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I reached SPA in 2010. How long must I defer my pension before I can receive a higher income?
5 weeks
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B3A SPA reached before 6 April 2016
I reached SPA in 2011. If I defer my State Pension benefits, how does my income increase?
Your weekly payment will increase by 1% for every 5 weeks deferred
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B3A SPA reached before 6 April 2016
I reached SPA in 2011. If I defer my State Pension benefits by more than 12 months, how is the lump sum option calculated?
The amount of weekly payments deferred
Plus weekly compound interest
2% above the BoE rate
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B3A SPA reached before 6 April 2016
I reached SPA in 2017. How long must I defer my State Pension benefits before I can receive a higher income?
9 weeks
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B3B SPA reached on or after 6 April 2016
I reached SPA in 2018. If I defer my State Pension benefits, how does my income increase?
Your weekly payment will increase by 1% for every 9 weeks deferred
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B3B SPA reached on or after 6 April 2016
I reached SPA in 2017. If I defer my State Pension benefits by more than 12 months, how is the lump sum option calculated?
You are not able to take the deferred amount as a lump sum
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B3B SPA reached on or after 6 April 2016
I reached SPA in 2021. I have been deferring my SP benefits for 2 years now but die before taking the benefits.
What can my dependants claim on this?
It is not possible for a surviving spouse/civil partner to inherit deferred State Pension
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B3B SPA reached on or after 6 April 2016
I reached SPA in 2021. I have been deferring my SP benefits for 2 years now but die before taking the benefits.
What can my estate claim?
You can claim up to three months’ arrears of State Pension
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B3B SPA reached on or after 6 April 2016
Who regulates SIPPs?
The FCA
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The principal purpose of the National Employment Savings Trust (NEST) is to:
Enable smaller employers to meet the auto-enrolment obligations
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What is the currently projected SPA of someone who is now 30 years old?
68 years old
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What incentive does an employer receive from the government to provide access to financial advice for members of its pension schemes?
The cost of pensions advice
up to £500 p.a.
is not a taxable benefit for employees
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A Section 32 buy-out policy includes provision for the employees contracted-out portion of State Earnings-Related Pension Scheme (SERPS) by the provision of a guaranteed minimum pension (GMP). If the fund value is insufficient to provide the GMP element, which party is liable for the shortfall?
The current provider
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Marc is a higher-rate taxpayer. He is the beneficiary of a flexi-access drawdown fund valued at £450,000, which belonged to his mother who has just passed away aged 82. If he takes the entire fund as a lump sum, what is the tax treatment?
There would be no additional LTA test
The sum would be taxed at his marginal rate
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Gordon is employed and has a salary of £60,000. He has NOT yet made a pension contribution for the tax year 2022/2023 and has a total unused carry forward allowance of £70,000. What is the maximum tax-relievable personal contribution he can make in the tax year 2022/2023?
£60,000
Might look like £110,000 but it is still limited to his relevant UK earnings for that year
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Claudia, aged 57, has triggered the money purchase annual allowance (MPAA) in the current tax year, as a result of accessing flexi-access drawdown for the first time. Will the MPAA apply:
All subsequent tax years
or,
In the current and all subsequent tax years.
In the current and all subsequent tax years.
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Stan has two personal pensions and he took capped drawdown benefits from the first in September 2005. At 6 April 2006, the maximum drawdown income was £10,000 per annum. It has now increased to £12,000 per annum. He now intends to take benefits from the second pension. In terms of the lifetime allowance, the first pension will be valued at:
£240,000
It might look like it’s 25:1 from the date he entered capped dd (i.e. £250k) but it must be another BCE calculation and it is 20:1 against the current maximum income
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A member of an occupational pension scheme dies and his dependants receive a lump-sum death- in-service benefit. Assuming there is no transitional protection, what key factor dictates whether any of this payment incurs a tax charge?
The amount of the lump-sum payment
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