Posted: November 26th, 2014

RIFA 3

RIFA 3

Order Description

Write a report for Mr and Mrs Murray and family addressing the following points. All parts carry equal marks (20 Marks) with a further (5) marks for presentation and evidence of relevant research.
(a) Bill Murray has .recently graduated and accepted a job offer with the option of contributing to a “final salary” pension scheme. Bill is not keen on thinking about a pension at such a young age, but he has read something about the “pension crisis” and has a nagging doubt that maybe he should be doing something about a personal pension. He decides to ask your advice. Required:
1) Explain briefly to Bill the reasons for the pension crisis. (6 marks)
2) Explain what a “final salary” pension scheme is and compare it with a “defined contribution” scheme. (8 marks)
3) Advise Bill about issues involved in taking a life insurance. (6 marks)
(b) Fred Murray (the musician) has been working as a manager in a major music club earning £55,000 per annum. He is provided with a diesel car with CO2 emissions of 120 g/km costing £22,000 after Fred has contributed £4,000 towards the cost of the car. His employer also pays him fuel allowance of £500 per month. He is also provided with a parking space at work in the centre of London worth £875 a year. He received some interest on his bank savings account of £16,400 (net) and interest on his New cash ISA of £2,100. He has also invested on the London Stock Exchange earning £18,900 (net) as dividend. On 1st May 2013, he sold a painting for £11,000, and incidental costs of disposal were £650. He bought the painting in 2001 for £15,000. After 2005, in July 2014 •he sold a property for £105,000 and the cost of legal fees

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