問題一覧
1
what is the increase to post 97 benefits in payment with PPF
CPI 2.5% capped
2
When did FAS close to notification and qualification of new schemes?
September 2016
3
what benefits are increased with PPF?
97-05 pension , post 05 Pension
4
What does TPO stand for?
The Pensions Ombudsman
5
what compensation do members who are under 65 and have not retired under I'll health receive when they enter the PPF
90%
6
what compensation is given to pensioners entering the PPF over NRA or retired on I'll health or is a dependent
100%
7
What remedies can be awarded by TPO?
Ordering Trustees to revisit decisions , Pay the correct level of benefits if not correct , Order trustees to make cash payments for distress and inconvenience
8
Is TPO a free service
Yes
9
What conditions need to be met for entry to the PPF?
The scheme must have commenced wind up after 6 April 2005, The schemes Employer has become insolvent , The scheme cannot be rescued , The scheme has insufficient assets to secure benefits on wind up that are at least equal to the compensation that PPF would pay
10
A complaint normally must be mad in writing within how many years of the dispute or complaint arising?
3
11
what type of penalty notices can TPR issue?
Fixed Penalty Notice , Escalating Penalty Notice , "Prohibited Recruitment Conduct" penalty notice
12
what is the highest fine that the TPR can impose?
£1 million
13
What does MaPS stand for?
Money and Pension Service
14
What powers does TPR have?
Issue a contribution notice , Issue a financial support Direction , Making a restoration order, Finining trustees employees, Remove trustees from the scheme
15
What service does MaPS offer
MoneyHelper, Pensionwise
16
What is the aim of TPR?
Making sure employers are putting eligible staff into a pension scheme and pay money into it, Protecting Peoples savings in workplace pensions , Improving the way that workplace pension schemes are runreduce risk o schemes ending up in the PPF, Make sure employers balance the needs of their DB scheme with growing their business
17
what doe TPR stand for?
The Pensions Regulator
18
what does PRA stand for?
Prudential Regulation Authority
19
What is the FCA operational objectives?
Protect consumers , Protect financial markets , Promote effective competition in the interest of consumers
20
what does FCA stand for
Financial Conduct Authority
21
The financial ombudsman deals with disputes regarding
Pensions , Mortgages, Insurance, Loans, Bank account , Financial advice
22
What does GAD stand for
Government Actuary's Department
23
GAD provides analysis and commentary on complex financial problems faced by the UK public sector in...
Insurance & investment , data modelling and Quality assurance , Pensions and social security
24
What does ICO stand for?
Information Commissioner's Office
25
What it the purpose of the ICO?
To uphold information rights
26
When was GDPR implemented?
25th May 2018
27
What does GDPR stand for
General Data Protection Regulation
28
When was the first old age pension introduced by the government(as we understand it now)?
1908
29
When did state pension age for females equalise with Males?
2018
30
How Many years do you need to contribute NI as a minimum to receive state pension
10
31
How many years do you need to contribute to receive full state pension?
35
32
What will the state pension increase by
The maximum of the rest of the answers
33
What year did the Government not honour the state pension triple lock
2022/2023
34
How much will the state pension increase if deferred.
1% every 9 weeks
35
Example of state benefits
Child Benefit , Housing Benefit , Income Support , Personal Independence Payment
36
Payments made from registered pension schemes can only be paid on
Retirement , Death, having reached a particular age, Onset of serious ill health or incapacity
37
Which organisation regulates tax reliefs on pension schemes?
HM Revenue & Customs
38
What is the maximum allowance on tax relievable employee contributions to a personal pension under the current regime?
100% of taxable earnings, subject to the Annual Allowance
39
What is the maximum allowance on pension benefits accrued (without a tax charge) under the current regime
Value of Life Time Allowance
40
what is the current Annual Allowance in 2023/2024
£60000
41
From which year did the New State Pension replace the Basic State Pension/ S2P?
2016
42
How many Qualifying years are needed to be entitled to the full state pension?
35
43
Which of these State benefits depend on National Insurance contribution conditions?
Bereavement Payments , Jobseeker's Allowance , Statutory Maternity Pay , Statutory Sick Pay
44
Which one of the following best describes a contributory benefit?
Entitlement is linked to National Insurance contributions
45
What are the 3 key powers that the pension regulator has?
Gathering Information , Regulatory and Enforcement Action , Acting against avoidance
46
The Pension Regulator
Promotes the good administration of work based pension schemes.
47
TPR was set up by which Act of Parliament
The Pensions Act 2004
48
Which of the following organisations regulate the provision of financial services in the UK
FCA
49
Which of the following items is classed as an investment?
All other options
50
People managing investments and arranging transactions in investments have to be authorised by Law. True or False
True
51
IFAs must let their clients know they are independent before they provide any advice. True or False
True
52
Sales persons have to be either IFAs or company representatives. True or False
True
53
Which of the following are powers of the TPR?
Investigating schemes , Putting things right , Acting Against avoidance
54
Which of the following are objectives of the TPR?
To protect the benefits of members of work based pension schemes , To reduce the risk of situations that may lead to claims for compensation from the PPF
55
Which of the following has a duty to whistleblow to TPR
Trustees , Employers , Pension Lawyers , Scheme administrators, Actuaries , Pension Scheme accountants
56
Which of the following are covered by TPR codes of Practice
The Requirement to report certain breaches of Law, The requirement to report late payment , The Requirement for trustees to have relevant knowledge and understanding
57
Tax charge if excess over LTA is taken as a lump sum
55%
58
The Tax charge for taking excess benefits over LTA as a pension is
25%
59
When can the AA Charge be paid from the members pension fund
Charge is over £2000
60
What circumstances must HMRC de register a scheme?
The scheme administrator is not fit and proper person to fulfil that role , Scheme Chargeable payments made by the scheme in a 12 month period exceed a permitted threshold , The scheme Administrator fails to pay a substantial amount of tax due The scheme is an unauthorised master trust
61
Statutory minimum contributions for an employer is
3%
62
Overall pension contributions must be at least
8%
63
what is the minimum annual rate of a DB scheme
1/120 of average Qualifying earnings in the 3 years preceding the end of pensionable service
64
Hybrid DB/DC schemes need to satisfy
Either the DB criteria or the DC criteria
65
Employee criteria for auto enrollment
must Qualify as a jobholder , Be between Age 22 and SPA, Must Earn at least £10000
66
Which of these State benefits depend on National Insurance contribution conditions?
Bereavement Payments , Jobseeker's Allowance , Statutory Maternity Pay , Statutory Sick Pay