projections Fund - Non Protected Rights @ age 65 £34,100.00 £38,500.00 £43,200.00Projections Fund - Non Protected Rights @ age 65 - IncOngoing

£39,400.00 £44,100.00 £49,200.00

Projections Fund - Protected Rights @ age 65 £22,600.00 £25,500.00 £28,700.00

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Scheme Name AXA - 0761371Type Retirement AnnuityFund Valuation Date 12/02/2009Fund Value £19,601.97Fund Value Transfer £19,176.37Pre 97Protected Rights TV £0.00Post 97Protected Rights TV £0.00Regular Contributions £50.00Frequency MonthlyIncrease Rate 0%Current Death Benefits Value £19,601.97Proposed Retirement Age 65Monetary Values / Today's terms Monetary

Growth RatesGrowth Rates Low High

5% 9%

Projections at age 65.Projections Fund - Paid Up £0.00 £0.00Projections Fund - Inc Ongoing £28,100.00 £35,100.00

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Plans Selected For Comparison

Provider Selection All SelectedAXA Individual Stakeholder Pension (Inital) YESClerical Medical Futureproof IndividualStakeholder 1%AMC

YES

Generic Stakeholder 1% AMC YESGeneric Stakeholder 1.25% AMC YESGeneric Stakeholder 1.5% AMC YESGeneric Buyout Plan 1% AMC YESGeneric SIPP 1% AMC YESLegal & General PP2000(FBC) YESLegal & General Stakeholder(FBC) YESAegon Scottish Equitable Personal Pension1%AMC

YES

Aegon Scottish Equitable StakeholderPension 1%AMC

YES

Aegon Scottish Equitable Flexible PensionPlan Adviser Charge Option

YES

Scottish Life Pension Portfolio (StandardCommission Option)

YES

Standard Life Personal Pension Flex YESStandard Life Stakeholder Pension Plan YESGeneric Personal Pension 1% AMC YESAegon Scottish Equitable Personal Pension(FVR) 1%AMC

YES

Aegon Scottish Equitable Flexible PensionPlan Additional AMC Option

YES

AXA Self Invested Personal Pension (Level) YESScottish Life Pension Portfolio (SIPP Option) YESScottish Widows Retirement AccountFlexible Commission Option

YES

MW Pensions Acorn SIPP YESLiverpool Victoria Personal Pension YESMW Pensions SIPP2 YESClerical Medical Futureproof IndividualPension - Interim Fund Charge

YES

Clerical Medical Futureproof IndividualPension Reduced Allocation

YES

Scottish Widows Retirement Account ScaledCommission Option

YES

Aegon Scottish Equitable StakeholderPension (FVR) 1%AMC

YES

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Plans Selected For Comparison

AXA Individual Personal Pension Plan(Level)

YES

AXA Individual Personal Pension Plan(Initial)

YES

AXA Self Invested Personal Pension (Initial) YESClerical Medical FutureProof IndividualPension Plan 1%AMC

YES

Aegon Scottish Equitable Personal Pension1.5%AMC

YES

Aegon Scottish Equitable Personal Pensionadditional term AMC

YES

Aegon Scottish Equitable StakeholderPension additional term AMC

YES

Aegon Scottish Equitable Personal Pension(FVR) 1.5%AMC

YES

Aegon Scottish Equitable Personal Pension(FVR) additional term AMC

YES

Aegon Scottish Equitable StakeholderPension (FVR) additional term AMC

YES

AXA Individual Stakeholder Pension (Level) YESNorwich Union Stakeholder Pension (Initial) YESNorwich Union Stakeholder Pension (Level) YESLegal & General PP2000(IC) YESLegal & General Stakeholder(IC) YESSIPP Centre SIPP Centre YESCooper Parry The Cooper Parry SIPP YESAegon Scottish Equitable Flexible PensionPlan Establishment Charge Option

YES

Nucleus Nucleus Pension Account YESClerical Medical FutureProof IndividualPension Plan 1.5%AMC

YES

Clerical Medical FutureProof IndividualStakeholder 1.5%AMC

YES

Winterthur Life The One - Personal Pension(Level)

YES

Winterthur Life The One - Self InvestedOption

YES

Winterthur Life The One - Personal Pension(Initial)

YES

Scottish Life Pension Portfolio (Fee Option) YES

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Documents

PENSION TRANSFER REPORT - Provident Solutions Transfer Analysis... · PENSION TRANSFER REPORT Money Purchase Arrangements CLIENT NAME: Alan Plan CLIENT Ref: Pas1 FROM: Various TO: