View more on these topics

The Technical Quiz: 11 December

MM-CPD-Centre-700.png

 

Question one

Gillian will shortly start receiving her basic state pension. What advice would you give her if she decides to live abroad?

A) She will lose the pension if she moves abroad

B) She will not receive annual increases in any circumstances

C) She will receive increases if she moves to an EU country

D) She will not receive increases if she moves to an EU country

Question two

Three partners in a business (Andrew, Bill and Charlie) all retire in 2014/15 at the same time with the same size pension fund of £2,000,000. They have no transitional or fixed protection. Andrew, who is an additional rate taxpayer, takes the excess over the lifetime allowance as a lump sum; Bill, also an additional rate taxpayer, takes his excess as income; Charlie, a higher rate taxpayer, takes his excess as income as well. Which of them will pay the highest rate of tax on their excess over the LTA?

A) They will all pay the same amount of tax

B) Andrew

C) Bill

D) Charlie

Question three

Which Class of NICs are irrelevant in calculating state pension entitlements?

A) Class 1

B) Class 2

C) Class 3

D) Class 4

Question four

Which one of the following defined benefit schemes will be the most likely to have the option to purchase added years? 

 

A) Existing members of private sector DB schemes

 

B) New members of private sector DB schemes

 

C) Existing members of public sector DB schemes

 

D) New members of public sector DB schemes

 

 

Scroll down for answers…

 

Answers

1) C

2) C

3) D

4) C

Recommended

BoE

BoE: Most borrowers could cope with rate rise

The majority of mortgage borrowers could cope with a 2 per cent increase in interest rates, according to a report by the Bank of England. Research commissioned by the Bank found that assuming incomes rise, only 4 per cent of mortgage borrowers would need to take some kind of action if rates increased by 2 […]

FCA-Interior-View-700x450.jpg
10

FCA to review soaring level of fines

The FCA is to review its fines policy after the level of financial penalties imposed by the regulator has more than tripled in a year. The FT reports the FCA has handed out a record £1.4bn in fines since April, more than triple the £425m levied in the whole of the 2013/14 financial year. The […]

Pension-pot-700.jpg
3

FCA recommends Dutch-style ‘Pensions Dashboard’ for UK

The FCA wants a Dutch-style ‘Pensions Dashboard’ to be created for the UK market to enable consumers to view all their defined contribution savings in one place. The idea forms part of the regulator’s recommendations to improve the way the annuity market operates after a thematic review found competition “is not working as well as […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com