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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