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The Technical Quiz: 12 September

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

The Technical Quiz MM 480

The following questions all relate to State Pension Deferral.

QUESTION ONE

The rate of increase of an individual State pension as a result of deferring entitlement for one year is an increase to the weekly rate of State pension they receive of 

A) 5.2 per cent

B) 10.4 per cent

C) 2 per cent above base rate

D) 3 per cent above base rate

QUESTION TWO

The Pensions Minister, Steve Webb, has confirmed the option to take a lump sum after deferring an individual’s entitlement to a State pension will cease from

A) April 2014

B) April 2016

C) April 2018 

D) April 2020

QUESTION THREE

In the future the amount of increase to the weekly rate of State pension paid, as a result of deferral will be in the order of

A) 5.2 per cent

B) 10.4 per cent

C) 2 per cent above base rate

D) 3 per cent above base rate

QUESTION FOUR

The current estimate of the number of state pension claimants who choose to defer their entitlement is fewer than 1 in

A) 1,000

B) 100

C) 50

D) 10

QUESTION FIVE

Pensions Minister Steve Webb estimates that by 2020, the cost of State pension Deferral without the Government’s proposed changes would be

A) £50,000 pa

B) £100,000 pa

C) £200,000 pa

D) £500,000 pa

Questions supplied by Technical Connection

_________

Answers

1 B
2 B
3 A
4 D
5 C

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