• 2022-06-16
    SECTION5:READINGTEST(30minutes)
    Directions:ReadthefollowingpassagesandthenanswerINCOMPLETESENTENCESthequestionswhichfolloweachpassage.UseonlyinformationfromthepassageyouhavejustreadandwriteyouranswerinthecorrespondingspaceinyourANSWERBOOKLET.
    Questions1~4
    AFormercolleaguerelishedtellingmelastweekabouttwoforthcomingnewadditionstothepopulation.Hiswifeisfittopopwithidenticaltwingirls.
    Heandoursisterpublication,TheTimes,gotmethinking:couldthetwinslivetobe150?Times2posedthisveryquestionalongsideaphotographofathumb-suckingnewborn.Decrepitudeisnolongerinevitable,itsaid.Sciencewillhelpustostoptherot.Thereis,somescientistssay,arealDorianGrayamongus—someonewho,throughamixtureofgoodgenes,healthylifestyleandtimelymedicalinterventions,willgivetheimpressionofstayingyoungthroughoutanextraordinarilylonglife.
    Iwasstillponderingthelikelihoodoflivingto150whenIwaspresentedwithanotherbigquestion:justhowdidDerrenBrowndoit?Inatelevisionstunt,heclaimedtohavepredictedthesixwinningLottonumbers,sparkinganonlineguessinggameabouthowitwasachieved. Indeed,”DerrenBrown”and“lottery”werethetwotopsearched-forkeywordsonthewebthatleduserstotimesonline.co.uk.Dozensoftheorieswereoffered—fromcameratrickerytosimplesleightofhand.
    Evenactuarieswerespeakingaboutit.CliveGrimley,apartneratBarnettWaddingham,boughtintothemostpopulartheory.“AccordingtosomeoneonYouTube,heusedsplit-screentechnologytogivetheimpressionthattheballswereintheliveshot,wheninfacttheywereastaticimage,”hemused.“Theleft-handsideo[thescreen,whichshowedthenumberedballsinarow,wasafrozenimage.Inreality,anassistantwasputtingthebailsinplaceduringthe30-seconddelaybetweenthembeingdrawnandBrownrevealinghisnumbers.LikeEdwardNortoninTheIllusionist,it’sallatrick.“Justasillusory,hesays,areprotectionsofretirementincome.Pensionerstodaycanexpecttospendathirdoftheirlivesinretirement—afigurethatcouldgrowtohalfourlifeormore,aswealldielater.
    Itmaysoundgoodintheory,butGrimleyhassomesoberingviews:thestatepensionagewillhavetorocket,agrowingnumberofpeoplewillbeforcedtotake“theglidepath”—graduallywindingdownintoretirementratherthanstoppingworkaltogetherimmediately—andtheonusforfundingourlatteryearswillincreasinglyfallonourownshoulders.TheNHSwillcrumbleunderthepressure,with100-pluspensionersbatteringdownthedoorsatdoctors’surgeries.
    Earlyevidencestacksuphisargument.Itisalreadyproposedthatthestatepensionageforwomenwillriseto65by2020,makingitequaltothatofmen.Forbothsexes,itwillriseto68by2046.Thatwillhefarfromsufficient,though.“Increasestostateretirementagearegoingtohavetobefairlyradical—Idon’tthinkanyonewantstoadmitjusthowradical,”saidGrimley.
    Whenyoureachthemagicage-whateverthatmayhe—youcouldbesorelydisappointed.TheInstituteofDirectorssaidlastweekthatthegovernmentshouldfreezethestatepensiontohelpcutitsgrowingbudgetdeficit,andfreezes—orcuts—couldsoonbecomethenorm.
    Howmuchyoustandtogetfrompersonalpensionsavingscouldbeashock,too:Annuityrateshavedroppedalmost10%sincelastsummer,pusheddownbythegovernment’sattemptstoreflatetheeconomy.Ithaspumped$175billionintothefinancialsystembybuyingupgilts.Thishaspushedgiltpricesupandyieldsdownbyasmuchas50to100basispoints,anditisthesethatdetermineannuityrates.
    Moreover,thesortofincomeyoucanexpectfromyourpensionpotisalsodeterminedbylifeexpectancy.Clearly,thelongeryou’reexpectedtolive,thelowertheannuityrate.Threedecadesago,in1980,benchmarkannuityratesfora65-year-oldmanwerealmost16%.Today,they’relessthanhalfthatat7%—knocking$9,000ayearoffwhatyou’dgetfora$100,000pot.Whatifinanother30yearsthey’rejust3%?Thatwouldknockoffanother$4,000,givingyouapitiful$3,000ayearforevery$100,000ofpensionsavings.Nevermindthetwins.I’dbettergetonwithcrackingthecodeforpredictingthenumbersofthoseLottoballs.
    1.Whydoestheauthorintroducethetopicofthelikelihoodoflivingto150atthebeginningofthepassage?
    2.Whatis“theglidepath”(para.5)?Whatisthepossibleeffectoftaking“theglidepath”?
    3.WhydoestheauthormentionthepredictionofLottonumbersinthepassage?
    4.GiveabriefsummaryoftheissueofpersonalpensionsavingsintheUnitedKingdomintroducedinthepassage.
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