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The Technical Connection Quiz: 20 February

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The following questions all relate to auto enrolment and Nest.

Question one

The minimum level of contributions to enable a money purchase scheme to be treated as a qualifying scheme for automatic enrolment purposes is to be phased in over a number of years.  It is currently proposed that the contributions will reach the full level from 1 October:

A) 2016

B) 2017

C) 2018

D) 2019

Question two

The current charges levied by Nest are

A) An AMC of 0.3 per cent on the total value of a member’s fund each year plus a “contribution charge” of around 1.8 per cent

B) An AMC of 0.5 per cent on the total value of a member’s fund each year only

C) An AMC of 0.3 per cent on the total value of a member’s fund each year plus a “contribution charge” of around 1.5 per cent

D) An AMC of 0.48 per cent on the total value of a member’s fund each year only

Question three

For the 2014/15 tax year a ‘qualifying jobholder’ will have to be auto enrolled once their earnings reach: 

A) £7,696

B) £8,105

C) £9,440

D) £10,000

Question four

For the 2014/15 tax year what are the minimum and maximum earnings limits on which contributions to a qualifying money purchase pension scheme will be based?

A) £8,105 and £41,865

B) £10,000 and £41,865

C) £8,105 and £42,475

D) £10,000 and £42,475

Question five

Widgets 2014 Ltd is a newly incorporated company as such, it will have a staging date for auto enrolment purposes will be:

A) Three months after the date they commenced operating their PAYE scheme

B) Three months after the date they incorporated

C) Between 1 May 2017 and 1 February 2018 depending upon the exact date of incorporation

D) Dependent upon the exact size of its payroll scheme

Questions supplied by Technical Connection

Access full CPD, technical updates and business generation ideas throughTechlink Professional. Go to www.techlink.co.uk and click theContact Us link at the top of the screen and then request your free trial from the drop down menu.

Answers:

1 C

2 A

3 D

4 B

5 C

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