Tim has a money purchase pension arrangement, but is not sure what it is. Which of the following features is MOST likely to indicate that it is a retirement annuity contract?

Select one:

In respect of a statutory money purchase illustration, what assumptions are used for inflation and expenses at retirement?

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A member of an occupational money purchase scheme must be offered the option of a transfer value once they have been a member of the scheme for at least:

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Jennifer left her company’s occupational money purchase scheme on 1 May 2018 having been a member of the scheme for 15 months. In respect of her early leaver options it is TRUE to say that:

You must select ALL the correct options to gain the mark:

Charge controls apply to the default arrangements of occupational money purchase schemes being used as qualifying schemes. Where the charges are calculated as a percentage of members’ funds, the MAXIMUM annual charge is:

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A member leaving a money purchase occupational pension scheme that they joined on or after 1 October 2015 will become entitled to a short service benefit once they have completed at least how many days of qualifying service?

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The directors of a limited company want to set up a contract based self-invested personal pension or a small self-administered scheme (SSAS). They are MOST likely to choose a SSAS because they want:

Select one:

John plans to work beyond the selected pension age of his employer’s group personal pension plan into which his employer contributes. What will happen with regards to his membership of the scheme and his employer’s contributions?

All members of the majority of money purchase schemes must be sent a statutory money purchase illustration each year. However, this requirement does NOT apply to:

Select one:

Serena, who is 58, is about to fully crystallise her personal pension plan, which offers all of the flexible access options. She has not previously crystallised any pension benefits. What factors should Serena take into account when deciding how to take her benefits?

You must select ALL the correct options to gain the mark:

Bernie is about to start making monthly contributions into a stakeholder pension plan. He should be aware that his contributions CANNOT be paid by:

Select one:

In respect of the charge controls that apply to certain money purchase schemes, it is TRUE to say that:

You must select ALL the correct options to gain the mark:

Isobel, who is in good health, was born on 17 July 1969. Under current legislation, the EARLIEST date on which she will be able to take benefits from her money purchase pension arrangement will be 17 July:

Select one:

Paula has recently left her job having been a member of the company’s occupational money purchase pension scheme for three years. She is considering taking a transfer of these pension rights and should be aware that:

You must select ALL the correct options to gain the mark:

Fred requires advice about transferring a retirement annuity contract (RAC) into a personal pension plan (PPP) to take advantage of the new pension flexibilities. Which of the following factors may lead Fred’s adviser to conclude that the fund should remain within the retirement annuity contract?

You must select ALL the correct options to gain the mark:

Gerald is just about to start making contributions of £500 per month into a personal pension plan. He would like to take out a pension contribution insurance (PCI) policy to ensure that his personal contributions can continue to be paid if he becomes unable to work due to ill-health. In respect of his PCI policy he should be aware that:

You must select ALL the correct options to gain the mark:

Angus, who is 58, has uncrystallised benefits in a previous employer’s occupational money purchase scheme. Angus has the right to a transfer value until:

Select one:

Ralph joined his new employer’s stakeholder pension scheme in May 2018. He should be aware that:

You must select ALL the correct options to gain the mark:

The members of an Independent Governance Committee must number, as a MINIMUM:

Select one:

Gareth has a money purchase pension scheme that was set up in 1998 to receive a transfer in from his previous employer’s defined benefit scheme. The scheme guarantees to provide benefits at least equal to the Guaranteed Minimum Pension at Gareth’s State Pension Age. Gareth’s money purchase pension scheme is:

Select one:

Accumulation rates used in a statutory money purchase illustration are set by the:

Select one:

Which of the following is NOT a benefit of a money purchase scheme being set up under a master trust?

Select one:

In respect of a statutory money purchase illustration it is TRUE to say that:

You must select ALL the correct options to gain the mark:

Xavier, who is 62, has been diagnosed with a terminal illness and has a life expectancy of less than one year. He has an uncrystallised personal pension fund of £150,000 and a flexi-access drawdown fund of £220,000. What gross amount, if any, will Xavier be able to take as a serious ill-health lump sum?

Select one:

Frank has a portfolio of shares valued at £6,000. He would like to make an ‘in-specie’ contribution of these shares into his self-invested personal pension plan (SIPP). In respect of this contribution he should be aware that:

You must select ALL the correct options to gain the mark:

Jessie, aged 36, runs her own limited company. She wants to set up either a contract based self-invested personal pension (SIPP) or a small self-administered scheme. She is MOST likely to choose a SIPP because she wants:

Select one:

The rules for in-specie pension contributions state that a recoverable debt obligation must be created. How is the contribution treated if this debt is not created?

Select one:

Freya is a member of her company’s group personal pension plan (GPP). In 2018/19 she receives a basic salary of £33,000 and she has a company car with a taxable value of £6,000. Freya makes a contribution of 5% of her total remuneration into the GPP and her employer makes a contribution of 3% of her pensionable salary. The definition of pensionable salary is basic salary. What gross contributions are paid into the scheme by Freya and her employer in 2018/19?

Select one:

When considering the differences between a trust based pension scheme and a contract based pension scheme, it is CORRECT to say that:

You must select ALL the correct options to gain the mark:

Patrick, aged 42, has just provided a discharge to the trustees of his previous employer’s occupational pension scheme. This is MOST likely to be because:

Select one:

Independent Governance Committees are required for:

Select one:

Julie, who is a higher rate taxpayer, has a share portfolio that she would like to place into her self-invested personal pension (SIPP) as an ‘in-specie’ contribution. If the agreed monetary amount of the contribution is £12,000, the gross contribution into Julie’s SIPP will be:

Select one:

Someone taking out a new stakeholder pension must be offered what type of fund as the default investment choice?

Select one:

Naseem, who is 48, is unable to work due to ill-health, although his life expectancy has not been affected. He can take the benefits from his employer’s group personal pension plan (GPP), currently valued at £150,000, on the grounds of ill-health. His GPP offers all of the flexible benefit options. What option will NOT be available to Naseem?

Select one:

Luisa, aged 50, has a paid up retirement annuity contract (RAC) with a transfer value of £126,000. She is considering transferring this fund into a personal pension and has consulted a financial adviser. Which of the following factors should her adviser take into account in determining whether the transfer is appropriate for Luisa?

You must select ALL the correct options to gain the mark:

Gareth is the managing director of a limited company. He is currently deciding whether to set up a contract based self-invested personal pension plan (SIPP) or a small self-administered scheme (SSAS). He should be aware that:

You must select ALL the correct options to gain the mark: