State Pension Quiz

Which of these is the main purpose of a pension?

• To fund luxury vacations during retirement.
• To invest in high-risk stocks for quick gains.
• To save for a child's education.
• To provide financial security in retirement.

Which of these is NOT a way of enrolling into a pension?

• Workplace Pension

• Private Pension

• Steak Pension

• State Pension

In UK Pensions, what is the triple lock guarantee?

• The triple lock guarantee ensures that the UK state pension increases by the highest of inflation, average earnings growth, or 2.5% each year.
• The triple lock guarantees a fixed pension amount each year.
• The triple lock only applies to private pensions in the UK.
• The triple lock ensures pensions increase by 3% annually.

True or False: Men and Women have different state pension retirement ages.

• True
• Men have a higher retirement age
• False
• Women have a lower retirement age

What is the current state pension retirement age in the UK?

• 50 years old

• 66 years old
• 65 years old
• 70 years old

What is the current state pension minimum contribution threshold?

• £7,200
• £6,240
• £6,800
• £5,500

What percentage of your pension do you gain for deferring your pension by a year?

• 0% increase
• 5% to 10% increase
• 15% to 20% increase
• 3% increase

What is the main benefit of investing in a pension rather than other investments?

• Higher potential returns than stocks.
• Guaranteed income for life regardless of contributions.
• No fees associated with management or withdrawals.
• Tax advantages and employer contributions.

What do you pay in order to fund your state pension?

• Income Tax

• National Insurance contributions
• Property tax fees
• Bank fees

True or False: Having just the state pension at retirement age will allow you to live a comfortable lifestyle.

• True
• False