True/False

Question 1

With regards to Pension Contribution Insurance, you advise a client that:

premiums will be eligible for tax relief.

True/False?

Answer 1

False

BS3

Question 2

With regards to Pension Contribution Insurance, you advise a client that:

in the event of illness, the PCI will make contributions to the client’s scheme.

True/False?

Answer 2

True

BS3

Question 3

With regards to Pension Contribution Insurance, you advise a client that:

both member and employer contributions can be covered.

True/False?

Answer 3

True

BS3

Question 4

With regards to Pension Contribution Insurance, you advise a client that:

payments will begin after an agreed deferred period.

True/False?

Answer 4

True

BS3

Question 5

With regards to using trivial commutation, you advise your client that:

she will not be able to unless she is aged at least 60.

True/False?

Answer 5

False

BS3

Question 6

With regards to using trivial commutation, you advise your client that:

there is a 12-month commutation period.

True/False

Answer 6

True

BS3

Question 7

With regards to using trivial commutation, you advise your client that:

the commutation limit is £30,000 across all schemes.

True/False

Answer 7

True

BS3

Question 8

With regards to using trivial commutation, you advise your client that:

all of the resulting proceeds will be tax-free.

True/False

Answer 8

False

BS3

Question 9

Your client wants to leave his DB scheme. You advise him that this will normally mean giving up:

a lump sum death benefit based on a multiple of salary.

True/False?

Answer 9

True

BS3

Question 10

Your client wants to leave his DB scheme. You advise him that this will normally mean giving up:

a pension based on a percentage of salary.

True/False?

Answer 10

True

BS3

Question 11

Your client wants to leave his DB scheme. You advise him that this will normally mean giving up:

a guaranteed income for life.

True/False?

Answer 11

True

BS3

Question 12

Your client wants to leave his DB scheme. You advise him that this will normally mean giving up:

the prospect of investment growth.

True/False?

Answer 12

False

BS3

Question 13

Your client is entering into FAD. You advise him that:

Any pension commencement lump sum must be taken at outset.

True/False?

Answer 13

True

BS3

Question 14

Your client is entering into FAD. You advise him that:

The minimum income requirement for flexi-access drawdown is £10,000.

True/False?

Answer 14

False

BS3

Question 15

Your client is entering into FAD. You advise him that:

Taking more than the maximum permitted income will trigger the money purchase annual allowance.

True/False?

Answer 15

False

BS3

Question 16

Your client is entering into FAD. You advise him that:

A flexi-access drawdown pension can take the form of a short-term annuity.

True/False?

Answer 16

True

(“i.e. part fo the funds can be used to buy an income for a short time”)
BS3

Question 17

With regard to critical yields, a financial adviser should be aware that:

there is no explicit regulatory requirement to produce critical yields on a drawdown illustration.

True/False?

Answer 17

True

[You don’t need to put critical yields on drawdown illustrations]
BS3

Question 18

With regard to critical yields, a financial adviser should be aware that:

type A critical yield is the growth rate needed to provide an income equal to that under an equivalent immediate annuity.

True/False?

Answer 18

True

BS3

Question 19

With regard to critical yields, a financial adviser should be aware that:

type B illustrations must be accompanied by a type A illustration.

True/False?

Answer 19

True

BS3

Question 20

With regard to critical yields, a financial adviser should be aware that:

type B illustrations must show annuity purchase at ages 70 and 75

True/False?

Answer 20

False

Type A are required to show annuity purchases at ages 65, 70, and 75
BS3

Question 21

Your client was in capped drawdown before April 2015. The following information is available:

Fund, after PCLS, is £300,000
GAD rate is £56 per £1,000
Gilt yield on 15th of previous month = 2.37%

You should advise him that:

the gilt yield used when calculating maximum withdrawal rate will be 2.25%.

True/False?

Answer 21

True

BS3

Question 22

Your client was in capped drawdown before April 2015. The following information is available:

Fund, after PCLS, is £300,000
GAD rate is £56 per £1,000
Gilt yield on 15th of previous month = 2.37%

How is the basis amount calculated from this information?

Answer 22

£300,000 * (£56/£1,000)

BS3

Question 23

Your client was in capped drawdown before April 2015. The following information is available:

Fund, after PCLS, is £300,000
GAD rate is £56 per £1,000
Gilt yield on 15th of previous month = 2.37%

You should advise him that:

the minimum income available to him is zero.

True/False?

Answer 23

True

BS3

Question 24

Your client was in capped drawdown before April 2015. The following information is available:

Fund, after PCLS, is £300,000
GAD rate is £56 per £1,000
Gilt yield on 15th of previous month = 2.37%

You should advise him that:

his income reviews must be conducted annually.

True/False?

Answer 24

False

“[His] income will be reviewed every 3 years as he is under age 75”
BS3

Question 25

Your client is thinking of designating funds into FAD. You should make him aware that:

the underlying annuity rate will increase during a period of deferral.

True/False?

Answer 25

False

BS3

Question 26

Your client is thinking of designating funds into FAD. You should make him aware that:

there are potentially high charges for administration and reviews.

True/False?

Answer 26

True

BS3

Question 27

Your client is thinking of designating funds into FAD. You should make him aware that:

the value of his pension fund can go down as well as up.

True/False?

Answer 27

True

BS3

Question 28

Your client is thinking of designating funds into FAD. You should make him aware that:

there is a potential of fund depletion through high-income withdrawals.

True/False?

Answer 28

True

BS3

Question 29

Your client is approaching retirement. She should be made aware that it is usually the case that expenditure will:

continue for National Insurance contributions.

True/False?

Answer 29

False

BS3

Question 30

Your client is approaching retirement. She should be made aware that it is usually the case that expenditure will:

cease for on-going pension contributions.

True/False?

Answer 30

True

BS3

Question 31

Your client is approaching retirement. She should be made aware that it is usually the case that expenditure will:

cease for income protection insurance.

True/False?

Answer 31

True

BS3

Question 32

Your client is approaching retirement. She should be made aware that it is usually the case that expenditure will:

be directed more towards savings.

True/False?

Answer 32

False

BS3

Question 33

Your client has chosen fixed interest securities as a major component of their pension fund investment portfolio. She should be aware that:

all fixed interest securities provide a guarantee of capital at maturity and during their term.

True/False?

Answer 33

False

I can only guess that it’s to do with the part in the explanation that says:
“They are redeemed at their nominal value at the fixed redemption date and any sale before this date might not be at this value”
BS3

Question 34

Your client has chosen fixed interest securities as a major component of their pension fund investment portfolio. She should be aware that:

annuity rates are generally backed by gilts.

True/False?

Answer 34

True

BS3

Question 35

Your client has chosen fixed interest securities as a major component of their pension fund investment portfolio. She should be aware that:

they offer a fixed rate of interest.

True/False?

Answer 35

True

BS3

Question 36

Your client has chosen fixed interest securities as a major component of their pension fund investment portfolio. She should be aware that:

all fixed interest securities have a redemption date.

True/False?

Answer 36

False

BS3

Question 37

Your client’s fund is invested in with profits. You advise him that:

a terminal bonus is guaranteed to be paid on crystallisation or earlier death.

True/False?

Answer 37

False

It is not guaranteed although it is possible
BS3

Question 38

Your client’s fund is invested in with profits. You advise him that:

once added, reversionary bonuses cannot be taken away.

True/False?

Answer 38

True

BS3

Question 39

Your client’s fund is invested in with profits. You advise him that:

the fund will only invest in cautious/low risk investment areas.

True/False?

Answer 39

False

BS3

Question 40

Your client’s fund is invested in with profits. You advise him that:

annual bonuses are aimed at “smoothing” returns over the term.

True/False?

Answer 40

True

BS3

Question 41

Your client has decided to save for his retirement using a Self-invested personal pension
(SIPP). You advise him that:

loans to an employer cannot exceed 50% of scheme assets.

True/False?

Answer 41

False

“Loans to employers are not permitted”
BS3

Question 42

Your client has decided to save for his retirement using a Self-invested personal pension
(SIPP). You advise him that:

assets such as wines and antiques could give rise to tax charges.

True/False?

Answer 42

True

BS3

Question 43

Your client has decided to save for his retirement using a Self-invested personal pension
(SIPP). You advise him that:

the SIPP could be used to buy a commercial property from a “connected person”.

True/False?

Answer 43

True

BS3

Question 44

Your client has decided to save for his retirement using a Self-invested personal pension
(SIPP). You advise him that:

loans to an employer are permitted.

True/False?

Answer 44

False

BS3

Question 45

Client 1 is a member of a DB pension and Client 2 is a member of a DC pension scheme. In relation to their respective pension benefits, you advise them that:

there is no guarantee as to the amount of pension benefit that client 1 will receive.

True/False?

Answer 45

False

BS2

Question 46

Client 1 is a member of a DB pension and Client 2 is a member of a DC pension scheme. In relation to their respective pension benefits, you advise them that:

client 2 can take benefits in the form of an income and/or as a lump sum.

True/False?

Answer 46

True

BS2

Question 47

Client 1 is a member of a DB pension and Client 2 is a member of a DC pension scheme. In relation to their respective pension benefits, you advise them that:

client 1 will be exposed to investment risk.

True/False?

Answer 47

False

BS2

Question 48

Client 1 is a member of a DB pension and Client 2 is a member of a DC pension scheme. In relation to their respective pension benefits, you advise them that:

the benefits available to DC client depend on the size of the fund that is built up.

True/False?

Answer 48

True

BS2

Question 49

Your client has a stakeholder pension invested in the default investment fund with a lifestyle arrangement. You advise them that:

switching begins between 15 and 20 years before their selected retirement age.

True/False?

Answer 49

False

5-10 years
BS2

Question 50

Your client has a stakeholder pension invested in the default investment fund with a lifestyle arrangement. You advise them that:

as she approaches her selected retirement date her fund is moved away from riskier investments such as equities into more secure investments such as gilts.

True/False?

Answer 50

True

BS2

Question 51

Your client has a stakeholder pension invested in the default investment fund with a lifestyle arrangement. You advise them that:

She will need to remember to switch her funds as her retirement date approaches.

True/False?

Answer 51

False

BS2

Question 52

Your client has a stakeholder pension invested in the default investment fund with a lifestyle arrangement. You advise them that:

switching occurs at pre-set times and does not allow for market conditions.

True/False?

Answer 52

True

BS2

Question 53

Your client has several personal pension plans with small fund values. In relation to the small pots payments rules, you advise them that:

he can take a maximum of three small pots payments from non -occupational schemes.

True/False?


Answer 53

True

BS2

Question 54

Your client has several personal pension plans with small fund values. In relation to the small pots payments rules, you advise them that:

he can take an unlimited number of small pots payments from non-occupational schemes.

True/False?

Answer 54

False

BS2

Question 55

Your client has several personal pension plans with small fund values. In relation to the small pots payments rules, you advise them that:

small pots payments must be less than £10,000.

True/False?

Answer 55

True

BS2

Question 56

Your client has several personal pension plans with small fund values. In relation to the small pots payments rules, you advise them that:

Sacha must be over the age of 50 to commute his pension benefits for a lump sum.

True/False?

Answer 56

False

False - he must be over the age of 55
BS2

Question 57

Your client has recently died having been a member of a DB pension for 25 years. Following his death, his beneficiaries should be aware that the scheme can provide benefits:

as a dependant’s scheme pension.

True/False?

Answer 57

True

BS2

Question 58

Your client has recently died having been a member of a DB pension for 25 years. Following his death, his beneficiaries should be aware that the scheme can provide benefits:

through a guarantee period.

True/False?

Answer 58

True

The period which the DB death benefits could pay out for depending on your relationship to the member
BS2

Question 59

Your client has recently died having been a member of a DB pension for 25 years. Following his death, his beneficiaries should be aware that the scheme can provide benefits:

as a pension protection lump sum.

True/False?

Answer 59

True

BS2

Question 60

Your client has recently died having been a member of a DB pension for 25 years. Following his death, his beneficiaries should be aware that the scheme can provide benefits:

as an annuity protection lump sum.

True/False?

Answer 60

False

The lump sum paid out to dependants if your annuity was guaranteed. Although this is available in some scheme pensions, it is not an option with DB pensions.
BS2

Question 61

Under his capped drawdown arrangement your client is now considering the purchase of a short-term annuity. He should be aware that:

they will only be available from the provider of his capped drawdown fund.

True/False?

Answer 61

False

BS2

Question 62

Under his capped drawdown arrangement your client is now considering the purchase of a short-term annuity. He should be aware that:

the annuity must be paid at least annually.

True/False?

Answer 62

False

“the annuity has flexibility over the level of payments where income can be reduced to zero.”
BS2

Question 63

Under his capped drawdown arrangement your client is now considering the purchase of a short-term annuity. He should be aware that:

the annuity cannot have a term longer than five years.

True/False?

Answer 63

True

BS2

Question 64

Under his capped drawdown arrangement your client is now considering the purchase of a short-term annuity. He should be aware that:

the annuity can be guaranteed during its term.

True/False?

Answer 64

True

BS2

Question 65

Your client has crystallised funds in a FAD pension. In relation to potential death benefits, he should be aware that:

someone who isn’t a dependant can continue in FAD.

True/False?

Answer 65

True

Yes nominees can receive a survivor’s FAD
BS2

Question 66

Your client has crystallised funds in a FAD pension. In relation to potential death benefits, he should be aware that:

the fund can be returned tax-free where Shakil dies after age 75.

True/False?

Answer 66

False

BS2

Question 67

Your client has crystallised funds in a FAD pension. In relation to potential death benefits, he should be aware that:

if there are no dependants the beneficiary can leave the fund on their death to charity.

True/False?

Answer 67

True

BS2

Question 68

Your client has crystallised funds in a FAD pension. In relation to potential death benefits, he should be aware that:

the beneficiary can leave the FAD fund on their death to a successor.

True/False?

Answer 68

True

BS2

Question 69

Your client is self-employed and is wondering whether to purchase a buy-to-let property to help supplement his future retirement income. When considering what action to take,
he should be aware that:

tax relief on mortgage interest is available at basic rate.

True/False?

Answer 69

True

BS2

Question 70

Your client is self-employed and is wondering whether to purchase a buy-to-let property to help supplement his future retirement income. When considering what action to take,
he should be aware that:

he could suffer capital gains tax on a future sale.

True/False?

Answer 70

True

BS2

Question 71

Your client is self-employed and is wondering whether to purchase a buy-to-let property to help supplement his future retirement income. When considering what action to take,
he should be aware that:

the property will not form part of his estate for inheritance tax purposes.

True/False?

Answer 71

False

BS2

Question 72

Your client is self-employed and is wondering whether to purchase a buy-to-let property to help supplement his future retirement income. When considering what action to take,
he should be aware that:

the rate of stamp duty land tax is 3% above standard rates.

True/False?

Answer 72

True

“You’ll usually have to pay 3% on top of SDLT rates if buying a new residential property means you’ll own more than one.”
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
BS2

Question 73

Sybil’s cousin has invested directly in commercial property through her SIPP. When considering whether to do the same, Sybil should be aware that:

property is useful for diversification as this asset class often moves in a different direction to equities.

True/False?

Answer 73

True

BS2

Question 74

Sybil’s cousin has invested directly in commercial property through her SIPP. When considering whether to do the same, Sybil should be aware that:

Sybil would not be able to invest in commercial property for the benefit of her own business.

True/False?

Answer 74

False

BS2

Question 75

Sybil’s cousin has invested directly in commercial property through her SIPP. When considering whether to do the same, Sybil should be aware that:

property has the potential to produce a positive real return over the longer term.

True/False?

Answer 75

True

BS2

Question 76

Sybil’s cousin has invested directly in commercial property through her SIPP. When considering whether to do the same, Sybil should be aware that:

the rental payments could provide Sybil with an income from the investment.

True/False?

Answer 76

True

BS2

Question 77

Sybil’s cousin has invested directly in commercial property through her SIPP. When considering whether to do the same, Sybil should be aware that:

Sybil should be prepared for the investment to take some time to complete.

True/False?

Answer 77

True

BS2

Question 78

Your client has a SIPP as he likes to make his own investment decisions. Your client should be aware that this allows him to use the plan as:


a route to invest in commercial property.

True/False?

Answer 78

True

BS2

Question 79

Your client has a SIPP as he likes to make his own investment decisions. Your client should be aware that this allows him to use the plan as:

a way of making loans to his limited company.

True/False?

Answer 79

False

“[…] but residential properties and loans to employers are not permitted”
BS2

Question 80

Your client has a SIPP as he likes to make his own investment decisions. Your client should be aware that this allows him to use the plan as:

a platform to operate income withdrawals through flexi-access drawdown.

True/False?

Answer 80

True

BS2

Question 81

Your client has a SIPP as he likes to make his own investment decisions. Your client should be aware that this allows him to use the plan as:

funding for his buy-to-let properties.

True/False?

Answer 81

False

BS2

Question 82

Ben, Jeff and Tristan are considering whether they would find cash flow modelling useful in helping them decide how much they should withdraw each year from their flexi-access drawdown (FAD) fund. They should be aware that the ones who will mostly benefit are:

Ben, who wishes to withdraw enough each year to meet his needs while keeping the capital value of his FAD fund intact to pass on to his children.

True/False?

Answer 82

True

BS2

Question 83

Ben, Jeff and Tristan are considering whether they would find cash flow modelling useful in helping them decide how much they should withdraw each year from their flexi-access drawdown (FAD) fund. They should be aware that the ones who will mostly benefit are:

Jeff, who wishes to withdraw enough each year to provide an income for life.

True/False?

Answer 83

True

BS2

Question 84

Ben, Jeff and Tristan are considering whether they would find cash flow modelling useful in helping them decide how much they should withdraw each year from their flexi-access drawdown (FAD) fund. They should be aware that the ones who will mostly benefit are:

Tristan, who does not mind what happens to his fund as he has other non-pension investments he can use if necessary.

True/False?

Answer 84

False

BS2

Question 85

Ben, Jeff and Tristan are considering whether they would find cash flow modelling useful in helping them decide how much they should withdraw each year from their flexi-access drawdown (FAD) fund. They should be aware that the ones who will mostly benefit are:

none of them; they are not clients who would typically benefit from cash flow modelling.

True/False?

Answer 85

False

BS2

Question 86

Your client is considering recycling excess pension income as further pension contributions. You advise him that:

this will fall foul of the recycling anti-avoidance provisions.

True/False?

Answer 86

False

BS2

Question 87

Your client is considering recycling excess pension income as further pension contributions. You advise him that:

it could increase lump sum death benefits if he doesn’t have lifetime allowance issues.

True/False?

Answer 87

True

BS2

Question 88

Your client is considering recycling excess pension income as further pension contributions. You advise him that:

it creates a further source of pension commencement lump sum (PCLS).

True/False?

Answer 88

True

BS2

Question 89

Your client is considering recycling excess pension income as further pension contributions. You advise him that:

recycling anti-avoidance provisions only apply to a PCLS.

True/False?

Answer 89

True

BS2

Question 90

An employer is setting up a qualifying workplace pension scheme as an occupational defined contribution scheme under a master trust. To be authorised by The Pensions Regulator, the employer should be aware that master trust schemes must ensure:

the trustees are ‘fit and proper’ to act in their role.

True/False

Answer 90

True

BS1

Question 91

An employer is setting up a qualifying workplace pension scheme as an occupational defined contribution scheme under a master trust. To be authorised by The Pensions Regulator, the employer should be aware that master trust schemes must ensure:

the scheme is financially sustainable.

True/False

Answer 91

True

BS1

Question 92

An employer is setting up a qualifying workplace pension scheme as an occupational defined contribution scheme under a master trust. To be authorised by The Pensions Regulator, the employer should be aware that master trust schemes must ensure:

an Independent Governance Committee is established.

True/False

Answer 92

False

I’m guessing that trustees are the equivalent
BS1

Question 93

An employer is setting up a qualifying workplace pension scheme as an occupational defined contribution scheme under a master trust. To be authorised by The Pensions Regulator, the employer should be aware that master trust schemes must ensure:

a Governance Advisory Arrangement with a third party is in place.

True/False

Answer 93

False

BS1

Question 94

Your client is transferring his personal pension to another provider. During your discussions, you would have taken account of a number of factors when determining the suitability of the transfer. These would have included:

his current inheritance tax position

True/False?

Answer 94

False

BS1

Question 95

Your client is transferring his personal pension to another provider. During your discussions, you would have taken account of a number of factors when determining the suitability of the transfer. These would have included:

whether there is a transfer penalty

True/False?

Answer 95

True

BS1

Question 96

Your client is transferring his personal pension to another provider. During your discussions, you would have taken account of a number of factors when determining the suitability of the transfer. These would have included:

the current economic outlook

True/False?

Answer 96

False

BS1

Question 97

Your client is transferring his personal pension to another provider. During your discussions, you would have taken account of a number of factors when determining the suitability of the transfer. These would have included:

a comparison of charges on both schemes

True/False?

Answer 97

True

BS1

Question 98

Your client designated funds to capped drawdown in April 2014. With regards to capped drawdown rules, he should be aware that:

his benefits can stay in capped drawdown for as long as he wishes.

True/False?

Answer 98

True

BS1

Question 99

Your client designated funds to capped drawdown in April 2014. With regards to capped drawdown rules, he should be aware that:

the maximum permitted income review frequency was re-set from 6 April 2015.

True/False?

Answer 99

False

BS1

Question 100

Your client designated funds to capped drawdown in April 2014. With regards to capped drawdown rules, he should be aware that:

the maximum income is 150% of the basis amount.

True/False?

Answer 100

True

BS1

Question 101

Your client designated funds to capped drawdown in April 2014. With regards to capped drawdown rules, he should be aware that:

he cannot transfer his existing plan into a new capped drawdown plan with another provider.

True/False?

Answer 101

False

BS1

Question 102

Your client designated funds to capped drawdown in April 2014. With regards to capped drawdown rules, he should be aware that:

he can designate additional funds into his existing capped drawdown plan.

True/False?

Answer 102

True

BS1

Question 103

Your client started flexible drawdown in June 2013. As a result of the rule changes on 6
April 2015, he should be aware that:

his arrangement was converted to flexi-access drawdown.

True/False?

Answer 103

True

BS1

Question 104

Your client started flexible drawdown in June 2013. As a result of the rule changes on 6
April 2015, he should be aware that:

the money purchase annual allowance (MPAA) was triggered from the date of his first withdrawal after converting to flexi-access drawdown.

True/False?

Answer 104

False

“[On conversion to FAD] this was not a BCE (as this occurred when initially transferred to flexible drawdown) but the MPAA was triggered immediately on transfer because they previously accessed the benefits flexibly”
BS1

Question 105

Your client started flexible drawdown in June 2013. As a result of the rule changes on 6
April 2015, he should be aware that:

his position with regards to being able to make defined contribution pension contributions without incurring an annual allowance charge improved.

True/False?

Answer 105

True

BS1

Question 106

Your client started flexible drawdown in June 2013. As a result of the rule changes on 6
April 2015, he should be aware that:

the automatic conversion into flexi-access drawdown was a benefit crystallisation event.

True/False?

Answer 106

False

BS1

Question 107

Your client has a conventional lifetime annuity. He should be aware that the income he receives could fall compared to that paid in a previous year if he:

has just married.

True/False?

Answer 107

False

BS1

Question 108

Your client has a conventional lifetime annuity. He should be aware that the income he receives could fall compared to that paid in a previous year if he:

chose a with profit annuity at outset.

True/False?

Answer 108

True

BS1

Question 109

Your client has a conventional lifetime annuity. He should be aware that the income he receives could fall compared to that paid in a previous year if he:

chose an annuity linked to RPI.

True/False?

Answer 109

True

BS1

Question 110

Your client has a conventional lifetime annuity. He should be aware that the income he receives could fall compared to that paid in a previous year if he:

has reached the end of the guarantee period.

True/False?

Answer 110

False

Guarantee periods are to do with death benefits, paying back the original lump sum
BS1

Question 111

Your client entered into a capped drawdown contract in December 2014. You should be aware that the GAD rates used for calculating the basis amount and the maximum income for your client are based on gilt yields and a notional annuity which is:

level in payment.

True/False?

Answer 111

True

BS1

Question 112

Your client entered into a capped drawdown contract in December 2014. You should be aware that the GAD rates used for calculating the basis amount and the maximum income for your client are based on gilt yields and a notional annuity which is:

payable monthly in advance.

True/False?

Answer 112

False

In arrears not advance
BS1

Question 113

Your client entered into a capped drawdown contract in December 2014. You should be aware that the GAD rates used for calculating the basis amount and the maximum income for your client are based on gilt yields and a notional annuity which is:

guaranteed for 10 years.

True/False?

Answer 113

False

“GAD rates used for capped drawdown are based on the following annuity assumptions: level in payment, monthly in arrears (not advance), no guarantee, and single life.” Q 45
BS1

Question 114

Your client entered into a capped drawdown contract in December 2014. You should be aware that the GAD rates used for calculating the basis amount and the maximum income for your client are based on gilt yields and a notional annuity which is:

single life.

True/False?

Answer 114

True

BS1

Question 115

You are considering the inclusion of fixed interest securities in a client’s retirement portfolio. You should be aware that:

the fixed redemption value is known as the par value.

True/False?

Answer 115

True

BS1

Question 116

You are considering the inclusion of fixed interest securities in a client’s retirement portfolio. You should be aware that:

the coupon represents the fixed rate of interest given.

True/False?

Answer 116

True

BS1

Question 117

You are considering the inclusion of fixed interest securities in a client’s retirement portfolio. You should be aware that:

they all have a set redemption date.

True/False?

Answer 117

False

BS1

Question 118

You are considering the inclusion of fixed interest securities in a client’s retirement portfolio. You should be aware that:

they represent loans to various institutions.

True/False?

Answer 118

True

BS1

Question 119

Your client is considering investing in a ‘lifestyle’ pension fund. He should be aware that:

funds will start to be switched away from fixed interest to equity investments between five and ten years from the selected retirement age.

True/False?

Answer 119

False

BS1

Question 120

Your client is considering investing in a ‘lifestyle’ pension fund. He should be aware that:

switching funds is designed to lock in gains already made.

True/False?

Answer 120

True

BS1

Question 121

Your client is considering investing in a ‘lifestyle’ pension fund. He should be aware that:

switching takes place automatically, with no need for Davide to trigger the event.

True/False?

Answer 121

True

BS1

Question 122

Your client is considering investing in a ‘lifestyle’ pension fund. He should be aware that:


Lifestyle switching will always be beneficial for him, provided retirement takes place at the planned date.

True/False?

Answer 122

False

BS1

Question 123

Your clients are considering ISAs as a means of building up funds for their retirement. They should be aware that:

tax relief is available at basic rate.

True/False?

Answer 123

False

BS1

Question 124

Your clients are considering ISAs as a means of building up funds for their retirement. They should be aware that:

equity ISA funds have the same tax treatment as a pension fund.

True/False?

Answer 124

True

BS1

Question 125

Your clients are considering ISAs as a means of building up funds for their retirement. They should be aware that:

ISAs may not provide the maximum savings input that a high earner may desire.

True/False?

Answer 125

True

BS1

Question 126

Your clients are considering ISAs as a means of building up funds for their retirement. They should be aware that:

there is no need to purchase an annuity or secure an income.

True/False?

Answer 126

True

BS1

Question 127

Your client is interested in using his trust-based SIPP for investing in shares in his employer. The company is unlisted. As his adviser, you should be aware of the possible dangers which include:

His employment and retirement income would be largely dependent on the fortunes of one company.

True/False?

Answer 127

True

BS1

Question 128

Your client is interested in using his trust-based SIPP for investing in shares in his employer. The company is unlisted. As his adviser, you should be aware of the possible dangers which include:

His would be restricted to investing no more than 15% of the value of his SIPP in his employer.

True/False?

Answer 128

False

There is no limit
BS1

Question 129

Your client is interested in using his trust-based SIPP for investing in shares in his employer. The company is unlisted. As his adviser, you should be aware of the possible dangers which include:

As his employer is an unlisted company, the shares may be difficult to sell at his time of choosing.

True/False?

Answer 129

True

BS1

Question 130

Your client is interested in using his trust-based SIPP for investing in shares in his employer. The company is unlisted. As his adviser, you should be aware of the possible dangers which include:

He would be forced to sell the shares in the event of his leaving the company.

True/False?

Answer 130

False

BS1

Question 131

Certain assets are not permitted holdings within a UK registered pension scheme. A scheme administrator should be aware that prohibited assets exclude:

a caretaker’s flat.

True/False?
(“Caretaker’s flat is allowed - T/F?”)

Answer 131

True

That is, you are allowed to invest in a caretaker’s flat
“Residential property is generally not an authorised asset. However, there are exceptions, which include a caretaker’s flat and student halls of accommodation”
BS1

Question 132

Certain assets are not permitted holdings within a UK registered pension scheme. A scheme administrator should be aware that prohibited assets exclude:

a beach hut.

True/False?

Answer 132

False

BS1

Question 133

Certain assets are not permitted holdings within a UK registered pension scheme. A scheme administrator should be aware that prohibited assets exclude:

student halls of accommodation.

True/False?
(Student halls of accommodation are allowed - True or False?)

Answer 133

True

BS1

Question 134

Certain assets are not permitted holdings within a UK registered pension scheme. A scheme administrator should be aware that prohibited assets exclude:

an office building.

True/False?

Answer 134

True

BS1

Question 135

You are considering your client’s annual allowance and seeking to determine the total pension input amount relevant to his personal pension portfolio. He should be aware that:

employer contributions made on behalf of the client must be excluded.

True/False?

Answer 135

False

That is - employer contributions do count towards your AA utilisation
Cii 22/23

Question 136

You are considering your client’s annual allowance and seeking to determine the total pension input amount relevant to his personal pension portfolio. He should be aware that:

if the annual allowance is exceeded, the client is subject to tax on the excess at his marginal rate.

True/False?

Answer 136

True

Cii 22/23

Question 137

You are considering your client’s annual allowance and seeking to determine the total pension input amount relevant to his personal pension portfolio. He should be aware that:

investment growth in the value of the fund is ignored.

True/False?

Answer 137

True

Cii 22/23

Question 138

You are considering your client’s annual allowance and seeking to determine the total pension input amount relevant to his personal pension portfolio. He should be aware that:

the annual allowance will not apply in the year the member wholly crystallises his benefits.

True/False?

Answer 138

False

Cii 22/23

Question 139

You are looking to set up either a small self-administered scheme (SSAS) or a self-invested personal pension scheme (SIPP) for two directors of a company. When comparing the two types of pension arrangements, you should be aware that:

SIPP will be regulated by the Financial Conduct Authority.

True/False?

Answer 139

True

Cii 22/23

Question 140

You are looking to set up either a small self-administered scheme (SSAS) or a self-invested personal pension scheme (SIPP) for two directors of a company. When comparing the two types of pension arrangements, you should be aware that:

SIPP would normally be set up under contract.

True/False?

Answer 140

True

Cii 22/23

Question 141

You are looking to set up either a small self-administered scheme (SSAS) or a self-invested personal pension scheme (SIPP) for two directors of a company. When comparing the two types of pension arrangements, you should be aware that:

SSAS will issue Statutory Money Purchase Illustrations at least annually.

True/False?

Answer 141

False

Cii 22/23

Question 142

You are looking to set up either a small self-administered scheme (SSAS) or a self-invested personal pension scheme (SIPP) for two directors of a company. When comparing the two types of pension arrangements, you should be aware that:

SSAS would normally be set up under a master trust.

True/False?

Answer 142

False

Cii 22/23

Question 143

Your client is about to commence taking benefits from his personal pension scheme, which was previously contracted out of the State Second Pension (S2P). He should be aware that:

he can take up to 25% of the total fund as a pension commencement lump sum.

True/False

Answer 143

True

Cii 22/23

Question 144

Your client is about to commence taking benefits from his personal pension scheme, which was previously contracted out of the State Second Pension (S2P). He should be aware that:

he has the right to exercise the open market option.

True/False

Answer 144

True

Basically, you can move your pension before retirement to get better annuity rates
Cii 22/23

Question 145

Your client is about to commence taking benefits from his personal pension scheme, which was previously contracted out of the State Second Pension (S2P). He should be aware that:

his whole pension fund must provide Limited Price Indexation in payment.

True/False

Answer 145

False

Cii 22/23

Question 146

Your client is about to commence taking benefits from his personal pension scheme, which was previously contracted out of the State Second Pension (S2P). He should be aware that:

the element of the fund accrued as a result of contracting out of S2P will not count towards the lifetime allowance.

True/False

Answer 146

False

Cii 22/23

Question 147

Your client, aged 63, has just retired and has a capped drawdown pension. He also has a small occupational money purchase arrangement valued at £40,000, from which he wishes to take benefits immediately. With regards to his options, he should be aware that he will:

be able to take an uncrystallised funds pension lump sum.

True/False?

Answer 147

True

Cii 22/23

Question 148

Your client, aged 63, has just retired and has a capped drawdown pension. He also has a small occupational money purchase arrangement valued at £40,000, from which he wishes to take benefits immediately. With regards to his options, he should be aware that he will:

be able to use flexi-access drawdown.

True/False?

Answer 148

True

Cii 22/23

Question 149

Your client, aged 63, has just retired and has a capped drawdown pension. He also has a small occupational money purchase arrangement valued at £40,000, from which he wishes to take benefits immediately. With regards to his options, he should be aware that he will:

not be able to purchase a flexible annuity.

True/False?

Answer 149

False

Cii 22/23

Question 150

Your client, aged 63, has just retired and has a capped drawdown pension. He also has a small occupational money purchase arrangement valued at £40,000, from which he wishes to take benefits immediately. With regards to his options, he should be aware that he will:

not be able to use capped drawdown.

True/False?

Answer 150

False

Cii 22/23

Question 151

Your client, aged 58 and in good health, has a number of small personal pension arrangements and is interested in taking their benefits as a lump sum. In respect of the small pots rules, she should be aware that

she must wait until she reaches age 60 before taking any small pots payment.

True/False?

Answer 151

False

Cii 22/23

Question 152

Your client, aged 58 and in good health, has a number of small personal pension arrangements and is interested in taking their benefits as a lump sum. In respect of the small pots rules, she should be aware that

a small pots payment is not a Benefit Crystallisation Event.

True/False?

Answer 152

True

Quite a key component of this mechanism - the individual doesn’t have to have any remaining LTA to do a small pot payment
Cii 22/23

Question 153

Your client, aged 58 and in good health, has a number of small personal pension arrangements and is interested in taking their benefits as a lump sum. In respect of the small pots rules, she should be aware that

the limit on each small pot payment is £10,000.

True/False?

Answer 153

True

Cii 22/23

Question 154

Your client, aged 58 and in good health, has a number of small personal pension arrangements and is interested in taking their benefits as a lump sum. In respect of the small pots rules, she should be aware that

there is no limit to the number of small pots payments that can be made.

True/False?

Answer 154

False

Cii 22/23

Question 155

Your client, who has been in receipt of the State Pension since 2015 has asked whether he can defer taking benefits. You should explain that:

he must defer for at least 5 weeks to receive any increase in income.

True/False?

Answer 155

True

This is because SPA was reached before April 2016
Cii 22/23

Question 156

Your client, who has been in receipt of the State Pension since 2015 has asked whether he can defer taking benefits. You should explain that:

he must defer for at least 9 weeks to receive any increase in income.

True/False?

Answer 156

False

Cii 22/23

Question 157

Your client, who has been in receipt of the State Pension since 2015 has asked whether he can defer taking benefits. You should explain that:

his deferred pension will annually increase at the rate of 5.78%

True/False?

Answer 157

False

B3A SPA reached before 6 April 2016
It increases by 1% for every 5 weeks which is equivalent to 10.4% per year
Cii 22/23

Question 158

Your client, who has been in receipt of the State Pension since 2015 has asked whether he can defer taking benefits. You should explain that:

he will have the option to take a lump sum if he delays for at least 12 months.

True/False?

Answer 158

True

Cii 22/23

Question 159

Your client is considering whether to join his new employer’s group personal pension scheme or save for retirement using a stocks and shares ISA. He should be aware that:

he will be able to draw a tax-free income from the ISA at retirement.

True/False?

Answer 159

True

Cii 22/23

Question 160

Your client is considering whether to join his new employer’s group personal pension scheme or save for retirement using a stocks and shares ISA. He should be aware that:

he will receive tax relief under the net pay method on his pension contributions.

True/False?

Answer 160

False

Group personal pension scheme doesn’t get net pay method
Cii 22/23

Question 161

Your client is considering whether to join his new employer’s group personal pension scheme or save for retirement using a stocks and shares ISA. He should be aware that:

the overall size of his fund at retirement is likely to be higher under the pension scheme compared to the ISA, assuming he makes the same net payments into both.

True/False?

Answer 161

True

Cii 22/23

Question 162

Your client is considering whether to join his new employer’s group personal pension scheme or save for retirement using a stocks and shares ISA. He should be aware that:

pension saving will become compulsory for most employees from the employer’s staging date.

True/False?

Answer 162

False

Cii 22/23

Question 163

A 25-year-old is considering how much to pay into a personal pension plan in order to achieve a retirement income of half his salary. He should be aware that the:

Government Actuary’s Department recommends 8% of qualifying earnings as an adequate level of saving.

True/False?

Answer 163

False

Cii 22/23

Question 164

A 25-year-old is considering how much to pay into a personal pension plan in order to achieve a retirement income of half his salary. He should be aware that the:

higher the growth rate he assumes for his investments, the lower the level of contribution required to meet his target income.

True/False?

Answer 164

True

Cii 22/23

Question 165

The maximum prescribed growth rate in a key features illustration is 9% per annum.

True/False?

Answer 165

False

Cii 22/23

Question 166

A 25-year-old is considering how much to pay into a personal pension plan in order to achieve a retirement income of half his salary. He should be aware that the:

rate of return he receives on his savings is likely to be linked to how much risk he is prepared to take in his investment strategy.

True/False?

Answer 166

True

Cii 22/23

Question 167

A client is starting a new job and his employer’s pension scheme has a target date fund as its default fund. He should be aware that normally:

the fund’s asset allocation strategy assumes that benefits will be drawn on the target date.

True/False?

Answer 167

True

Cii 22/23

Question 168

A client is starting a new job and his employer’s pension scheme has a target date fund as its default fund. He should be aware that normally:

the fund targets a specific minimum level of income linked to the level of his contributions.

True/False?

Answer 168

False

Cii 22/23

Question 169

A client is starting a new job and his employer’s pension scheme has a target date fund as its default fund. He should be aware that normally:

he will not have the option of choosing an alternative fund.

True/False?

Answer 169

False

Cii 22/23

Question 170

A client is starting a new job and his employer’s pension scheme has a target date fund as its default fund. He should be aware that normally:

the move into lower risk assets happens gradually as retirement approaches based on the fund manager’s view of investment market conditions.

True/False?

Answer 170

True

This is in contrast to lifestyle funds, which switch at preset dates.
Cii 22/23

Question 171

A client, aged 50, has an existing investment portfolio and other pension schemes. He has a high appetite for investment risk and asks for advice on which fund to invest in through his new employer’s defined contribution occupational pension scheme. In terms of asset allocation when considering his fund choices, he should be aware that normally

the default fund is likely to be best suited to his needs.

True/False?

Answer 171

False

Cii 22/23

Question 172

A client, aged 50, has an existing investment portfolio and other pension schemes. He has a high appetite for investment risk and asks for advice on which fund to invest in through his new employer’s defined contribution occupational pension scheme. In terms of asset allocation when considering his fund choices, he should be aware that normally

he should consider when he is likely to be drawing his retirement benefits.

True/False?

Answer 172

True

Cii 22/23

Question 173

A client, aged 50, has an existing investment portfolio and other pension schemes. He has a high appetite for investment risk and asks for advice on which fund to invest in through his new employer’s defined contribution occupational pension scheme. In terms of asset allocation when considering his fund choices, he should be aware that normally

he should take into account his other investments and pensions in order to achieve appropriate diversification.

True/False?

Answer 173

True

Cii 22/23

Question 174

A client, aged 50, has an existing investment portfolio and other pension schemes. He has a high appetite for investment risk and asks for advice on which fund to invest in through his new employer’s defined contribution occupational pension scheme. In terms of asset allocation when considering his fund choices, he should be aware that normally

his investment strategy is unaffected by whether he plans to buy an annuity or start a drawdown pension.

True/False?
[“Whether you buy an annuity or go into DD at retirement will impact your investment strategy - T/F?”]

Answer 174

False

That is, if your plan is to buy an annuity or go into DD you’d have to adapt your investment strategy.

If buying annuity, you would want the full lump sum on retirement so you would need to move to low risk assets prior to retirement to preserve capital

If going into drawdown, you would not need to crystallise the full pension on retirement. So, although you will be shifting to lower risk assets, you would not need to shift fully to low risk before retirement.

Cii 22/23

Question 175

A self-employed client is considering the direct purchase of a buy-to-let property as part of his retirement planning. He should be aware that

the capital repayments on any loan used to purchase property can be offset against the rental income for tax purposes.

True/False?

Answer 175

False

Cii 22/23

Question 176

A self-employed client is considering the direct purchase of a buy-to-let property as part of his retirement planning. He should be aware that

he may be subject to Capital Gains Tax on the sale of the property.

True/False?

Answer 176

True

Cii 22/23

Question 177

A self-employed client is considering the direct purchase of a buy-to-let property as part of his retirement planning. He should be aware that

the property will normally be included in his estate on death.

True/False?

Answer 177

True

Cii 22/23

Question 178

A self-employed client is considering the direct purchase of a buy-to-let property as part of his retirement planning. He should be aware that

rental income, after allowing for costs, will be subject to Income Tax at his highest marginal rate.

True/False?

Answer 178

True

Cii 22/23

Question 179

Sam is transferring assets into a SSAS. In relation to this type of registered pension scheme…

all members must contribute equally.

True/False?

Answer 179

False

BTS

Question 180

Sam is transferring assets into a SSAS. In relation to this type of registered pension scheme…

all scheme decisions must be made unanimously.

True/False?

Answer 180

True

BTS

Question 181

Sam is transferring assets into a SSAS. In relation to this type of registered pension scheme…

a scheme administrator must be appointed.

True/False?

Answer 181

True

BTS

Question 182

Sam is transferring assets into a SSAS. In relation to this type of registered pension scheme…

the scheme administrator must be FCA approved.

True/False?

Answer 182

False

BTS

Question 183

Sam is transferring assets into a SSAS. In relation to this type of registered pension scheme…

member numbers are capped at less than 12.

True/False?

Answer 183

False

BTS

Question 184

John has died, aged 77, whilst taking flexi-access income withdrawals. He leaves a crystallised pension fund value of £1,475,000 to a trust. In relation to death benefits.

these are IHT-free if distributed within two ears of John’s death.

True/False?

Answer 184

False

BTS

Question 185

John has died, aged 77, whilst taking flexi-access income withdrawals. He leaves a crystallised pension fund value of £1,475,000 to a trust. In relation to death benefits.

the entire lump sum payment will suffer a 45% tax charge.

True/False?

Answer 185

True

BTS

Question 186

John has died, aged 77, whilst taking flexi-access income withdrawals. He leaves a crystallised pension fund value of £1,475,000 to a trust. In relation to death benefits.

the lump sum can be left to any beneficiary or nominee.

True/False?

Answer 186

True

BTS

Question 187

John has died, aged 77, whilst taking flexi-access income withdrawals. He leaves a crystallised pension fund value of £1,475,000 to a trust. In relation to death benefits.

John’s wife must be one of the beneficiaries on his death.

True/False?

Answer 187

False

BTS

Question 188

Peter is approaching state pension age and trying to decide whether deferral is a good idea.

Deferral of the state pension will mean that…

Peter’s income will rise by 10.4% annually for each year deferred.

True/False?

Answer 188

False

BTS

Question 189

Peter is approaching state pension age and trying to decide whether deferral is a good idea.

Deferral of the state pension will mean that…

a cash lump sum option will be available to Peter.

True/False?

Answer 189

False

BTS

Question 190

Peter is approaching state pension age and trying to decide whether deferral is a good idea.

Deferral of the state pension will mean that…

Peter must defer for a minimum of nine weeks.

True/False?

Answer 190

True

BTS

Question 191

Peter is approaching state pension age and trying to decide whether deferral is a good idea.

Deferral of the state pension will mean that…

Peter’s pension will increase by 5.78% for each complete deferral year.

True/False?

Answer 191

True

BTS

Question 192

Jeff and Lisa are considering their plans for retirement. Jeff is thinking of using a registered pension scheme (RPS), Lisa a Lifetime ISA.

The internal tax treatment of both is the same.

True/False?

Answer 192

True

BTS

Question 193

Jeff and Lisa are considering their plans for retirement. Jeff is thinking of using a registered pension scheme (RPS), Lisa a Lifetime ISA.

A Lifetime ISA allows contributions up to €4,000 annually.

True/False?

Answer 193

True

BTS

Question 194

Jeff and Lisa are considering their plans for retirement. Jeff is thinking of using a registered pension scheme (RPS), Lisa a Lifetime ISA.

An ISA will be available earlier than a pension scheme.

True/False?

Answer 194

False

BTS

Question 195

Jeff and Lisa are considering their plans for retirement. Jeff is thinking of using a registered pension scheme (RPS), Lisa a Lifetime ISA.

ISA contributions are likely to be greater than an RPS.

True/False?

Answer 195

False

BTS

Question 196

John contracted out of state pensions for ten years, back in the 1980s. When he reaches state pension age.

His state pension levels will be unaffected.

True/False?

Answer 196

False

BTS

Question 197

John contracted out of state pensions for ten years, back in the 1980s. When he reaches state pension age.

His foundation amount is likely to be lower than the maximum single tier.

True/False?

Answer 197

True

BTS

Question 198

John contracted out of state pensions for ten years, back in the 1980s. When he reaches state pension age.

He is less likely to qualify for a protected payment.

True/False?

Answer 198

True

BTS

Question 199

John contracted out of state pensions for ten years, back in the 1980s. When he reaches state pension age.

He will have foundation greater than the maximum single tier.

True/False?

Answer 199

False

BTS

Question 200

Peter has died, aged 52, leaving an un-crystallised DC pension fund of £1,350,000. His DC pension provider currently does not offer any ‘pension freedom’ options. He is survived by a wife, Sue, and two daughters, Alice 24, and Sarah 18. With regards to death benefits..

Sue may take the entire pension fund as a lump sum tax-free.

True/False?

Answer 200

False

BTS

Question 201

Peter has died, aged 52, leaving an un-crystallised DC pension fund of £1,350,000. His DC pension provider currently does not offer any ‘pension freedom’ options. He is survived by a wife, Sue, and two daughters, Alice 24, and Sarah 18. With regards to death benefits..

Alice is unable to receive a dependant pension.

True/False?

Answer 201

True

BTS

Question 202

Peter has died, aged 52, leaving an un-crystallised DC pension fund of £1,350,000. His DC pension provider currently does not offer any ‘pension freedom’ options. He is survived by a wife, Sue, and two daughters, Alice 24, and Sarah 18. With regards to death benefits..

Sarah is eligible for a dependant pensior for five years.

True/False?

Answer 202

True

BTS

Question 203

Peter has died, aged 52, leaving an un-crystallised DC pension fund of £1,350,000. His DC pension provider currently does not offer any ‘pension freedom’ options. He is survived by a wife, Sue, and two daughters, Alice 24, and Sarah 18. With regards to death benefits..

Sue, Alice, or Sarah could receive a lump sum from Peter’s DC scheme.

True/False?

Answer 203

True

BTS

Question 204

Charles is keen to reduce the tax liability on his UK equity portfolio. You correctly advise him that he may…


Dispose of his stocks & shares ISA, which is showing a loss, to offset equity portfolio gains.

True/False?

Answer 204

False

BTS

Question 205

Charles is keen to reduce the tax liability on his UK equity portfolio. You correctly advise him that he may…

Transfer ownership of his equity portfolio from himself to his RPS.

True/False?

Answer 205

True

BTS

Question 206

Charles is keen to reduce the tax liability on his UK equity portfolio. You correctly advise him that he may…

Transfer ownership of the equity portfolio into the names of his children.

True/False?

Answer 206

False

BTS

Question 207

Charles is keen to reduce the tax liability on his UK equity portfolio. You correctly advise him that he may…

Transfer ownership of the equity portfolio to his wife to utilise her CGT exemption.

True/False?

Answer 207

True

BTS

Question 208

Jasdeep, aged 56, is changing employers after one year, in July 2021, and is unsure of the best action to take in relation to her occupational DC scheme. She should be aware that…

a short-term refund of her personal contributions would not be available to her.

True/False?

Answer 208

True

BTS

Question 209

Jasdeep, aged 56, is changing employers after one year, in July 2021, and is unsure of the best action to take in relation to her occupational DC scheme. She should be aware that…

the preserved benefits she is entitled to would be revalued up to scheme NRD.

True/False?

Answer 209

False

BTS

Question 210

Jasdeep, aged 56, is changing employers after one year, in July 2021, and is unsure of the best action to take in relation to her occupational DC scheme. She should be aware that…

taking a CETV and transferring to her new employer’s scheme may be an option.

True/False?

Answer 210

True

BTS

Question 211

Jasdeep, aged 56, is changing employers after one year, in July 2021, and is unsure of the best action to take in relation to her occupational DC scheme. She should be aware that…

the asset allocation of any preserved benefits would be switched to low risk.

True/False?

Answer 211

False

BTS

Question 212

Jasdeep, aged 56, is changing employers after one year, in July 2021, and is unsure of the best action to take in relation to her occupational DC scheme. She should be aware that…

she could crystallise her benefits mmediately if scheme rules permit this.

True/False?

Answer 212

True

BTS