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FA2 Dates and Timescales > FA2 Dates and Timescales > Flashcards

FA2 Dates and Timescales Flashcards

1
Q

How long does the faster payments service method take?

A

Instant

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2
Q

How much notice is required to ammend a direct debit?

A

14 days

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3
Q

How long for GPR held by doctor if requested to see before insurance company?

A

21 days

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4
Q

What is the cancellation right on all new pension related products?

A

30 days

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5
Q

What is the maximum allowable period for short service refund on a DC scheme?

A

30 days

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6
Q

How long does a pension provider have to send a flexi access statement after a BCE

A

31 days

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7
Q

What is the QROPS reporting period to HMRC?

A

60 days

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8
Q

What is the maximum period for pension credit to be sent to estranged spouses pension?

A

4 months

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9
Q

How long to complain to FOS after final response from firm

A

6 months

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10
Q

How long for medical report held by doctor for viewing post-despatch to insurance company

A

6 months

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11
Q

What is the maximum service to qualify for a short service refund?

A

2 years

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12
Q

How long do records need to be kept for all pensions OTHER than FSAVC/Opt Outs/Transfers

A

5 years

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13
Q

What is the max time between DB actuarial valuations?

A

3 years

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14
Q

What is the min NICs to qualify for any state pension?

A

10 years

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15
Q

What is the maximum guaranteed period on scheme pensions?

A

10 years

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16
Q

What are the NICs required to qualify for full state pension?

A

35 years

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17
Q

How long do records of FSAVCs/Opt Out/Transfers need to be kept?

A

Forever

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18
Q

What is the AMC on NEST

A

0.3%

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19
Q

What is the AMC after 10 years on stakeholders?

A

1%

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20
Q

What is the AMC for first 10 years on stakeholders?

A

1.5%

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21
Q

What is the initial charge on NEST?

A

1.8%

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22
Q

What is the revaluation and escalation cap for Non-GMP DB Benefits (CPI capped at…)

A

2.5%

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23
Q

What is the reduction in LTA per complete year for legacy occupational early retirement?

A

2.5%

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24
Q

What is the minimum employer contribution for Auto Enrolment?

A

3%

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25
Q

What is the escalation cap for GMP DB Benefits?

A

3%

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26
Q

What is the minimum employee contribution for Auto Enrolment?

A

5%

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27
Q

What is the unauthorised payment surcharge rate?

A

15%

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28
Q

What is the short service refund tax charge on first £20k?

A

20%

29
Q

What is the annual allowance charge? (Payable at marginal rate BR/HR/AR)

A

20/40/45%

30
Q

What is the increase in contribution/% of PCLS recycled before issues?

A

30%

31
Q

What is the unauthorised payment charge rate?

A

40%

32
Q

What is the short service refund tax charge above £20k

A

50%W

33
Q

What is the increase in company pension contributions before spreading is considered?

A

210%

34
Q

What is the minimum contribution to stakeholders?

A

£20

35
Q

What is the amount that any UK resident can contribution to a RPS without supporting NREs?

A

£3600

36
Q

What is the TPR fine limit for trustees/individuals?

A

£5000

37
Q

What is the auto enrolment non-eligible job holder minimum income

A

£6240

38
Q

What is the PCLS limit before any consideration for recycling?

A

£7500

39
Q

What is the auto-enrolment eligible job holder minimum income?

A

£10k

40
Q

What is MPAA?

A

£10K

41
Q

What is TAA?

A

£10k

42
Q

What is the CETV level for mandatory advice on DB transfers?

A

£30k

43
Q

What is the TPR fine limit for sponsoring employers?

A

£50k

44
Q

What is the auto enrolment eligible jobholder upper limit?

A

£50 270

45
Q

What is annual allowance?

A

£60k

46
Q

What is the Tapered Annual Allowance threshold income level?

A

£200k

47
Q

What is the Tapered Annual Allowance adjusted income level?

A

£260k

48
Q

Maximum compensation from FOS

A

£415K

49
Q

What is the excess contribution limit for company contribution spreading to be considered?

A

£500k

50
Q

What is LTA?

A

£1073100

51
Q

What is the fixed protection 2016 limit?

A

£1,250,000

52
Q

What is the fixed protection 2014 limit?

A

£1,500,000

53
Q

What is the fixed protection 2012 limit?

A

£1,800,000

54
Q

What was LTA on A Day?

A

£1,500,000

55
Q

What is underpinned LTA?

A

£1,800,000

56
Q

What is the annual allowance ratio for DB contributions or increased income after CPI adjustment?

A

16:1

57
Q

What is the LTA ratio for post A-Day BCE?

A

20:1

58
Q

What is the LTA ratio for pre A-Day BCE?

A

25:1

59
Q

What is the final day for any reportable event?

A

31st Jan

60
Q

When is TYE

A

5th April

61
Q

When is TY start?

A

6th April

62
Q

What is the benefit in kind advise date following end of tax year?

A

6th July

63
Q

What is the final day for pension savings statement to be sent by product provider?

A

6th October

64
Q

What is the date for pension contributions to be sent to provider after wages deduction?

A

22nd monthly

65
Q

What is the number of small pot commutations in lifetime?

A

3

66
Q

Minimum age to start drawing personal pension benefits

A

55

67
Q

What is the State Pension Age

A

66

68
Q

What is the max age for tax relieved pension contributions?

A

75

69
Q

What is the max age before legacy benefits are income tax-free?

A

75

FA2 Dates and Timescales (2 decks)

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