Pension Basic Calculation: Quiz!

10 Questions | Total Attempts: 142

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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.


Questions and Answers
  • 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

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