ࡱ> npm5@ Mbjbj22 . XX-D"D"D"8|"$"O""("""###MOOOOOOOOOOOOO$QR T4sO'##''sO""O\(\(\('4""MO\('MO\(F\((nqFDI"" P)JmD"'.G O4O0OG@U$("@U@II@UI#$\(%%t%)###sOsOd`!F(`!  John Ralfe is an independent consultant advising company and trustee boards on pensions. His clients include two FTSE100 companies and three FTSE250 companies, as well as non quoted companies. Until December 2002 he was Head of Corporate Finance at Boots. He was instrumental in moving the 2.4bn Boots Pension Fund to 100% AAA long dated sterling bonds and swaps, half inflation-linked, followed by 300m Boots share buyback. He is a vocal contributor to the debates on the economics of company pensions and reform of pension regulation and is a regular contributor to the Financial Times, as well as appearing on The Today Programme, BBC News at Ten and Channel 4 News. He was also a consultant to the Accounting Standards Board on FRS 17 and the International Accounting Standards Board on share options and worked with Harvard Business School to develop Boots Pensions as a Case Study. Sponsored by RBC Capital Markets, he writes a regular series of notes on various aspects of pensions, which receive wide press coverage. Prior to joining Boots he spent 11 years in banking and consulting with Chase Manhattan, Warburgs, Swiss Bank Corporation and Ernst & Young Corporate Finance. He obtained a First in PPE in 1978, from Balliol College, Oxford and also studied economics at Kings College, Cambridge.  JOHN RALFE CONSULTING John Ralfe Consulting Limited 24 Devonshire Road, West Bridgford, Nottingham NG2 6EU Tel: 0115 982 1911 07779 574193  HYPERLINK "mailto:JohnRalfe@JohnRalfe.com" JohnRalfe@JohnRalfe.com  HYPERLINK "http://www.JohnRalfe.com" www.JohnRalfe.com ^_   . 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LM * JM L !XX8@0(  B S  ?Ez$ FzGz|HzIzJzԋKzLzTMzNzԌOzPzTQzRzԍBBJSjjN     IRYY((N V*urn:schemas-microsoft-com:office:smarttagsplacehttp://www.5iantlavalamp.com/;*urn:schemas-microsoft-com:office:smarttagsaddressh*urn:schemas-microsoft-com:office:smarttagsCity0http://www.5iamas-microsoft-com:office:smarttags:*urn:schemas-microsoft-com:office:smarttagsStreet= *urn:schemas-microsoft-com:office:smarttags PlaceName= *urn:schemas-microsoft-com:office:smarttags PlaceType   ,-KN-KN33-.EKN-KNJohn John Ralfe Thomas Ralfe Vrl/p~ L* ,8 d,zAJ&Sz5 ~>hNڙo \^! 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