Finance-QA251 Online Services


Assessment Instructions


Financial Planning Scenario

This is an individual assignment, comprising 2 elements: A – a 1,500 word report, and B – a 5 minute recorded presentation.

The learning outcomes for this assessment are

To evaluate the use and application of UK retail financial products in personal financial planning

1. To understand the balance between risk, reward and affordability in personal financial planning decisions and critically evaluate the current policy framework for the chosen scenario

2. To propose a financial plan for a client, including analysis of the clients circumstances, and a set of reasonable and clearly justified recommendations

3. To critically appraise the current financial services environment and its effects on short and longer term planning decisions


Read the following case scenario and prepare a 1,500 word financial report for the clients addressing their stated concerns and needs. The report should set out your recommendations and the expected outcomes, along with the actions required to achieve these outcomes. You should use up to date product, regulatory and market information wherever possible. You may use appendiceseg. to show calculations, tables and product information. Appendices do not count toward the word limit. You may need to make some assumptions , in which case you should state clearly what these assumptions are and how they have been applied. The assumptions should be reasonable and realistic.

Record a max 5 minute presentation using Kaltura Capture Space summarizing though you were in a formal meeting with your clients and you should summarise your key points in a professional manner. The objective is to show that you can explain your recommendations verbally, be clear and succinct and engage face to face in a professional context. This is a key transferable skill for employability. Ensure you are professionally dressed, and that the location is quiet and provides an appropriate background.

You should submit both elements of assessment as one submission . For full guidance on how to record a Kaltura presentation and attach the media file to your submission,please see

You should choose Kaltura Function Option One – Kaltura Capture Space (Record a Presentation). The link will take you to an explanatory video and links.

When choosing the type of media to record under the ‘new’ tab in My Media, choose ‘record presentation’. Once in the Captrue Space screen, please use either the ‘webcam ’ option , or if using slides, the ‘webcam and screen’ option .




Tim and Ellie are in their 50’s and believed themselves to be financially secure with sufficient pension savings to have a good retirement in due course. Unfortunately, recent events have shaken their confidence. In September 2016, they were involved in a car accident in which Tim was badly injured and although he has recovered well, and is back at work 4 days a week, he is finding it hard and is now considering retiring early. This would be at least 5 years earlier than he had originally planned. He has heightened risk of stroke and heart problems following on from his injuries, and, to put it bluntly, believes he will live longer if he retires sooner rather than later.

Tim and Ellie are used to enjoying their income. Since the children left home, they have been having at least 2 overseas holidays a year, plus regular city breaks with their friends , and eat out at least twice a week. Tim enjoys fine wine and spends around £200pm through his wine club. Ellie has a gym membership costing £80pm and drives a Landrover on a monthly lease deal costing £600pm. This finishes in 2018. Tim travels to work by taxi as he is not confident to drive any more. He spends on average £200 pw on taxi fares. They are keen to share their wealth with their children and gave Ollie £20,000 from Tim’s investment ISA in 2015, to help him with his house deposit. They had hoped to be able to do the same for Beth and Harry in the near future, but are not sure this will now be possible.

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The accident has made both Tim and Ellie think about their future in a different light, and they are now focussed on securing their financial future in the short to medium term, as well as being concerned about what would happen to their assets and income in the event of either of them dying prematurely . They have come to you for advice on the following matters

They realise that the earlier retirement date will reduce Tim’s pension expectations. You have been asked to consider the options Tim has for

* best course of action. He wishes to secure an appropriate income a) up to state pensions age and b) thereafter, assuming a maximum life expectancy of 80.

* You are also asked to consider how Tim’s changed circumstance impact on Ellie’s pension planning – what recommendations can you make to ensure she is financially secure for the future should Tim die prematurely ?

* They have also asked whether there areany other steps they should take (legal or financial) to ensure their family’s future financial security

You will need to consider

what an ‘appropriate income ‘ might mean in real terms,

the most efficient use of their pension savings and other existing assets (eg non pension investments and inherited money) , and
what provision they should make to minimise the inheritance tax implications in their pension strategies and estate value should Tim and/or Ellie pass away before the age of 75.
Financial details are stated below

Financial Details
Tim Masters   Age 58  MarriedEllie Masters Age 55 Married
Pension (1)Group Personal PensionGroup Personal Pension
Contribution8% + Employer 8%5% + Employer 5%
Fund Value£520,000£190,000
Pension (2)Personal PensionOccupational Defined Benefit 15/60ths
Value£130,000 ( no contributions since 1996)@ £4,500pa index linked with 50% spouses benefit (left scheme in 1997) NRA 60
State Pension36 years33 years
BenefitsDIS 4x salary . Private Medical Insurance (Tim and Ellie covered)DIS 3x Salary
Rental PropertyJoint ownership. Market Value £230,000. Rent generated £800pm gross. Interest only mortgage £170,000 to 2022 monthly payment £300pm.
Cash ISA£20,000 @ 0.6%£12,000@0.6%
Investment ISA£80,000£27,000
Bank Deposit (recent inheritance )£120,000 @0.10%


Home£600,000 market value  joint ownership, capital and interest mortgage cost £1000pm, repayment  will finish in June 2020. Joint life first death term assurance   -sum assured £200,000. Term ends 2020. Premium £42pm
Children:Harry aged 27 – chartered accountant, single, renting
Beth aged 24 –  primary teacher , single, renting
Ollie – aged 24 – self employed , married with one child, Mitzi,  aged 6 months , homeowner with £120,000 mortgage on ‘help to buy’ scheme.
Monthly living expensesEstimated @ 6,000 (excl savings and holidays)
Savings : ISA (per month)Tim  £250 Cash , £500 InvestmentEllie: £150 Cash, £100 Investment
Holidays@ £6,000pa


Product code: Finance-QA251

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