General Facts Flashcards
If someone wants to find out how much state pension they are entitled to they need to apply for a…
State Pension Statement using form BR19
An eligible jobholder must be auto-enrolled into a qualifying workplace pension scheme if they are between the ages of:
22 and state pensions age
A self-employed deep sea diver has applied for income protection cover. In which occupational class is he most likely to be placed?
Class 4
A standalone critical illness policy will normally have a survival period following diagnosis of:
14 - 30 days
Which benefit is available to people over the State Pension age who need help with their personal care?
Attendance Allowance
Which NS&I product would be most suitable for a higher-rate taxpayer who is looking for tax efficient growth?
Fixed interest savings certificate
What is the required minimum employer contribution to a pension scheme for an eligible jobholder?
3% of qualifying earnings
What is the most important factor to an underwriter when assessing a proposal for income protection insurance?
Morbidity
What contributions can be made into an existing Child Trust Fund [CTF]?
No further Government contributions can be made but parents can pay £9,000 per year into the plan.
An employer provides group personal accident and sickness cover for its employees as part of its remuneration package. What is the tax treatment of this policy?
The employer can claim the premium as an allowable expense and the premium is assessed as a benefit-in-kind for income tax purposes on the employee.
Which document provides specific details about where an investment fund is invested, investment performance and how the investment is managed?
A factsheet
The state pension is linked to which measure of inflation?
CPI
Annika has just been diagnosed with a serious illness and she is expected to survive less than twelve months. As a result of this what action, if any, can she take with her pension?
She can commute the whole pension to a lump sum
To which type[s] of policy can a terminal illness benefit usually be added?
A whole of life or term assurance policies
With income tax, how do additional rate tax payers receive gilt income from a directly held gilt?
Gross
