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Pensions Industry

Pensions Industry
100問 • 2年前
  • James Paterson
    • 通報

    問題一覧

  • 1

    which of the following are government objectives relating to pensions? (choose 3)

    To alter the split between state and private, To encourage Working people to save, To protect people who can't work

  • 2

    Which Monarch passed the first poor laws making local boroughs responsible for providing for the poor within their areas?

    Elizabeth I

  • 3

    Who introduced the first Occupational Pension Scheme?

    Customs and Excise

  • 4

    What are the main sources of Retirement Income (choose 3)?

    Personal Savings and Earnings, State benefits, Pension Provision

  • 5

    What legislation introduced preservation of pensions?

    Social Security Act 1973

  • 6

    Which Legislation introduced contracting out and equal access Requirements

    Social Security Pensions Act 1975

  • 7

    Which Legislation introduced revaluation of pensions in respect of pensionable service on and after 1 January 1985

    Social Security Act 1985

  • 8

    Which Legislation introduced a number of Governance requirements including a now-defunct minimum Statutory funding requirement and provisions for underfunded final salary/defined benefit pensions to be a debt on the employer and introduced Pension Earmarking Requirements?

    Pensions Act 1995

  • 9

    What Pension act introduced Pension Earmarking Requirements on divorce?

    Pensions Act 1995

  • 10

    Which Legislation introduced pension Sharing orders on divorce?

    Welfare Reform and Pensions Act 1999

  • 11

    Which Legislation introduced the requirements for employers to set up (but not contribute to) a stakeholder scheme ?

    Welfare Reform and Pensions Act 1999

  • 12

    Which Legislation Introduced the current statutory funding for DB Schemes?

    Pension Act 2004

  • 13

    Which Legislation transferred the regulation of pension from Occupational Pensions Regulator Authority to The Pensions Regulator (TPR)

    Pension Act 2004

  • 14

    What Legislation introduced Pension simplification and did away with the concept of retirement at least from HMRC perspective?

    The Finance Act 2004

  • 15

    What does NEST stand for ?

    National Employment Savings Trust

  • 16

    What year was NEST introduced?

    2012

  • 17

    Which Legislation introduced Automatic enrollment?

    Pensions Act 2008

  • 18

    What Legislation Regulates Master Trust?

    Pension Scheme Act 2017

  • 19

    What legislation regulates and makes provision for collective defined contribution schemes?

    Pension Schemes Act 2021

  • 20

    What did the Pensions Act 1995 introduce?

    A now defunct Minimum Statutory funding requirement, provisions for underfunded final salary/defined benefit pensions to be a debt on the employer, Pension Earmarking Requirements on divorce

  • 21

    what did the Social Security Act 1975 introduce?

    Contracting out and equal access requirements

  • 22

    Which act consolidated the previous legislation

    Pension scheme Act 1993

  • 23

    The Pensions Act 2008 introduced what?

    Automatic Enrolment, Nest Scheme

  • 24

    What does CARE stand for?

    Career Average Revealed Earnings

  • 25

    Contract based schemes are?

    Defined contribution schemes

  • 26

    What type of schemes can be Trust based

    Defined benefit, defined contribution, Mixture of DB and DC

  • 27

    When did the requirement to designate a stakeholder pension cease to apply?

    October 2012

  • 28

    Public sector schemes are divided between Statutory schemes and non statutory schemes true or false?

    True

  • 29

    Do statutory schemes follow rules set by legislation

    Yes

  • 30

    Which of these cooperations are public sector

    Bank of England, Civil Aviation Authority

  • 31

    Which of these are public sector pension schemes

    Local Government Pension Scheme, The Civil Service Pension Scheme, The Teacher Pension Scheme, The NHS pension scheme

  • 32

    Initially all public sector schemes were Defined contribution true or false

    False

  • 33

    What has caused public sector schemes to scale back their benefits

    Increasing cost of defined benefit schemes

  • 34

    what type of scheme is a master trust

    Occupational

  • 35

    when was it required for alll new Master trusts to apply for and obtain authorisation from TPR before they can operate

    1st October 2018

  • 36

    what does NIC stand for?

    National Insurance Contributions

  • 37

    Give an example of exception to tax and National Insurance

    Redundancy/ termination pay

  • 38

    Select all core benefits after basic pay

    Holiday Entitlement, Statutory Sick Pay, Maternity/paternity pay/leave, Pension contributions

  • 39

    which statements are correct about a Master trust scheme?

    is Not a public service pension scheme, is used, or intended to be used by Two or more people, provides defined contribution scheme

  • 40

    Give examples of Flexible benefit scheme

    childcare, dental plan, Employee discount

  • 41

    are the trustees managers bound by nomination for LSDB?

    No

  • 42

    who can be nominated as beneficiary?

    spouse, children, grandchildren, Siblings, Parents

  • 43

    What is the advantage of paying death benefits under trust?

    no need to wait for probate

  • 44

    What is the minimum statutory Sick Pay per week? (2021/2022)

    96.36

  • 45

    What does SSP stand for?

    Statutory Sick Pay

  • 46

    what is the minimum amount of weeks that sick pay should be paid for?

    28

  • 47

    What does ABI stand for?

    Association of British Insurers

  • 48

    What does TACT stand for?

    The Association of Corporate Trustees

  • 49

    what does AMPS stand for

    Association of Member directed Pension Schemes

  • 50

    what does APL stand for?

    Association of Pension Lawyers

  • 51

    What does CII stand for?

    Chartered Insurance Institute

  • 52

    what does PASA stand for?

    Pension Administration Standards Association

  • 53

    what 3 core activities are Pasa focussed on

    Defining good standards of pensions administration, publishing guidance, being an independent accreditation body

  • 54

    What does PLSA stand for?

    Pensions and Lifetime Savings Association

  • 55

    What is the aim of PLSA?

    To help everyone achieve a better income in retirement

  • 56

    How much does the PLSA invest in the UK and abroad

    £1.3 trillion

  • 57

    select the examples of Fintechs

    Monza, Bitcoin

  • 58

    Who are members of PLSA

    Asset Managers, Consultants, Law Firms, Fintechs

  • 59

    what does PMI stand for?

    Pensions Management Institute

  • 60

    What does PMI do

    Promotes and embeds professional standards, Produces Qualifications with reputation for excellence, Provides continued lifelong learning, Plays a pivotal role shaping the industry, Presents an annual conference and wide range of technical seminars, Provides industry leading insight

  • 61

    what does PPI stand for?

    Pensions Policy Institute

  • 62

    What does PRAG stand for

    Pensions Research Accountants Group

  • 63

    when was PRAG founded

    1976

  • 64

    what does SoRP stand for

    Statements of Recommended Practices

  • 65

    what does SPP stand for?

    The Society of Pension Professionals

  • 66

    who can Join SPP

    Accountants, insurance brokers, solicitors, Life offices

  • 67

    What is the Fundamental Aims of SPP

    Influence Policy and strategy, Member Services, Industry profile

  • 68

    All funded DBand care pension schemes must appoint a scheme actuary

    True

  • 69

    How often should a scheme be valued by the scheme actuary

    Every 3 years

  • 70

    What does SIP stand for

    Statements of Investment Principles

  • 71

    What does SFP stand for

    Statement of Funding Principles

  • 72

    The trustees obtain advice from scheme actuary before....?

    making decision on methods and assumptions to calculate the scheme technical provisions, Prepare/revise SFP, Prepare/revise recovery plan, Prepare/revise schedule of contributions, modifying future accrual by resolution

  • 73

    All personal schemes must have an auditor

    False

  • 74

    when should audited accounts be produced

    Annually, within 7 months of the schemes year end

  • 75

    What does PPF stand for ?

    Pension Protection Fund

  • 76

    what does IFA stand for?

    Independent Financial Advisor

  • 77

    If someone reaches state pension age before April 2016, how many Qualifying years do they need to receive full state pension?

    30

  • 78

    After 2016 how many Qualifying years do you need to receive any state pension

    10

  • 79

    what is the State pension age for a male born 22/06/1966

    67

  • 80

    What are the elements that make up pension credit

    Guarantee Credit, savings credit

  • 81

    what does DWP stand for?

    Department of Work and Pensions

  • 82

    What Are HMRC strategic objectives for 2022?

    Collect the right tax and pay out the right financial support, Make it easy to get tax right and hard to bend or break the rules, Maintain taxpayers consent through fair treatment and protect society from harm, Make HMRC a great place to work, Support wider government economic Aims through a resilient, agile tax administration system

  • 83

    What does RTI stand for

    Real Time Information

  • 84

    All employers have been required to report in RTI when an employee is paid since when

    2014

  • 85

    what does PAYE stand for

    Pay As You Earn

  • 86

    Does HMRC deal with National insurance?

    True

  • 87

    what does FAS stand for

    The Financial Assistance Scheme

  • 88

    How long is SSP paid for

    28 weeks

  • 89

    Who pay SSP?

    The employer

  • 90

    How much is SSP per week

    £109.40

  • 91

    Select all who can claim the new state pension

    A woman born 23/11/1955, A Male born 06/07/1952

  • 92

    What happens if someone continues to work after retirement age

    No longer have to pay national insurance, can request flexible working arrangements

  • 93

    How many years of NIC do you need to claim the full basic state pension

    35

  • 94

    What is the maximum amount you can claim from the new state pension

    203.85

  • 95

    How old do you normally have to be to take money out of your pension pot

    55

  • 96

    What is Pension credit made up of

    Guarantee Credit & Savings Credit

  • 97

    Can you correctly identify the best organisation to help each the following people with their problems? I am an ordinary member of the public, unhappy with the way I have been treated by the Trustees of my occupational pension scheme.

    The Pensions Ombudsman

  • 98

    Can you correctly identify the best organisation to help the following pereon with their problem? I am a Trustee for a small self-administered scheme and I would like some help and advice.

    AMPS

  • 99

    Which Educational body for Financial Advisors is part of the Charted Insurance Institute

    PFS

  • 100

    Which one of the following is true?

    The Association of Corporate Trustees is a trade organisation

    • Role of government

    Role of government

    James Paterson · 66問 · 2年前

    Role of government

    Role of government

    66問 • 2年前
    James Paterson

    Workplace pension Schemes

    Workplace pension Schemes

    James Paterson · 42問 · 2年前

    Workplace pension Schemes

    Workplace pension Schemes

    42問 • 2年前
    James Paterson

    Trusteeship/ communications and adminstration

    Trusteeship/ communications and adminstration

    James Paterson · 16問 · 2年前

    Trusteeship/ communications and adminstration

    Trusteeship/ communications and adminstration

    16問 • 2年前
    James Paterson

    Individual Pension Provision

    Individual Pension Provision

    James Paterson · 23問 · 2年前

    Individual Pension Provision

    Individual Pension Provision

    23問 • 2年前
    James Paterson

    Investments

    Investments

    James Paterson · 20問 · 1年前

    Investments

    Investments

    20問 • 1年前
    James Paterson

    問題一覧

  • 1

    which of the following are government objectives relating to pensions? (choose 3)

    To alter the split between state and private, To encourage Working people to save, To protect people who can't work

  • 2

    Which Monarch passed the first poor laws making local boroughs responsible for providing for the poor within their areas?

    Elizabeth I

  • 3

    Who introduced the first Occupational Pension Scheme?

    Customs and Excise

  • 4

    What are the main sources of Retirement Income (choose 3)?

    Personal Savings and Earnings, State benefits, Pension Provision

  • 5

    What legislation introduced preservation of pensions?

    Social Security Act 1973

  • 6

    Which Legislation introduced contracting out and equal access Requirements

    Social Security Pensions Act 1975

  • 7

    Which Legislation introduced revaluation of pensions in respect of pensionable service on and after 1 January 1985

    Social Security Act 1985

  • 8

    Which Legislation introduced a number of Governance requirements including a now-defunct minimum Statutory funding requirement and provisions for underfunded final salary/defined benefit pensions to be a debt on the employer and introduced Pension Earmarking Requirements?

    Pensions Act 1995

  • 9

    What Pension act introduced Pension Earmarking Requirements on divorce?

    Pensions Act 1995

  • 10

    Which Legislation introduced pension Sharing orders on divorce?

    Welfare Reform and Pensions Act 1999

  • 11

    Which Legislation introduced the requirements for employers to set up (but not contribute to) a stakeholder scheme ?

    Welfare Reform and Pensions Act 1999

  • 12

    Which Legislation Introduced the current statutory funding for DB Schemes?

    Pension Act 2004

  • 13

    Which Legislation transferred the regulation of pension from Occupational Pensions Regulator Authority to The Pensions Regulator (TPR)

    Pension Act 2004

  • 14

    What Legislation introduced Pension simplification and did away with the concept of retirement at least from HMRC perspective?

    The Finance Act 2004

  • 15

    What does NEST stand for ?

    National Employment Savings Trust

  • 16

    What year was NEST introduced?

    2012

  • 17

    Which Legislation introduced Automatic enrollment?

    Pensions Act 2008

  • 18

    What Legislation Regulates Master Trust?

    Pension Scheme Act 2017

  • 19

    What legislation regulates and makes provision for collective defined contribution schemes?

    Pension Schemes Act 2021

  • 20

    What did the Pensions Act 1995 introduce?

    A now defunct Minimum Statutory funding requirement, provisions for underfunded final salary/defined benefit pensions to be a debt on the employer, Pension Earmarking Requirements on divorce

  • 21

    what did the Social Security Act 1975 introduce?

    Contracting out and equal access requirements

  • 22

    Which act consolidated the previous legislation

    Pension scheme Act 1993

  • 23

    The Pensions Act 2008 introduced what?

    Automatic Enrolment, Nest Scheme

  • 24

    What does CARE stand for?

    Career Average Revealed Earnings

  • 25

    Contract based schemes are?

    Defined contribution schemes

  • 26

    What type of schemes can be Trust based

    Defined benefit, defined contribution, Mixture of DB and DC

  • 27

    When did the requirement to designate a stakeholder pension cease to apply?

    October 2012

  • 28

    Public sector schemes are divided between Statutory schemes and non statutory schemes true or false?

    True

  • 29

    Do statutory schemes follow rules set by legislation

    Yes

  • 30

    Which of these cooperations are public sector

    Bank of England, Civil Aviation Authority

  • 31

    Which of these are public sector pension schemes

    Local Government Pension Scheme, The Civil Service Pension Scheme, The Teacher Pension Scheme, The NHS pension scheme

  • 32

    Initially all public sector schemes were Defined contribution true or false

    False

  • 33

    What has caused public sector schemes to scale back their benefits

    Increasing cost of defined benefit schemes

  • 34

    what type of scheme is a master trust

    Occupational

  • 35

    when was it required for alll new Master trusts to apply for and obtain authorisation from TPR before they can operate

    1st October 2018

  • 36

    what does NIC stand for?

    National Insurance Contributions

  • 37

    Give an example of exception to tax and National Insurance

    Redundancy/ termination pay

  • 38

    Select all core benefits after basic pay

    Holiday Entitlement, Statutory Sick Pay, Maternity/paternity pay/leave, Pension contributions

  • 39

    which statements are correct about a Master trust scheme?

    is Not a public service pension scheme, is used, or intended to be used by Two or more people, provides defined contribution scheme

  • 40

    Give examples of Flexible benefit scheme

    childcare, dental plan, Employee discount

  • 41

    are the trustees managers bound by nomination for LSDB?

    No

  • 42

    who can be nominated as beneficiary?

    spouse, children, grandchildren, Siblings, Parents

  • 43

    What is the advantage of paying death benefits under trust?

    no need to wait for probate

  • 44

    What is the minimum statutory Sick Pay per week? (2021/2022)

    96.36

  • 45

    What does SSP stand for?

    Statutory Sick Pay

  • 46

    what is the minimum amount of weeks that sick pay should be paid for?

    28

  • 47

    What does ABI stand for?

    Association of British Insurers

  • 48

    What does TACT stand for?

    The Association of Corporate Trustees

  • 49

    what does AMPS stand for

    Association of Member directed Pension Schemes

  • 50

    what does APL stand for?

    Association of Pension Lawyers

  • 51

    What does CII stand for?

    Chartered Insurance Institute

  • 52

    what does PASA stand for?

    Pension Administration Standards Association

  • 53

    what 3 core activities are Pasa focussed on

    Defining good standards of pensions administration, publishing guidance, being an independent accreditation body

  • 54

    What does PLSA stand for?

    Pensions and Lifetime Savings Association

  • 55

    What is the aim of PLSA?

    To help everyone achieve a better income in retirement

  • 56

    How much does the PLSA invest in the UK and abroad

    £1.3 trillion

  • 57

    select the examples of Fintechs

    Monza, Bitcoin

  • 58

    Who are members of PLSA

    Asset Managers, Consultants, Law Firms, Fintechs

  • 59

    what does PMI stand for?

    Pensions Management Institute

  • 60

    What does PMI do

    Promotes and embeds professional standards, Produces Qualifications with reputation for excellence, Provides continued lifelong learning, Plays a pivotal role shaping the industry, Presents an annual conference and wide range of technical seminars, Provides industry leading insight

  • 61

    what does PPI stand for?

    Pensions Policy Institute

  • 62

    What does PRAG stand for

    Pensions Research Accountants Group

  • 63

    when was PRAG founded

    1976

  • 64

    what does SoRP stand for

    Statements of Recommended Practices

  • 65

    what does SPP stand for?

    The Society of Pension Professionals

  • 66

    who can Join SPP

    Accountants, insurance brokers, solicitors, Life offices

  • 67

    What is the Fundamental Aims of SPP

    Influence Policy and strategy, Member Services, Industry profile

  • 68

    All funded DBand care pension schemes must appoint a scheme actuary

    True

  • 69

    How often should a scheme be valued by the scheme actuary

    Every 3 years

  • 70

    What does SIP stand for

    Statements of Investment Principles

  • 71

    What does SFP stand for

    Statement of Funding Principles

  • 72

    The trustees obtain advice from scheme actuary before....?

    making decision on methods and assumptions to calculate the scheme technical provisions, Prepare/revise SFP, Prepare/revise recovery plan, Prepare/revise schedule of contributions, modifying future accrual by resolution

  • 73

    All personal schemes must have an auditor

    False

  • 74

    when should audited accounts be produced

    Annually, within 7 months of the schemes year end

  • 75

    What does PPF stand for ?

    Pension Protection Fund

  • 76

    what does IFA stand for?

    Independent Financial Advisor

  • 77

    If someone reaches state pension age before April 2016, how many Qualifying years do they need to receive full state pension?

    30

  • 78

    After 2016 how many Qualifying years do you need to receive any state pension

    10

  • 79

    what is the State pension age for a male born 22/06/1966

    67

  • 80

    What are the elements that make up pension credit

    Guarantee Credit, savings credit

  • 81

    what does DWP stand for?

    Department of Work and Pensions

  • 82

    What Are HMRC strategic objectives for 2022?

    Collect the right tax and pay out the right financial support, Make it easy to get tax right and hard to bend or break the rules, Maintain taxpayers consent through fair treatment and protect society from harm, Make HMRC a great place to work, Support wider government economic Aims through a resilient, agile tax administration system

  • 83

    What does RTI stand for

    Real Time Information

  • 84

    All employers have been required to report in RTI when an employee is paid since when

    2014

  • 85

    what does PAYE stand for

    Pay As You Earn

  • 86

    Does HMRC deal with National insurance?

    True

  • 87

    what does FAS stand for

    The Financial Assistance Scheme

  • 88

    How long is SSP paid for

    28 weeks

  • 89

    Who pay SSP?

    The employer

  • 90

    How much is SSP per week

    £109.40

  • 91

    Select all who can claim the new state pension

    A woman born 23/11/1955, A Male born 06/07/1952

  • 92

    What happens if someone continues to work after retirement age

    No longer have to pay national insurance, can request flexible working arrangements

  • 93

    How many years of NIC do you need to claim the full basic state pension

    35

  • 94

    What is the maximum amount you can claim from the new state pension

    203.85

  • 95

    How old do you normally have to be to take money out of your pension pot

    55

  • 96

    What is Pension credit made up of

    Guarantee Credit & Savings Credit

  • 97

    Can you correctly identify the best organisation to help each the following people with their problems? I am an ordinary member of the public, unhappy with the way I have been treated by the Trustees of my occupational pension scheme.

    The Pensions Ombudsman

  • 98

    Can you correctly identify the best organisation to help the following pereon with their problem? I am a Trustee for a small self-administered scheme and I would like some help and advice.

    AMPS

  • 99

    Which Educational body for Financial Advisors is part of the Charted Insurance Institute

    PFS

  • 100

    Which one of the following is true?

    The Association of Corporate Trustees is a trade organisation