Pension Basic Calculation: Quiz!
(169).jpg "Pension Basic Calculation: Quiz!")
Most people save up a pension fund to save them on a rainy day or to give them some income when they retire. Most people are introduced to different ways through which you can calculate the total amount you will get a pension. Below are a basic pension calculation, and trivia questions give it a try and see how well you understand it.
- 1.What is the current standard lifetime allowance limit?
- A.
£1,800,000.00
- B.
£1,250,000.00
- C.
£1,500,000.00
- D.
£1,600,000.00
- 2.What was the standard lifetime allowance limit in December 2007?
- A.
£1,500,000.00
- B.
£1,800,000.00
- C.
£1,650,000.00
- D.
£1,600,000.00
- 3.When can the client request a review?
- A.
At any point they want
- B.
On their next policy anniversary
- C.
On their Birthday
- D.
On 6th April each tax year
- 4.If a client requests a review, when will it apply to their pension?
- A.
At any point they want
- B.
On their Birthday
- C.
On their next policy anniversary
- D.
On 6th April each tax year
- 5.How many days prior to a review date can a review be done?
- A.
10 days
- B.
30 days
- C.
60 days
- D.
90 days
- 6.When can a client top up their pre-A-Day pension?
- A.
Never
- B.
At any point they want
- C.
6th April
- D.
On the client's 75th Birthday
- 7.David's brother Pat is 60 years old and also has a pension pot of £104,600.00. If he were to crystallize his pension today using a GAD rate of £49.00, what would his maximum GAD income be?
- A.
£6,150.48
- B.
£4,612.86
- C.
£5,125.40
- D.
£3,844.05
- 8.Calculate the standard lifetime allowance usage of the following: IAS states an event date of 01/12/2012 – The Lump Sum (BCE6) is showing as an amount of £9,000.
- A.
0.51%
- B.
0.23%
- C.
0.54%
- D.
0.60%
- 9.An adviser has requested that we refund contributions back to a client from their pension. Can this be done?
- A.
It is not possible to refund contributions back to a client from their pension
- B.
It is possible to refund contributions over and above the client's level of earnings - we will ask the client to write to us incorporating a special declaration
- C.
It is possible to refund contributions back to the client with no questions asked
- D.
It is possible to refund contributions back to the client so long as their financial adviser agrees that the payment was made in error
- 10.David is a 46-year-old plumber who has a pension worth £104,600.00. If he were to request his Tax-Free Cash today, how much would he get?
- A.
£0.00
- B.
£26,150.00
- C.
£20,920.00
- D.
£52,300.00
Questions: 15 | Attempts: 2481 | Last updated: Jan 19, 2017
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