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The Technical Quiz – 13 December

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

Question 1: At what percentage rate will an individual accrue State Second Pension benefits on earnings between £14,700 and £40,040 in tax year 2012/13?

A) Nil, as accrual will be based on a fixed amount of £100 p.a.

B) 10%

C) 20%

D) 40%

Question 2: One of the following is not a component of the “Additional State Pension”

A) Graduated State Pension

B) Pension Credit

C) State Earnings Related Pension

D) State Second Pension

Question 3: From 6 April 2010, a widow, widower or surviving civil partner may be able to inherit up to half of their late husband, wife or civil partner’s S2P benefit, provided they have not remarried or formed a new civil partnership before they reach State Pension Age. Where an individual is in receipt of inherited additional state pension benefits, what is the approximate aggregate maximum additional state pension (inherited plus their own) he/she may receive?

A) £162

B) £172

C) £182

D) £192

Question 4: Which one of the following would not result in an individual accruing S2P during 2012/13:

A) Employed and earning over £5,000 (from any one job)

B) In receipt of child benefit and looking after children under 12 years old

C) Caring for a sick or disabled person for more than 20 hours a week and claiming Carer’s Credit

D) A registered foster carer and claiming Carer’s Credit

Question 5: For the 2012/13 year, an individual earning between the lower earnings limit and the low earnings threshold will benefit from S2P accrual of approximately

A) £55 p.a.

B) £89 p.a.

C) £95 p.a.

D) £105 p.a.

Questions supplied by Technical Connection

_________

Answers
1 B
2 B
3 A
4 A
5 B

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