Pension Changes – This is a great essay question!
This is a fantastic bit of Coursework to get your teeth into! This is very much a current issue in the retail financial services world.
Most students will be aware of the changes to the pension rules, which have already started and are due to come into effect fully in April 2015. This question tests your knowledge of the new rules by asking you to describe the new rules for a hypothetical article in an Accountant’s quarterly magazine.
It’s really an essay!
As always with the Coursework, this is really an essay set at QCF Level 4, which is roughly the equivalent of an essay required during the first year of a degree course.
However, it is not enough just to know the new rules! You will have to make the essay read-able, with a solid structure and avoid over-emphasis on client-unfriendly jargon. As will all Level 4 study, you need to show the examiner that you understand the rules and can apply them in order to demonstrate understanding.
Start Your Research!
There is of course a huge amount of potential research available. Ensure your research is properly recorded using the required referencing technique. Explanation of the rules could focus, amongst other areas, on a comparison of the new vs. old rules; tax rules and implications; client needs and objectives; and so on. The IFS Study Topic folders are a good starting place for any-one starting from scratch or needing to revise a specific area. Always be critical, and I don’t mean negative! Always look at the pros and cons. The questions itself focusses on higher net worth clients, so particular attention is required for that client group.
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