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問題一覧
1
which of the following is a hybrid scheme?
A defined contribution scheme underpinned by a defined benefit framework
2
what is the maximum amount that can be paid as a WULS?
£18,000
3
What are the objectives of Actuarial valuations
Establish the current funding level for accrued benefits , Establish the level of contributions required from the employer to achieve and maintain the desired funding level , Establish a schedule of contributions , Satisfy certain Statutory requirements
4
What does GPS stand for
Graduated Pension Scheme
5
Is a DB scheme required to increase Pre 88GMP that is in payment
No
6
If someone continues to work after NRD they should normally be given the option to continue any contribution.
True
7
Who bears the risk of a cash balance scheme?
Both scheme members and the sponsoring employer
8
What is the required post 88gmp increase in payment each year for contracted out DB schemes.
Lesser of increase in inflation and 3%
9
What does CDC stand for
Collective Defined Contribution Schemes
10
What does SSASs stand for
Small Self Administered Schemes
11
Which of the following assumptions are demographic rather than economic?
Death in Service , Early Retirement , Salary progression
12
How many members does a small scheme have?
Fewer than 12
13
What are the Principles in GDPR
Lawfulness, fairness and transparency , Purpose Limitation, Data minimisation , Accuracy , Storage Limitation , Integrity and confidentiality , Accountability
14
What documents need to be produced as part of the valuation?
Statment of Funding Principles , Actuarial Certificate , Schedule of contributions , Recovery Plan if statutory funding objective is not met
15
What schemes are usually linked to an employee's salary as they approach retirement or leaving date and are usually known as a final Salary scheme
Defined Benefit
16
What is the maximum amount that can be paid as a small lump sum?
£10000
17
Which schemes are linked to the size of an employee 's fund at retirement and are commonly called money purchase schemes?
Defined Contribution
18
All members of a small scheme are trustees of that scheme
True
19
What does SERPS stand for
State Earnings Related Pension Scheme
20
If assets are greater than Liabilities then the scheme is said to be
in surplus
21
what does PCLS stand for
Pension Commencement Lump Sum
22
A scheme is in deficit if
Assets are lower than liabilities
23
What is the minimum increase for pension build up between 1997 and 2005
Lesser of 5% and the increase in RPI/CPI
24
Which of the following best describes a career average scheme
Benefits reflect the average earnings over a full career
25
Depending on whether the Scheme is ongoing or not there are three methods of securing benefits?
Buying lifetime annuities and/or deferred annuities , Paying cash equivalent transfer values, Providing the benefits directly from the scheme (scheme pension/cash)
26
How is a CDC pension calculated
Estimating how much is needed to provide the target level of benefits to each member and adding up the values for each member to determine the total assets available to provide target benefits
27
Early Leavers from a defined Benefits scheme who cease to be members before their employment or membership has ended, are entitled by law to benefits at retirement if they have 2 or more years of qualifying pensionable service
True
28
What does EPB stand for
Equivalent Pension Benefit
29
Which of the below are economic assumptions
CPI and RPI, General Salary Inflation , Pension increases , Expected Return on investments
30
what is the current Annual Allowance
£60000
31
What is the required increase for pension service after 2005
Lesser of 2.5% and the increase in RPI/CPI
32
What does LEL stand for
Lower Earnings Limit
33
Which of the following is ways that a late retirement benefit can be enhanced for a DB scheme
The additional Pensionable service worked counting towards accrued benefit , Increasing the actual pension calculated at NRA by a late factor , The pension is calculated to NRA and is increased in line with prices or some other acceptable index until actual retirement
34
what does EPPs stand for
Executive Pension Plans
35
Who must make contributions to an occupational pension scheme that is not in surplus?
The employer
36
What does UFPLS stand for
Uncrystalised Funds Pension Lump Sum
37
Protected characteristics set out in the Equality Act 2010
Age, Disability Gender Reassignment , Marriage and civil partnership pregnancy and maternity , Race, Religion or belief , Sex, Sexual orientation
38
How do you calculate the funding level?
assets/liabilities*100
39
All employees who are members of an occupational pension scheme can choose to do the following
Opt out or remain in their employers scheme , Opt to rely on the state pension and benefit system , Select Additional or alternative methods of retirement provisions
40
which of these are demographic assumptions
Withdrawal from service , Death in Service , Early Retirement , Salary progression , Mortality in retirement
41
What does WULS stand for
Winding Up Lump Sum
42
In defined contribution schemes any Leavers benefits must increase during the period of deferment by 5% or CPI
False