SAMPLE REPORT - Selectapension Access Drawdown Income Drawdown allows you to choose the amount you...

Income Drawdown & AnnuityReportFlexible Retirement Optimiser

Client Name: Rachel JonesClient Ref: RP000912 _Adviser Name: Fred BloggsReport Print Date: 11/09/2017

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This report has been based on the following information. Please make it known if any part of thisinformation is incorrect as it may affect the results of the analysis.

Personal Information Ref RP000912Title MrsForename RachelMiddle InitialsSurname JonesSex FemaleDate of Birth 28/07/1960Employment Status EmployedMarital Status MarriedPartner's Date of Birth 14/04/1967Partner's Forename RupertPartner's Surname JonesPartner's Sex MaleHealth Status NormalDependents NoDependent NotesAttitude to Risk MediumLifetime Allowance Protection None

Client Name: Rachel Jones Adviser Name: Fred Bloggs Case Reference: 732498

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Retirement Options

Uncrystallised Funds Pension Lump Sums (UFPLS)Single or multiple withdrawals can be made. Each withdrawal will consist of 25% tax free and the remaindertaxable at your marginal rate. Upon taking UFPLS, your pension contribution allowance will reduce to £4,000each year.

Flexi Access DrawdownIncome Drawdown allows you to choose the amount you wish to draw from your pension pot every year, thepot decreases with every withdrawal but the money left invested could grow.

Take your tax free cash (usually 25%) in one payment and leave the remaining pot invested and withdraw asand when you need to. All future withdrawals will be taxed at your marginal rate.

or

Phased Drawdown; typically taking a mixture of tax free and taxable withdrawals.

or

Withdraw all your pension pot as one payment, 25% tax free and the remainder taxable at your marginal rate.

AnnuityAn annuity is an insurance contract which guarantees an income either for a fixed term or for life. There aredifferent types of annuities available to choose from depending on your needs including the ability to addspouse / civil partners benefits.

Level - An unchanging income from the outset.

Escalating - An income which increases each year which may or may not be inflation linked.


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Proposed Analysis

The report has been based on the following information. Please make it known if any part of this informationis incorrect as it may affect the results of the analysis.

Calculation Date 24/07/2017Projection Basis Inflation AdjustedProjection Basis Headline RatesTarget Age 85 (Calculated using ONS Life Expectancy Tables)

Proposed ContributionsGross Fund Value £250,000.00Pension Commencement Lump Sum £62,500.00Net Fund Value £187,500.00

Estimate of Tax on Day One WithdrawalWithdrawing the full pension fund from a drawdown arrangement could / may have the following taximplications. This has been calculated assuming 25% is taken as a tax free lump sum, Income Tax Ratesand the Standard Personal Allowance for the 2017/18 tax year.

Gross Fund Value £250,000.00Net Fund Value £179,825.00Tax Liability £70,175.00


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Retirement Income StrategyThe below income strategy has been created to demonstrate the target income required from your total fund.This strategy has been created using Income Drawdown and an Annuity to demonstrate how long your targetincome will last using 50% of your income guaranteed. The Annuity quote from Legal & General is detailedbelow.

Target IncomeGross £7,500.00Net £7,500.00Indexation RPI

Annuity Summary Annuity Provider Legal & General Annual Annuity £4,520.04 Escalation RPI Guaranteed Period 0 Years Type Single Dependents Percentage 0% Payable Monthly


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Full Analysis at Target Age 85Strategy: Indexed Income Strategy - Medium Growth Rate - 5%

The below graph demonstrates the sustainability of your target income of £7,500 increasing by RPI until thefollowing ages:

• Full Drawdown - past target age• Blended 50% - age 64• Annuity - target income cannot be achieved


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Strategy: Indexed Income Strategy - Medium Growth Rate - 5%

The below graph demonstrates the impact on the fund value to the target age of 85 withdrawing the targetincome. The fund value will be exhausted at the following ages:

• Full Drawdown - past target age• Blended 50% - age 65• Annuity - fund value used for annuity purchase


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The below table demonstrates the sustainability of your target income of £7,500 increasing by RPI until thefollowing ages:

• Full Drawdown - past target age• Annuity - target income cannot be achieved

Target Income vs Actual Income

Age Target Income Full Guaranteed Income Full Drawdown IncomeGross Net Gross Net Fund Value Gross Net Fund Value

58 £7,500 £6,000 £4,520 £4,520 £0 £7,500 £7,500 £177,79059 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £173,81360 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £169,75861 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £165,62262 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £161,40463 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £157,10364 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £152,71765 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £148,24466 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £143,68267 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £139,03068 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £134,28669 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £129,44970 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £124,51571 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £119,48472 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £114,35373 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £109,12174 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £103,78575 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £98,34476 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £92,79477 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £87,13678 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £81,36579 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £75,47980 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £69,47881 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £63,35882 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £57,08683 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £50,69384 £7,500 £5,999 £4,520 £3,616 £0 £7,500 £6,000 £44,17785 £7,500 £6,000 £4,520 £3,616 £0 £7,500 £6,000 £37,536


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The below table demonstrates the sustainability of your target income of £7,500 increasing by RPI until thefollowing ages:

• Blended 50% - age 64

Blended Solution 50% Income Guaranteed from Annuity Purchase

Age Target Income Guaranteed Income Drawdown IncomeGross Net Gross Net Gross Net Fund Value

58 £7,500 £6,000 £3,750 £3,750 £3,750 £3,750 £22,95259 £7,500 £6,000 £3,750 £3,000 £3,750 £3,000 £19,56360 £7,500 £5,999 £3,750 £3,000 £3,750 £3,000 £16,12261 £7,500 £5,999 £3,750 £3,000 £3,750 £3,000 £12,62862 £7,500 £5,999 £3,750 £3,000 £3,750 £3,000 £9,08263 £7,500 £6,000 £3,750 £3,000 £3,750 £3,000 £5,48264 £7,500 £6,000 £3,750 £3,000 £3,750 £3,000 £1,82765 £7,500 £5,999 £3,750 £3,000 £1,842 £1,473 £066 £7,500 £6,000 £3,750 £3,000 £0 £0 £067 £7,500 £6,000 £3,750 £3,000 £0 £0 £068 £7,500 £5,999 £3,750 £3,000 £0 £0 £069 £7,500 £5,999 £3,750 £3,000 £0 £0 £070 £7,500 £6,000 £3,750 £3,000 £0 £0 £071 £7,500 £5,999 £3,750 £3,000 £0 £0 £072 £7,500 £6,000 £3,750 £3,000 £0 £0 £073 £7,500 £5,999 £3,750 £3,000 £0 £0 £074 £7,500 £5,999 £3,750 £3,000 £0 £0 £075 £7,500 £5,999 £3,750 £3,000 £0 £0 £076 £7,500 £5,999 £3,750 £3,000 £0 £0 £077 £7,500 £5,999 £3,750 £3,000 £0 £0 £078 £7,500 £6,000 £3,750 £3,000 £0 £0 £079 £7,500 £6,000 £3,750 £3,000 £0 £0 £080 £7,500 £5,999 £3,750 £3,000 £0 £0 £081 £7,500 £5,999 £3,750 £3,000 £0 £0 £082 £7,500 £5,999 £3,750 £3,000 £0 £0 £083 £7,500 £5,999 £3,750 £3,000 £0 £0 £084 £7,500 £5,999 £3,750 £3,000 £0 £0 £085 £7,500 £6,000 £3,750 £3,000 £0 £0 £0


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The below graph demonstrates the maximum sustainable income from your fund until the target age 85.Dependent on the option chosen, the income could be:

• Full Drawdown - £8,506 increasing by RPI• Blended 50% - £4,912 increasing by RPI• Annuity - £4,520 increasing by RPI


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The below graph demonstrates the impact on the fund value to the target age of 85 withdrawing themaximum sustainable income.


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The below table demonstrates the maximum sustainable income from your fund until the target age 85.Dependent on the option chosen, the income could be:

• Full Drawdown - £8,506 increasing by RPI• Annuity (Full Guaranteed Income) - £4,520 increasing by RPI

Target Income vs Available Income

Age Target Income Full Guaranteed Income Full Drawdown IncomeGross Net Gross Net Fund Value Gross Net Fund Value

58 £7,500 £6,000 £4,520 £4,520 £0 £8,506 £6,805 £176,78459 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £171,78160 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £166,67961 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £161,47662 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £156,17063 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £150,75964 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £145,24065 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £139,61366 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £133,87467 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £128,02268 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £122,05469 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £115,96870 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £109,76171 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £103,43272 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £96,97773 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £90,39574 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £83,68275 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £76,83676 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £69,85577 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £62,73678 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £55,44679 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £48,01680 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £40,44281 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £32,72382 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £24,76183 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £16,65784 £7,500 £5,999 £4,520 £3,616 £0 £8,506 £6,805 £8,42985 £7,500 £6,000 £4,520 £3,616 £0 £8,506 £6,805 £77


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The below table demonstrates the maximum sustainable income from your fund until the target age 85.Dependent on the option chosen, the income could be:

• Blended 50% - £4,912 increasing by RPI

Blended Solution 50% Income Guaranteed from Annuity Purchase

Age Target Income Guaranteed Income Drawdown IncomeGross Net Gross Net Gross Net Fund Value

58 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £25,53259 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £24,76160 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £23,97961 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £23,18562 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £22,37863 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £21,56064 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £20,72965 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £19,88566 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £19,02967 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £18,15968 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £17,27769 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £16,38170 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £15,47171 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £14,54772 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £13,61073 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £12,65874 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £11,69175 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £10,71076 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £9,71477 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £8,70378 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £7,67779 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £6,63580 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £5,57781 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £4,50382 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £3,41283 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £2,30584 £7,500 £5,999 £3,750 £3,000 £1,162 £929 £1,18285 £7,500 £6,000 £3,750 £3,000 £1,162 £929 £41


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Proposed Pension PlanStandard Charges

Royal London Pension PortfolioAnnual Charge 0.45% paLarge Fund Discount; £0-£31,500 0.9%, £31,500-£63,100 0.5%, £63,100-£189,000 0.45%, £189,000-£631,000 0.4%, £631,000+ 0.35%Income Release Charge £191

The value of these standard plan charges may vary depending on the size of the fund or investment, and arebased on an assumed investment fund and the level of remuneration (if any) which will normally be taken. Ifother funds or level of remuneration are selected the results of the analysis would be different.

Funds have been selected for the various sectors based on lowest annual charge then value of funds undermanagement.

Fund Name Split % Initial % Ongoing % *Mixed Investment 0%-35% Shares (100%)RLP Defensive Managed Pen 100 0 1Default Fund 0 1Adjustment to charges 0 0

* This is the total charge inclusive of annual management charges, additional expenses and negotiateddiscounts where applicable.

Plan FeaturesThis report has been produced assuming the following product features are available :-

UFPLSUncrystallised Fund Pension Lump Sum (UFPLS) can be taken as a single or as multiple lump sums fromdefined contribution plans.


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Investment Performance ReportRoyal London Pension PortfolioStandardised Performance: 1 year to the end of August

Fund Name 2013 2014 2015 2016 2017RLP Defensive Managed Pen Performance Data not available

Past 12 Months Growth Performance Information

Fund Name Sep'16

Oct'16

Nov'16

Dec'16

Jan'17

Feb'17

Mar'17

Apr'17

May'17

Jun'17

Jul'17

Aug'17

RLP DefensiveManaged Pen

0.44 1.03 -0.65 1.77 0.21 1.46 0.39 -0.45 1.50 -0.94 n/a n/a

Past 12 Months Growth Performance

Please note that past performance cannot be a guide to the future and investment returns cannot beguaranteed.

Information produced by Selectapension Ltd in conjunction with data supplied by Morningstar and otherexternal sources.


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Report as of 11 Sep 2017

RLP Defensive Managed Pension Fund

Morningstar® Category Index Fund Benchmark Morningstar Rating™

-

36.25% Others, 30% Markit iBoxx £ Non Gilts 1-15Y TR,17.5% IPD UK All...

QQQ

Investment Objective

"The fund invests in other Royal London AssetManagement (RLAM) funds. The manager ensures themaximum potential for capital growth exists for thegiven level of risk. The underlying investments includethe Global Managed, Property, Short (5yr) Index Linkedand Short (5yr) Corporate Bond funds."

10.0K

11.0

12.0

13.0

14.0

15.0Growth Of 10000

(GBP)

Fund

Index

Category

2012 2013 2014 2015 2016 08/17 Performance

8.72 8.46 6.59 2.08 9.94 3.68 Fund- - - - - - +/- Index- - - - - - +/- Category

42 25 56 33 41 56 Percentile Rank

Standardised Performance1 Yr to 1 Yr to 1 Yr to 1 Yr to 1 Yr to

30 Jun 13 30 Jun 14 30 Jun 15 30 Jun 16 30 Jun 179.92 7.46 5.24 3.77 8.82

12 Months Total Return (bid to bid). Source: Morningstar, net incomereinvested. This table complies with the FCA's regulations to comparedifferent products from different providers.

Trailing Returns

(8 Sep 2017)

Return % +/-Idx +/-Cat

3 Months6 Months1 Year3 Years Annualised5 Years Annualised

0.591.016.025.606.59

-----

-----

Quarterly Returns 1st qtr 2nd qtr 3rd qtr 4th qtr

2017 2.07 0.09 - -2016 0.94 2.26 4.28 2.152015 3.32 -1.72 -2.09 2.682014 1.35 1.47 1.31 2.312013 5.22 -1.35 2.13 2.31

Portfolio 31 Jul 2017

Risk Profile

Asset Allocation % Port.

UK/Euro Equity 19.99NA Equity 10.31Other Equity 4.08Bonds 42.08Cash 3.48Property 12.43Other 7.63

Morningstar Style Box™

Equity Style Fixed Income Style

StyleValue Blend Growth

Small

Mid

LargeSize

Interest Rate SensitivityLtd Mod Ext

LowM

edHighCredit Q

uality

Risk Measures

3-Yr Alpha 1.363-Yr Beta 0.43R-Squared 53.82Information Ratio -0.84Tracking Error 4.65

3-Yr Sharpe Ratio 1.343-Yr Std Dev 3.973-Yr Risk bel avg5-Yr Risk bel avg10-Yr Risk Avg

Top 10 Holdings Sector % Port.

Undrly RLP Global Managed Pen - 36.51Undrly RLP Property Pen - 12.54Undrly RLP Short IL Bd Pen - 11.24Undrly RLP Short Corp Bd Pen - 10.20Rlp Short (5yr) Gilt - 9.16 Rlp Commodity Class A - 4.94Royal London Abs Ret Govt Bd Z... - 4.24Royal London Cash Plus Z Acc - 3.48Undrly RLP Corporate Bond Pen - 2.53Royal London Global High Yield... - 1.97 Total Stock Holdings 0Total Bond Holdings 2Assets in Top 10 Holdings % 96.83

Sector Weightings % Equity

h Cyclical 40.51

r Basic Materials 6.75t Consumer Cyclical 12.48y Financial Services 18.77u Real Estate 2.51 j Sensitive 34.05

i Communication Services 4.03o Energy 8.15p Industrials 11.25a Technology 10.62 k Defensive 25.45

s Consumer Defensive 11.42d Healthcare 11.10f Utilities 2.93

World Regions % Equity

Americas 30.21

United States 30.17Canada 0.02Latin America 0.02

Greater Europe 58.68

United Kingdom 48.44Eurozone 7.66Europe - ex Euro 2.40Europe - Emerging 0.13Middle East / Africa 0.05

Greater Asia 11.11

Japan 5.22Australasia 1.82Asia - Developed 3.16Asia - Emerging 0.90

Operations

Insurance Company Royal LondonPhone -Website -Inception Date 27 Sep 1996Fund Manager RobertTalbutManager Start Date 1 Jan 2009NAV (8 Sep 2017) 339.70 British Pence

Domicile United KingdomCurrency Pound SterlingABI Sector Mixed Investment 0%-35%

Shares...

ISIN GB0007811234Minimum Additional Purchase -

© 2017 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2)may not be copied or redistributed except as specifically authorised;(3) do not constitute investment advice;(4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and(6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information beforeusing it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go downas well as up.

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Morningstar® Portfolio X-Ray

Asset Allocation % Country Exposure %AssetAllocation

Port Bmark

Stocks 34.38 97.71 Bonds 42.08 0.10 Cash 3.48 0.17 Other 20.06 2.01 Not classified 0.00 0.00

Country Port Bmark

United Kingdom 16.66 91.00United States 10.37 3.51Japan 1.80 0.17Germany 1.00 0.33

Country Port Bmark

France 0.66 0.08Australia 0.61 0.03Switzerland 0.50 0.21Netherlands 0.41 0.05Republic of Korea 0.38 0.05

World Regions %

<25 25-50 50-75 >75

Port BmarkNot Classified 65.62 2.36

Port BmarkGreater Europe 20.18 93.07

United Kingdom 16.66 91.00Western Europe -Euro

2.63 1.48

Western Europe -Non Euro

0.83 0.29

Emerging Europe 0.04 0.18Middle East /Africa

0.02 0.14

Port BmarkAmericas 10.39 3.64

United States 10.37 3.51Canada 0.01 0.07Central & LatinAmerica

0.01 0.06

Port BmarkGreater Asia 3.82 0.93

Japan 1.80 0.17Australasia 0.63 0.03Emerging 4 Tigers 1.09 0.21Emerging Asia - Ex4 Tigers

0.31 0.52

Stock Sectors %

Sensitive

Defensive

Cyclical

BenchmarkPortfolio

Port BmarkhCyclical 13.93 42.35

rBasic Materials 2.32 9.20tConsumerCyclical

4.29 11.18

y FinancialServices

6.45 19.77

uReal Estate 0.86 2.21

Port BmarkjSensitive 11.71 27.40

iCommunicationServices

1.39 4.25

oEnergy 2.80 11.77p Industrials 3.87 8.86aTechnology 3.65 2.52

Port BmarkkDefensive 8.75 27.86

sConsumerDefensive

3.93 15.90

dHealthcare 3.82 8.77fUtilities 1.01 3.19

Investment Style

33 21 23

6 7 6

1 1 1

<10 10-25 25-50 >50

Value Blend GrowthStyle

LargeM

idSm

allSize Equity Style Port Bmark

Price/Book Ratio 1.95 1.75Price/EarningsRatio

14.68 15.45

Price/CashflowRatio

5.52 4.90

0 0 0

0 0 0

0 0 0

<10 10-25 25-50 >50

Ltd Mod ExtInterest Rate Sensitivity

HighM

edLow

Credit Quality

Fixed-IncomeStyle

Port Bmark

Effective Duration - -Effective Maturity(Y)

- -

Average CreditQuality

- -

Top 10 Underlying HoldingsAssets % Name Type Sector Country

36.51 Undrly RLP Global Managed Pen Mutual Fund - Unspecified Not Classified United Kingdom12.54 Undrly RLP Property Pen Mutual Fund - Unspecified Not Classified United Kingdom11.24 Undrly RLP Short IL Bd Pen Mutual Fund - Unspecified Not Classified United Kingdom10.20 Undrly RLP Short Corp Bd Pen Mutual Fund - Unspecified Not Classified United Kingdom

9.16 Rlp Short (5yr) Gilt Bond - Treasury Future Not Classified United Kingdom

4.94 Rlp Commodity Class A Mutual Fund - Unspecified Not Classified United Kingdom4.24 Royal London Abs Ret Govt Bd Z GBP Acc Fund Not Classified Ireland3.48 Royal London Cash Plus Z Acc Fund Not Classified United Kingdom2.53 Undrly RLP Corporate Bond Pen Mutual Fund - Unspecified Not Classified United Kingdom1.97 Royal London Global High Yield Bd Z Inc Fund Not Classified Ireland

Morningstar UK Limited. All Rights Reserved. Legal Information: The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar UK Limited (2) may not be copiedor redistributed, (3) do not constitute investment advice offered by Morningstar UK Limited, (4) are provided solely for informational purposes (5) are not warranted to be correct, complete, accurate or timely and the date of datapublished may vary from fund to fund . Morningstar UK Limited shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use andthat the information must not be relied upon by you the user without appropriate verification. Morningstar UK Limited informs you as follows: (i) no investment decision should be made in relation to any of the information providedother than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.

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Morningstar® Performance X-Ray

BenchmarkFTSE AllSh TR GBP

Performance Date31 Aug 2017

PerformanceGrowth Of 10000 EUR Portfolio Benchmark

5

10

15

20

Quarterly Performance Relative To Benchmark

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Trailing Returns % Port Bmark

3 Months 0.53 0.056 Months 1.98 5.301 Year 6.37 14.333 Years Annualised 5.81 7.655 Years Annualised 6.67 10.35YTD 3.68 8.21

Time Period Return % Best Worst

3 Months 12.56 (Jun 09-Sep 09) -11.52 (Aug 08-Nov 08)6 Months 20.14 (Mar 09-Sep 09) -13.74 (Aug 08-Feb 09)1 Year 28.22 (Mar 09-Mar 10) -12.77 (Feb 08-Feb 09)3 Years Annualised 12.19 (Feb 09-Feb 12) 3.96 (May 13-May 16)5 Years Annualised 10.29 (Feb 09-Feb 14) 4.76 (Dec 07-Dec 12)

Return Analysis Correlation MatrixUnderlying Holdings Portfolio Benchmark 3 Yr Mean

3-Yr Standard Deviation

2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.005.50

6.00

6.50

7.00

7.50

8.00

1

1.001

1

1.00 To 0.60 0.60 To 0.20 0.20 To -0.20 -0.20 To -0.60 -0.60 To -1.00

Top 10 Portfolio Holdings StatisticsName Weight (%) Mean Std Dev

1 RLP Defensive Managed Pen 100.00 5.74 3.97

Risk And Return Statistics 3 Years 5 Years

Standard Deviation 3.97 4.00Arithmetic Mean 5.74 6.55Sharpe Ratio 1.34 1.52MPT Statistics 3 Years 5 Years

Alpha 2.49 2.33Beta 0.38 0.38R-Squared 0.80 0.81Information Ratio -0.31 -0.60Tracking Error 6.00 6.11


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Holding Overlap

Holding OverlapThe portfolio date is the most recent available for full holdings disclosure in the database. It could be that two funds have a different portfolio date. Please see disclosure pages fordetails.

Weight inPortfolio (%)

Name ISIN Weight inHolding (%)

Sector Portfolio Date

Portfolio Holdings

Portfolio HoldingsName Type Holding

Portfolio DateMorningstarRating™

1 Year 3 YearsAnnualised

5 YearsAnnualised

Weight(%)

RLP Defensive Managed Pen Fund 31 Jul 2017 QQQ 6.37 5.81 6.67 100.00


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Critical Yield Analysis

Strategy: Indexed Income Strategy

Age 70 75 80Projected Annuity £6,230.92 £7,049.71 £7,976.11Critical Yield Type A Required to Purchase Equal Annuity 3.15% 2.77% 2.67%Critical Yield Type B Required to Purchase Equal Annuity 5.1% 4.93% 5.02%

This analysis estimates the growth that would be required (critical yield) in the pension fund to enable anannuity to be purchased at the stated ages. Critical Yield Type A assumes that drawdown is taken in line withthat which would have been received from an annuity if purchased now. Critical Yield Type B assumes thatdrawdown is taken in line with the target income.

If drawdown was to be taken in line with annuity purchase the fund would last 63 years and 0 months.

Critical Yield Notes & AssumptionsThis illustration is a guide only and does not replace the type A / B critical yield illustration issued by the planprovider.

This illustration is based on the charges applicable to the Royal London Pension Portfolio Drawdown planspecified, however the cost of the Annuity to be purchased at the age(s) shown is based on standardassumptions as laid down by the Financial Conduct Authority, the estimated growth required may not mirrorthat projected by Royal London Pension Portfolio.

The analysis takes into account the current charging structure of the Royal London Pension Portfolio whichmay be subject to change.

The annuity that can be purchased will depend upon the actual growth in your selected plan.

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

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

The level of drawdown is assumed to increase at the same rate as the annuity in order to create theappropriate critical yield; however it may not in practice be possible to achieve this.


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Results SummaryAs at age 85 based on a 5% growth rateStrategy: Indexed Income Strategy

Provider Plan Fund Value Total IncomeTransact Personal Pension £40,300 £149,000Alliance Trust Savings Select SIPP £39,000 £149,000Aegon One Retirement £38,100 £149,000Royal London Pension Portfolio £37,500 £149,000FundsNetwork Pension £35,700 £149,000Standard Life Active Money SIPP [0.8-2% AMC

Funds]£35,600 £149,000

Wealthtime SIPP £34,900 £149,000Ascentric Pension Account £34,700 £149,000Old Mutual Wealth Collective Retirement Account

(Self Select) - Unbundled£32,400 £149,000

LV= Flexible Transitions Account £29,600 £149,000Scottish Widows Retirement Account £27,800 £149,000Elevate, part of Standard Life Elevate Pension Investment

Account£23,300 £149,000

Novia Wrap £22,900 £149,000AJ Bell Investcentre SIPP (investing in Funds and

Shares Service)£21,000 £149,000

James Hay Partnership Wrap SIPP £15,300 £149,000Prudential Flexible Retirement Plan £13,800 £149,000Standard Life Active Money SIPP [Mutual Funds] £8,130 £149,000


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Adviser RemunerationAdviser Remuneration (as input)

Initial OngoingSingle Premium/Transfer 3% 0%Single Premium/Transfer Monetary £0 £0

Strategy: Indexed Income Strategy - Remuneration at proposed age 85

Provider Plan Fund (5%) Initial(Single)

Fund-Based Total

Transact Personal Pension £40,300 £5,620 £0 £5,620Alliance TrustSavings

Select SIPP £39,000 £5,620 £0 £5,620

Aegon One Retirement £38,100 £5,620 £0 £5,620Royal London Pension Portfolio £37,500 £5,620 £0 £5,620FundsNetwork Pension £35,700 £5,620 £0 £5,620Standard Life Active Money SIPP

[0.8-2% AMC Funds]£35,600 £5,620 £0 £5,620

Wealthtime SIPP £34,900 £5,620 £0 £5,620Ascentric Pension Account £34,700 £5,620 £0 £5,620Old Mutual Wealth Collective Retirement

Account (Self Select) -Unbundled

£32,400 £5,620 £0 £5,620

LV= Flexible TransitionsAccount

£29,600 £5,620 £0 £5,620

Scottish Widows Retirement Account £27,800 £5,620 £0 £5,620Elevate, part ofStandard Life

Elevate PensionInvestment Account

£23,300 £5,620 £0 £5,620

Novia Wrap £22,900 £5,620 £0 £5,620AJ Bell Investcentre SIPP (investing in

Funds and SharesService)

£21,000 £5,620 £0 £5,620

James HayPartnership

Wrap SIPP £15,300 £5,620 £0 £5,620

Prudential Flexible RetirementPlan

£13,800 £5,620 £0 £5,620

Standard Life Active Money SIPP[Mutual Funds]

£8,130 £5,620 £0 £5,620


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Notes & AssumptionsThe projected fund values in this report take account of the standard charge structure applicable to each ofthe plans shown unless otherwise stated. They are based on an assumed investment fund. If other funds orremuneration are selected the results of the analysis may be different.

The figures are only examples and are not guaranteed, they are not the maximum or minimum amounts.What you get back depends on the performance of your fund and the tax treatment of the investments.

All insurance companies base their illustrations on growth rates to a maximum laid down by the regulatorsbut their charges vary.

Inflation may affect what you can buy in the future with the amount shown.

Assumptions used in this analysis

1. Annuity Interest Rate 1.30% p.a.

An annuity rate is needed to calculate the critical yield analysis.

The Annuity Interest Rate is the assumed interest rate on which the annuity rates are based. If a higher ratehad been assumed then the required investment return (Critical Yield) would have been lower andconversely if a lower rate applied then the required investment return (Critical Yield) would have been higher.

2. Retail Price Index 2.50% p.a.

3. Average Weekly Earnings 4.00% p.a.

4. Gilt Index Yield 1.50% p.a.

5. Life Expectancy ONS National Life Tables, Great Britain (2012 – 2014)

These tables are updated annually. For the purpose of this (and any other analysis) the ages shown havebeen rounded to age next birthday.

6. Death Benefits

If a full annuity is purchased, the death benefit will be dependent on the type of the annuity. For example ifthe annuity has a 50% spouses pension and a 5 year guarantee, on death the spouse will be entitled to a fullpension for 5 years and 50% of the value of the pension thereafter.

For any element of the contract which is in a drawdown arrangement, the assumed death benefit would bethe return of any residual fund.


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Record of Data InputClient DetailsRef RP000912Title MrsForename RachelMiddle InitialsSurname JonesSex FemaleDate of Birth 28/07/1960Employment Status EmployedMarital Status MarriedPartner's Date of Birth 14/04/1967Partner's Forename RupertPartner's Surname JonesPartner's Sex MaleHealth Status NormalDependents NoDependent NotesAttitude to Risk MediumLifetime Allowance Protection NoneNotes

Calculation Date 24/07/2017Projection Basis Inflation AdjustedProjection Basis Headline RatesTarget Age 85 (Calculated using ONS Life Expectancy Tables)

Proposed ContributionsGross Fund Value £250,000.00Pension Commencement Lump Sum £62,500.00Net Fund Value £187,500.00

Current Taxable Annual Income57 £12,000.00


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Retirement Income StrategiesIndexed Income StrategyTarget IncomeGross £7,500.00Net £7,500.00Indexation RPI

Include Guarantee YesGuaranteed Income Required from AnnuityGuaranteed % 0%Guaranteed % 50%Guaranteed % 100%

Annuity SummaryAnnuity Provider Legal & GeneralAnnual Annuity £4,520.04Escalation RPIGuaranteed Period 0 YearsType SingleDependents Percentage 0%Payable Monthly


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