TAP Basic 1

What can people have in Retirement?

• State Pension

• Private Pension Scheme

• Personal Savings

• All of the above

When was the first Pension Scheme introduced and what was it named?

• 1908 - Old Age Pension Scheme

• 1907 - First Pension Scheme

• 1925 - Contributory Pension Scheme

• 1946 - State Pension Scheme

Which of the following is not a type of Private Pension Scheme?

• SSAS

• RAC

• OPS

• EPB

What is the Full form of DWP

• Department for Works and Pension

• Duty for Women and Pension

• Department of works and Pension

• Divison for Works and Pension

Who is a Beneficiary

• A person entitled to draw benefits from the Scheme

• A person entitled to draw benefits from the Employer

• A person entitled to draw benefits from Authorised Sources

• A person entitled to draw benefits from Government

Who must contribute to a Defined Benefits Scheme

• Employer

• Employee

• Employer and Employee

• State Government

By when must the contributions must be paid?

• Contributions must be paid by 22nd (19th if paid by cheque)

• Contributions must be paid by 19th (22nd if paid by cheque)

• Contributions must be paid by 2nd (9th if paid by cheque)

• Contributions must be paid by 9th (2nd if paid by cheque)

What are the options available for any DB Scheme

• Full Pension or PCLS and RP

• Full Pension, PCLS and RP or Transfer Out

• Only Full Pension

• Only PCLS and RP

Calculate the Annuity for the fund value of £752130.00 with a Joint life factor of 16.103

• 47008.13

• 46707.45

• 46716.15

What is the BCE event in terms of Lump sum

• BCE 2

• BCE 6

• BCE 1

• BCE 4