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The Technical Quiz- July 5

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

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 October 1:
A: 2016
B: 2017
C: 2018
D: 2019

QUESTION TWO
The initial charges that will be levied by Nest are:
A: An AMC of 0.3% on the total value of a member’s fund each year plus a “contribution charge” of around 1.80%
B: An AMC of 0.5% on the total value of a member’s fund each year only
C: An AMC of 0.3% on the total value of a member’s fund each year plus a “contribution charge” of around 1.5%
D: An AMC of 0.48% on the total value of a member’s fund each year only

QUESTION THREE
For the 2012/13 tax year, a “qualifying jobholder” will have to be auto enrolled once their earnings reach:
A: £5,304
B: £5,564
C: £7,605
D: £8,105

QUESTION FOUR
For the 2012/13 tax year, what are the minimum and maximum earnings limits on which contributions to a qualifying money purchase pension scheme will be based?
A: £5,304 and £42,475
B: £5,564 and £42,475
C: £7,605 and £42,475
D: £8,105 and £42,475

QUESTION FIVE
The 2012/13 monetary limit on contributions into Nest is:
A: £3,600
B: £4,200
C: £4,400
D: £5,200

Questions supplied by Technical Connection

Answers: C, A, D, B, C

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