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The Technical Quiz: 26 February

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


Question one

Ned and Fiona, who are in their late 20s, live in a flat they rent jointly. They are both working and each earn about £35,000 a year. They are not yet thinking of having children. What sort of protection insurance are they likely to need now? 

A) Certainly critical illness cover and possibly income protection insurance, but almost certainly not life assurance.

B) Certainly life assurance and possibly income protection insurance, but almost certainly not critical illness cover.

C) Certainly life assurance and possibly critical illness cover, but almost certainly not income protection insurance.

D) Certainly income protection insurance and possibly critical illness cover, but almost certainly not life assurance.


Question two

Jack is 62 and will have a 28 year NIC contribution record when he reaches his SPA. His shortfall stems from the fact the he worked abroad from for 21 years from 1971. Can he bring his state pension up to the full level? 

A) Yes, by keeping working for another two years after SPA

B) Yes, by paying two years of Class 3 contributions

C) Yes, by paying double of Class 1 contributions for the next two years

D) No, he cannot, because his missed contributions are more than six tax years ago


Question three

What is the main difference between Scotland and England in terms of valuing pension benefits on divorce? 

A) In Scotland, only benefits accrued after age 21 are considered

B) In Scotland, only benefits accrued during the marriage are considered

C) In Scotland, all benefits accrued are considered, even those arising before the marriage

D) In Scotland, the value of the pension commencement lump sum is ignored


Scroll down for answers…















1) D

2) B

3) B



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