Pension Quiz

What is a pension?

• A way to save money for later in your life

• A type of loan from the government

• A form of tax relief

• A type of insurance

What are the two main sources of pensions?

• State Pension and private loans

• State Pension and money from pension schemes

• Private loans and employer contributions

• Tax relief and insurance

What tool can you use to get an estimate of your income when you retire?

• Pension calculator

• Tax relief calculator

• Loan estimator

• Insurance calculator

What is a workplace pension?

• A pension arranged by your employer where both you and your employer pay into it

• A pension you arrange yourself without employer contributions

• A government-funded pension

• A type of insurance policy

What is a personal and stakeholder pension?

• A private pension that you pay into, which can also be contributed to by employers

• A government-funded pension

• A pension only for stakeholders in a company

• A type of insurance policy

What does the Additional State Pension depend on?

• Your age and gender

• Your National Insurance contributions

• Your earnings and whether you claim certain benefits

• Your marital status

What is a protected payment?

• Any amount over the full new State Pension that you get from your National Insurance contributions or credits from before 6 April 2016.

• Any amount under the full new State Pension that you get from your National Insurance contributions or credits from before 6 April 2016.

• Any amount over the full new State Pension that you get from your National Insurance contributions or credits from after 6 April 2016.

• Any amount under the full new State Pension that you get from your National Insurance contributions or credits from after 6 April 2016.

What are the factors that determine how much you get from most workplace and personal pensions?

• The amount you’ve paid in, how well the pension fund’s investments have done, your age and sometimes your health.

• The amount you’ve paid in, your job title, your age and sometimes your health.

• The amount you’ve paid in, how well the pension fund’s investments have done, your job title.

• The amount you’ve paid in, your job title, your age.

At what age and under what conditions must your employer automatically enroll you in a workplace pension scheme?

• Over 22 and under State Pension age, and earn more than £10,000 a year.

• Over 18 and under State Pension age, and earn more than £10,000 a year.

• Over 22 and under State Pension age, and earn more than £15,000 a year.

• Over 18 and under State Pension age, and earn more than £15,000 a year.

Why might you want a personal or stakeholder pension?

• To save extra money for later in life

• To spend money on vacations

• To avoid paying taxes

• To buy a new car