SAMPLE REPORT - Selectapension · Introduction The purpose of this analysis is to provide...

Pension Switch ReportDefined Contribution Arrangements

Client Name: Rachel JonesClient Ref: RP000912 _Adviser Name: Fred BloggsReport Print Date: 03/09/2018

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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 JonesGender FemaleDate of Birth 28/07/1960Employment Status EmployedMarital Status MarriedPartner's Date of Birth 14/04/1967Partner's Forename RupertPartner's Surname JonesPartner's Gender MaleHealth Status NormalDependents NoDependent NotesAttitude to Risk MediumLifetime Allowance Protection NoneCountry of Residence England, Northern Ireland, Wales or Other

Client Name: Rachel Jones Adviser Name: Fred Bloggs Case Reference: 616582

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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 switch all or some of your pension funds to an alternative Pension arrangement.

This analysis does not, on its own, show whether or not switching 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 switch 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 rates,this is compared with the projected fund if invested in:

• Royal London Pension Portfolio

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

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 age

of 65 equal to that of your existing arrangements.3. The estimated percentage difference between the proposed alternative pension policy and your existing

arrangements at retirement.4. The immediate effect on your fund as a result of the switch.5. The fund values that may be paid as a death benefit immediately following switch.6. The estimated income options available from the proposed alternative pension policy.

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 Pension Commencement LumpSum (PCLS). The amount of the fund at retirement is dependent upon the level of contributions paid, theinvestment return on the contributions once invested, and the charges under the policy.

At retirement the fund can be used to provide a pension by purchasing an annuity in the open market (guaranteedincome), the amount of pension provided is therefore dependent upon the annuity rates then available in themarket or by entering Drawdown. The income from a drawdown contract is not guaranteed and will depend onfuture investment returns and levels of withdrawals.


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ABC Pensions Ltd ABC Personal Pension Type of Pension Personal PensionProvider Name ABC Pensions LtdProduct Name ABC Personal PensionValuation Date 24/07/2017Term of Pension Proposed Age 65Fund Value at valuation date £86,359.24Transfer Value at valuation date £86,359.24

ContributionsFrequency MonthlyIndexation 0%Amount £286.00

ProjectionsGrowth rates -0.5% 2.4% 5.4%Paid Up at age 65 £72,915.98 £91,946.61 £115,189.09Values includingContributions at age 65

£95,776.05 £117,719.83 £144,272.81

Funds used for Existing InvestmentFund Name Ratio (%)Abbey Managed Pen 100%


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Report as of 3 Sep 2018

Morningstar® Portfolio X-Ray

Asset Allocation % Country Exposure %AssetAllocation

Port Bmark

Stocks 75.03 96.16 Bonds 16.43 0.04 Cash 6.83 0.08 Other 1.71 3.72 Not classified 0.00 0.00

Country Port Bmark

United Kingdom 28.13 89.81United States 17.95 3.79Japan 5.73 0.15France 4.18 0.08

Country Port Bmark

Germany 3.51 0.39Switzerland 2.93 0.20China 1.47 0.21Spain 1.44 0.03Netherlands 1.37 0.05

World Regions %

<25 25-50 50-75 >75

Port BmarkNot Classified 24.96 3.90

Port BmarkGreater Europe 46.43 91.40

United Kingdom 28.13 89.81Western Europe -Euro

12.53 0.99

Western Europe -Non Euro

5.12 0.27

Emerging Europe 0.37 0.09Middle East /Africa

0.27 0.24

Port BmarkAmericas 18.47 3.86

United States 17.95 3.79Canada 0.00 0.02Central & LatinAmerica

0.51 0.06

Port BmarkGreater Asia 10.14 0.83

Japan 5.73 0.15Australasia 0.49 0.03Emerging 4 Tigers 1.81 0.18Emerging Asia - Ex4 Tigers

2.10 0.47

Stock Sectors %

Sensitive

Defensive

Cyclical

BenchmarkPortfolio

Port BmarkhCyclical 29.76 40.34

rBasic Materials 6.53 9.10tConsumerCyclical

8.70 10.59

y FinancialServices

12.83 18.51

uReal Estate 1.69 2.14

Port BmarkjSensitive 26.20 28.98

iCommunicationServices

2.52 3.67

oEnergy 7.00 14.25p Industrials 8.10 8.83aTechnology 8.57 2.23

Port BmarkkDefensive 19.08 26.73

sConsumerDefensive

8.61 14.83

dHealthcare 8.82 9.35fUtilities 1.65 2.55

Investment Style

30 27 20

8 7 5

1 1 1

<10 10-25 25-50 >50

Value Blend GrowthStyle

LargeM

idSm

allSize Equity Style Port Bmark

Price/Book Ratio 1.85 1.78Price/EarningsRatio

13.83 13.95

Price/CashflowRatio

6.58 6.58

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

BBB -

Top 10 Underlying HoldingsAssets % Name Type Sector Country

31.09 Equity Acc Creation Price Fund Not Classified United Kingdom18.02 European Acc Creation Price Fund Not Classified United Kingdom17.28 American Acc Creation Price Fund Not Classified United Kingdom12.64 Scottish Widows International Bd A Acc Fund Not Classified United Kingdom

5.81 Japan Acc Creation Price Fund Not Classified United Kingdom

4.22 Abbey Pension Fixed Interest Fund Not Classified United Kingdom3.22 Aberdeen Liqdty (Lux) Sterling K-3 Fund Not Classified Luxembourg1.68 Scottish Widows Corporate Bd A Acc Fund Not Classified United Kingdom0.57 Abbey Pensions Property Fund Not Classified United Kingdom0.20 Tencent Holdings Ltd Equity Technology China

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 2018

PerformanceGrowth Of 10000 EUR Portfolio Benchmark

510

1520

2530

Quarterly Performance Relative To Benchmark

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Trailing Returns % Port Bmark

3 Months 1.35 -1.686 Months 5.02 5.591 Year 4.57 4.683 Years Annualised 10.37 10.175 Years Annualised 7.67 7.58YTD 2.82 0.16

Time Period Return % Best Worst

3 Months 17.99 (Jun 09-Sep 09) -10.48 (Jun 11-Sep 11)6 Months 27.57 (Mar 09-Sep 09) -9.68 (Mar 11-Sep 11)1 Year 39.37 (Mar 09-Mar 10) -6.62 (May 11-May 12)3 Years Annualised 14.91 (Feb 09-Feb 12) 3.38 (May 13-May 16)5 Years Annualised 12.12 (Feb 09-Feb 14) 4.08 (Jan 11-Jan 16)

Return Analysis Correlation MatrixUnderlying Holdings Portfolio Benchmark 3 Yr Mean

3-Yr Standard Deviation

7.00 7.20 7.40 7.60 7.80 8.00 8.20 8.40 8.60 8.80 9.0010.08

10.10

10.12

10.14

10.16

10.18

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 Abbey Managed Pen 100.00 10.15 7.18

Risk And Return Statistics 3 Years 5 Years

Standard Deviation 7.18 7.23Arithmetic Mean 10.15 7.67Sharpe Ratio 1.36 1.00MPT Statistics 3 Years 5 Years

Alpha 2.83 2.33Beta 0.71 0.67R-Squared 0.76 0.75Information Ratio 0.04 0.02Tracking Error 4.30 4.76


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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(%)

Abbey Managed Pen Fund 31 Jul 2018 QQQ 4.57 10.37 7.67 100.00


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123 Investment Services One Pension Plan Type of Pension Personal PensionProvider Name 123 Investment ServicesProduct Name One Pension PlanValuation Date 24/07/2017Term of Pension Proposed Age 65Fund Value at valuation date £26,548.00Transfer Value at valuation date £26,548.00

ProjectionsGrowth rates -0.55% 2.31% 5.31%Paid Up at age 65 £22,018.55 £27,771.49 £34,799.01

Funds used for Existing InvestmentFund Name Ratio (%)LF Woodford Equity Income Fund C Sterling Accumulation 100%


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Morningstar® Portfolio X-Ray

Asset Allocation % Country Exposure %AssetAllocation

Port Bmark

Stocks 84.16 96.16 Bonds 0.00 0.04 Cash 0.11 0.08 Other 15.73 3.72 Not classified 0.00 0.00

Country Port Bmark

United Kingdom 76.35 89.81United States 5.47 3.79Norway 1.02 0.01Ireland 0.90 0.40

Country Port Bmark

Luxembourg 0.40 0.00Japan 0.02 0.15

World Regions %

<25 25-50 50-75 >75

Port BmarkNot Classified 15.84 3.90

Port BmarkGreater Europe 78.67 91.40

United Kingdom 76.35 89.81Western Europe -Euro

1.30 0.99

Western Europe -Non Euro

1.02 0.27

Emerging Europe 0.00 0.09Middle East /Africa

0.00 0.24

Port BmarkAmericas 5.47 3.86

United States 5.47 3.79Canada 0.00 0.02Central & LatinAmerica

0.00 0.06

Port BmarkGreater Asia 0.02 0.83

Japan 0.02 0.15Australasia 0.00 0.03Emerging 4 Tigers 0.00 0.18Emerging Asia - Ex4 Tigers

0.00 0.47

Stock Sectors %

Sensitive

Defensive

Cyclical

BenchmarkPortfolio

Port BmarkhCyclical 41.81 40.34

rBasic Materials 3.01 9.10tConsumerCyclical

13.70 10.59

y FinancialServices

17.36 18.51

uReal Estate 7.74 2.14

Port BmarkjSensitive 17.00 28.98

iCommunicationServices

0.03 3.67

oEnergy 0.00 14.25p Industrials 15.19 8.83aTechnology 1.79 2.23

Port BmarkkDefensive 25.34 26.73

sConsumerDefensive

10.79 14.83

dHealthcare 14.55 9.35fUtilities 0.00 2.55

Investment Style

15 0 2

8 7 7

18 18 26

<10 10-25 25-50 >50

Value Blend GrowthStyle

LargeM

idSm

allSize Equity Style Port Bmark

Price/Book Ratio 1.84 1.78Price/EarningsRatio

11.29 13.95

Price/CashflowRatio

8.24 6.58

- - -

- - -

- - -

<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

8.93 Imperial Brands PLC Equity Consumer Defensive United Kingdom5.03 Burford Capital Ltd Equity Financial Services United Kingdom4.86 Barratt Developments PLC Equity Consumer Cyclical United Kingdom4.26 Provident Financial PLC Equity Financial Services United Kingdom3.17 Purplebricks Group PLC Equity Real Estate United Kingdom

3.16 Benevolent Ai Link Weif A Equity Not Classified2.87 IP Group PLC Equity Financial Services United Kingdom2.83 Theravance Biopharma Inc Equity Healthcare United States2.82 BCA Marketplace PLC Equity Industrials United Kingdom2.71 Taylor Wimpey PLC Equity Consumer Cyclical United Kingdom


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Morningstar® Performance X-Ray

BenchmarkFTSE AllSh TR GBP

Performance Date31 Aug 2018

PerformanceGrowth Of 10000 EUR Portfolio Benchmark

510

1520

2530

Quarterly Performance Relative To Benchmark

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Trailing Returns % Port Bmark

3 Months 0.16 -1.686 Months 2.51 5.591 Year -5.09 4.683 Years Annualised 0.86 10.175 Years Annualised - 7.58YTD -5.28 0.16

Time Period Return % Best Worst

3 Months 8.73 (Oct 14-Jan 15) -10.16 (Dec 17-Mar 18)6 Months 14.35 (Oct 14-Apr 15) -10.56 (Sep 17-Mar 18)1 Year 22.32 (Jul 14-Jul 15) -13.49 (Mar 17-Mar 18)3 Years Annualised 11.75 (Jun 14-Jun 17) 0.11 (Mar 15-Mar 18)5 Years Annualised - (---) - (---)

Return Analysis Correlation MatrixUnderlying Holdings Portfolio Benchmark 3 Yr Mean

3-Yr Standard Deviation

8.70 8.80 8.90 9.00 9.10 9.20 9.30 9.40 9.50 9.60 9.70-3.00

0.00

3.00

6.00

9.00

12.00

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 LF Woodford Equity Income Fund C SterlingAccumulation

100.00 1.30 9.53

Risk And Return Statistics 3 Years 5 Years

Standard Deviation 9.53 -Arithmetic Mean 1.30 -Sharpe Ratio 0.09 -MPT Statistics 3 Years 5 Years

Alpha -6.60 -Beta 0.77 -R-Squared 0.51 -Information Ratio -1.34 -Tracking Error 6.96 -


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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(%)

LF Woodford Equity Income Fund C Sterling Accumulation Fund 30 Jun 2018 Q -5.09 0.86 - 100.00


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Accumulative Comparison

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

Assumed Growth Rates (Average)-0.5% 2.4% 5.3%

Existing Schemes* £117,794 £145,491 £179,071

Royal London Pension Portfolio £124,000 £153,000 £188,000Rate of Return Required from Royal London -1.23% (-0.73%) 1.68% (-0.72%) 4.59% (-0.71%)The effect this will have on the fund if moved to RoyalLondon

+5.41% +5.47% +5.52%

Reduction in Yield if moved to Royal London 0.9% 1% 1%

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

The rate of return required, also known as the Critical Yield, is the level of growth required each year for thenew scheme to match the existing scheme projection. The number shown in brackets is the differencebetween the growth assumption used within the case and the rate of return required.

Results have been adjusted for inflation, adjusted growth rates shown are after inflation.

* The projections have been system generated.


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ABC Pensions Ltd ABC Personal Pension

The figures below take into account your ABC Pensions Ltd ABC Personal Pension transfer value of£86,359.24 and your regular contributions of £286.00 per month assuming no increases.

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

Assumed Growth Rates-0.5% 2.4% 5.4%

Existing Scheme* £95,776 £117,719 £144,272Reduction in Yield 1.6% 1.7% 1.7%


+5.13% +5.2% +5.26%

Reduction in Yield if moved to Royal London 0.9% 1% 1%

These figures assume that you transfer your existing fund and pay the same level of future contributions intothe Royal London Pension Portfolio.




* The projections have been system generated using a 1.25% Product AMC, 0.38% Fund AMC.


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


Existing Scheme* £72,915 £91,946 £115,189

Royal London Pension Portfolio £23,300 £26,200 £29,600Total of existing plan Paid-up and Redirection ofContributions Values

£96,200 £118,000 £144,000

Rate of Return Required from Royal London -0.97% (-0.47%) 1.95% (-0.45%) 4.86% (-0.54%)The effect this will have on the fund if moved to RoyalLondon

+0.47% +0.44% +0.42%

These figures assume that you pay the same level of future contributions into the Royal London PensionPortfolio instead of paying them into your existing plan.




* The projections have been system generated using a 1.25% Product AMC, 0.38% Fund AMC.

Fund Value ComparisonOn the day of switch, the value of the funds in your existing arrangements and the proposed replacementplan are as follows:

ABC Pensions Ltd ABC Personal Pension £86,359.24Royal London - Pension Portfolio £84,632.06The day one effect of transfer -£1,727

Death Benefit ComparisonOn the day of switch, the capital value of the death benefits under your existing arrangements and theproposed replacement plan are as follows:

ABC Pensions Ltd ABC Personal Pension £86,359.24Royal London - Pension Portfolio £84,632.06


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123 Investment Services One Pension Plan

The figures below take into account your 123 Investment Services One Pension Plan transfer value of£26,548.00.

Projected Fund (Paid Up) at proposed age of 65


Existing Scheme* £22,018 £27,771 £34,799Reduction in Yield 1.8% 1.8% 1.9%


+2.83% +2.83% +2.83%

Reduction in Yield if moved to Royal London 1.4% 1.5% 1.5%


* The projections have been system generated using a 0.75% Product AMC, 1% Fund AMC.

Fund Value ComparisonOn the day of switch, the value of the funds in your existing arrangements and the proposed replacementplan are as follows:

123 Investment Services One Pension Plan £26,548.00Royal London - Pension Portfolio £26,017.04The day one effect of transfer -£530


123 Investment Services One Pension Plan £26,548.00Royal London - Pension Portfolio £26,017.04


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Proposed Pension PlanAdditional Notes:

Standard Charges

Royal London Pension PortfolioAnnual Charge 0.45% paLarge Fund Discount; £0-£32,800 0.9%, £32,800-£65,600 0.5%, £65,600-£197,000 0.45%, £197,000-£656,000 0.4%, £656,000+ 0.35%

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.

Fund Name Split % Initial % Ongoing % *RLP Governed Portfolio 1 100 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.


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

Fund Name 2014 2015 2016 2017 2018Abbey Managed Pen** 2.63 6.17 9.56 11.62 5.74LF Woodford Equity Income Fund C SterlingAccumulation**

n/a 22.32 4.94 5.87 -9.50

RLP Governed Portfolio 1 6.97 9.76 7.10 9.94 6.68

Past 12 Months Growth Performance Information

Fund Name Aug'17

Sep'17

Oct'17

Nov'17

Dec'17

Jan'18

Feb'18

Mar'18

Apr'18

May'18

Jun'18

Jul'18

Abbey Managed Pen** 1.31 -1.58 2.52 -1.06 1.86 -0.24 -1.85 -2.36 3.83 2.21 -0.19 1.35LF Woodford EquityIncome Fund CSterling Accumulation**

-3.98 0.64 0.35 -2.51 1.76 -3.61 -4.14 -2.77 4.33 0.89 -1.90 1.39

RLP GovernedPortfolio 1

1.15 -0.97 2.25 -0.05 1.53 -0.33 -1.33 -2.22 3.47 2.14 -0.08 1.07

** Existing Scheme Fund

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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Income Options Comparison at Retirement Age 65 - FullPensionIn Royal London Pension Portfolio, your fund value at retirement could provide an income of:

Growth Rate Low (-0.5%) Mid (2.4%) High (5.3%)Fund £124,167 £153,448 £188,954Annuity single life level income. £5,954 £7,358 £9,060Age that drawdown fund will run out,assuming same income as an annuity istaken.

83 89 117

Drawdown amount available to maintain alevel income to age 85*

£13,464 £18,073 £24,253

The below graph shows the projected pension benefits for the existing scheme with the income options thatcould be available if the transfer was to go ahead to the proposed pension plan. The annuity shown wouldprovide a guaranteed income for life. The drawdown income from the proposed plan is not guaranteed andwill be dependent on future investment returns. The incomes in the graph include a State Pension of£8,546.20 starting at age 67 and increasing by RPI.


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Proposed Plan Annuity & Sustainable Drawdown Year on Year Results

Age Annuity Annuity -Guarantees

SustainableDrawdown

SustainableDrawdown -Guarantees

65 £7,358 £0 £18,073 £070 £7,358 £9,203 £8,869 £9,20375 £7,358 £10,412 £7,660 £10,41280 £7,358 £11,781 £6,292 £11,78185 £7,358 £13,329 £236 £13,32990 £7,358 £15,080 £0 £15,080

*Target age calculated using ONS National Life Tables, Great Britain (2014-2016)


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Income Options Comparison at Retirement Age 65 -Reduced Pension and Pension Commencement Lump SumIn Royal London Pension Portfolio, your fund value at retirement could provide a reduced income and PCLSof:

Growth Rate Low (-0.5%) Mid (2.4%) High (5.3%)Fund £93,125 £115,086 £141,715PCLS £31,041 £38,362 £47,238Annuity single life level income. £4,465 £5,518 £6,795Age that drawdown fund will run out,assuming same income as an annuity istaken.

83 89 116

Drawdown amount available to maintain alevel income to age 85*

£12,089 £15,819 £20,694

The below graph shows the projected pension benefits for the existing scheme with the income and PCLSoptions that could be available if the transfer was to go ahead to the proposed pension plan. The annuityshown would provide a guaranteed income for life. The drawdown income from the proposed plan is notguaranteed and will be dependent on future investment returns. The incomes in the graph include a StatePension of £8,546.20 starting at age 67 and increasing by RPI.


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Proposed Plan Annuity & Sustainable Drawdown Year on Year Results

Age Annuity Annuity -Guarantees

SustainableDrawdown

SustainableDrawdown -Guarantees

65 £5,518 £0 £15,819 £070 £5,518 £9,203 £6,615 £9,20375 £5,518 £10,412 £5,406 £10,41280 £5,518 £11,781 £4,038 £11,78185 £5,518 £13,329 £83 £13,32990 £5,518 £15,080 £0 £15,080

*Target age calculated using ONS National Life Tables, Great Britain (2014-2016)


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Lump Sum At Proposed Retirement Age 65Set out below is a comparison of the estimated PCLS that may be provided on retirement at proposed age of65.

Existing Schemes £36,300Royal London Pension Portfolio £38,300

Assumptions1. The value of the investments in the Royal London Pension Portfolio are based on medium level growth

rate before charges are deducted.2. The current Lifetime Limit is £1.03m. From 6th April 2018 it will increase annually by the Consumer

Price Index (CPI), currently assumed to be 2%pa. (This is only relevant if you have a 'ProtectedPension Commencement Lump Sum' in respect of the benefits accrued by the scheme before 6th April2006).


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ABC Pensions Ltd ABC Personal Pension £86,359.24

123 Investment Services One Pension Plan £26,548.00

Total £112,907.24Royal London Pension Portfolio £110,649.10

If the death benefit available after switch is lower than that provided by the existing arrangements,consideration should 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 amountabove the Lifetime Limit Pension Commencement Lump Sum allowance.

After transfer – the proposed Royal London Pension Portfolio will provide 98% of the existing plan’s deathbenefit


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Proposed Plan: Royal London - Pension Portfolio

To satisfy the requirements of RU64, this table shows the estimated fund value at full term and the transfervalue at yearly intervals from the proposed pension product and that of a standard Stakeholder plan.

Proposed Age

Year Low Med High1 Proposed Plan £112,000 £115,000 £119,000

Generic Stakeholder Comparison (tosatisfy RU64)

£114,000 £117,000 £121,000

2 Proposed Plan £114,000 £121,000 £128,000Generic Stakeholder Comparison (tosatisfy RU64)

£116,000 £122,000 £129,000


£117,000 £127,000 £138,000


£118,000 £132,000 £147,000


£120,000 £137,000 £157,000


£121,000 £142,000 £167,000


£122,000 £147,000 £177,000


£123,000 £152,000 £187,000


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Stakeholder Pensions

A Stakeholder Pension may meet the requirements of many people with a simple and transparent charging structureof 1% pa and no initial charges or penalties for early surrender.

Personal Pensions and Self Invested Personal Pensions often have investment options and features which are notavailable from a Stakeholder Pension.

This transfer analysis is based on the inclusion of the following:

The specified investments and features may or may not be available from a Stakeholder Pension, this will beclarified in the letter of recommendation.

This comparison is based on the assumption that the maximum Stakeholder charge applies and no account is takenof any specific investment, other feature or adviser remuneration which may not be available at the same level orstyle shown in the full analysis.

Fund SelectionsInvestment Template DetailsRoyal London - Pension PortfolioFund AMC % Initial % Split %RLP Governed Portfolio 1 1 0 100


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Adviser RemunerationAdviser Remuneration (as input)

Initial OngoingSingle Premium/Transfer 2% 0.25%Single Premium/Transfer Monetary £0 £0Regular Premium (Each Premium) 0% 0.25%Regular Premium Monetary (Each Premium) £0 £0

Advanced Options

Single PremiumDeducted from plan & paid over a period of 1 monthFrequency MonthlyFrom month 1

Fund BasedDeducted from plan & paid MonthlyFrom month 1

Remuneration at proposed age 65

Provider Plan Fund (Med) Initial(Single)

Level /Initial(Regular)

Fund-Based

Total

Old Mutual Wealth Personal Pension -Single Price

£154,000 £2,250 £0 £2,650 £4,910

Royal London Pension Portfolio £153,000 £2,250 £0 £2,640 £4,900


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Notes & AssumptionsThe illustrations take into account the current charging structure of the Royal London Pension Portfolio and yourexisting arrangements.

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

All firms use the same rates to illustrate how funds may be converted into a pension but their charges vary. Themaximum that growth rates can be illustrated at is set by the Financial Conduct Authority (FCA), some providershowever choose to show 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 fluctuations betweenthe calculation date of this analysis & completion of the transfer.

You should be aware the investment choice available with Royal London may differ from your current providers. Thiscould impact on the future performance of your fund.

When regular premiums are indexed by RPI it is assumed to be 0.5%, 2.5% and 4.5% at the low, medium and highgrowth rates respectively; when indexed by AWE it is assumed to be 2%, 4% and 6% at the low, medium and highgrowth rates respectively.

For inflation adjusted illustrations, inflation is assumed to be 2.5% per annum.

1. Annuity Interest Rate 3.70% 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 rate hadbeen assumed then the required investment return (Critical Yield) would have been lower and conversely if a lowerrate applied then the required investment return (Critical Yield) would have been higher.

2. Retail Price Index 3.49% p.a.

3. Average Weekly Earnings 4.00% p.a.


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Record of Input DataPrint Date 03/09/2018

Client DetailsRef RP000912Title MrsForename RachelMiddle InitialsSurname JonesGender FemaleDate of Birth 28/07/1960Employment Status EmployedMarital Status MarriedPartner's Date of Birth 14/04/1967Partner's Forename RupertPartner's Surname JonesPartner's Gender MaleHealth Status NormalDependents NoDependent NotesAttitude to Risk MediumLifetime Allowance Protection NoneCountry of Residence England, Northern Ireland, Wales or OtherNotes


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Plan(s) for SwitchScheme Name ABC Pensions Ltd ABC Personal

PensionType Personal PensionFund Valuation Date 24/07/2017Fund Value £86,359.24Fund Value Transfer £86,359.24Pre 97 Protected Rights TV £0.00Post 97 Protected Rights TV £0.00Regular Contributions £286.00Frequency MonthlyIncrease Rate 0%Protected Pension Commencement Lump Sum as at A-Day £0.00Fund Value as at A-Day £0.00Current Death Benefits Value £86,359.24Proposed Retirement Age 65Monetary Values / Inflation Adjusted Inflation AdjustedGrowth Rate Term Adjusted Rates

Growth Rates Low Med High-0.5% 2.4% 5.4%

Projections at age 65.Projections Fund - Paid Up £72,915.98 £91,946.61 £115,189.09Projections Fund - Inc Ongoing £95,776.05 £117,719.83 £144,272.81

Funds used for Existing Investment

Fund Name Ratio (%)Abbey Managed Pen 100%


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Scheme Name 123 Investment Services OnePension Plan

Type Personal PensionFund Valuation Date 24/07/2017Fund Value £26,548.00Fund Value Transfer £26,548.00Pre 97 Protected Rights TV £0.00Post 97 Protected Rights TV £0.00Protected Pension Commencement Lump Sum as at A-Day £0.00Fund Value as at A-Day £0.00Current Death Benefits Value £26,548.00Proposed Retirement Age 65Monetary Values / Inflation Adjusted Inflation AdjustedGrowth Rate Term Adjusted Rates

Varying Growth Rate Fund SplitFund TV split(£) Low Med HighManaged One £23,893.20 -0.5% 2.4% 5.4%Cash £2,654.80 -1% 1.5% 4.5%

Projections at age 65.Projections Fund - Paid Up £22,018.55 £27,771.49 £34,799.01

Funds used for Existing Investment

Fund Name Ratio (%)LF Woodford Equity Income Fund C Sterling Accumulation 100%

Adviser Remuneration (as input)

Initial OngoingSingle Premium/Transfer 2% 0.25%Single Premium/Transfer Monetary £0 £0Regular Premium (Each Premium) 0% 0.25%Regular Premium Monetary (Each Premium) £0 £0

Advanced Options

Single PremiumDeducted from plan & paid over a period of 1 month


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Frequency MonthlyFrom month 1

Fund BasedDeducted from plan & paid MonthlyFrom month 1

Fund SelectionsInvestment Template DetailsRoyal London - Pension PortfolioFund AMC % Initial % Split %RLP Governed Portfolio 1 1 0 100

Plans Selected For ComparisonProvider Selection SelectedOld Mutual Wealth Personal Pension -Single Price

YES

Royal London Pension Portfolio YES


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