Pension Quiz

Inheritance Tax Quiz

1. How much of a pension can usually be taken tax free?

Correct! Wrong!

The rest is taxed as income when it is withdrawn.

2. Most personal pensions set an age when you can start taking money from them. What is it?

Correct! Wrong!

There are some circumstances when you may be able to take money from your pension even earlier than 55, such as if you’re in poor health.

3. If you retire at 60 can you claim your state pension?

Correct! Wrong!

You can only start claiming the state pension from a specific age. By the end of 2018 this will be 65-years-old for both women and men.

4. How much tax relief can you get when you pay into your pension as a basic rate tax payer?

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If you are a higher or additional rate tax payer you can claim the additional tax back so that you receive 40% and 45% tax relief.

5. What is the annual allowance someone can pay into a pension? (2017/18)

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You may be able to carry forward unused allowances from the previous three tax years, although a lower limit of £4,000 may apply if you have already started drawing a pension.

6. What age can you start paying into a pension?

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Anyone can start a pension for a child and receive tax relief on the contributions.

7. Can you transfer your pension(s) to different providers?

Correct! Wrong!

Although it’s strongly suggested you seek independent financial advice when doing so to ensure you understand any costs, benefits and risks involved.

8. If you do not have any earned income how much can you pay into a personal pension?

Correct! Wrong!

A maximum of £3,600 gross per annum, which is a net contribution of £2,880.

9. How many years do you have to pay national insurance to get full state pension?

Correct! Wrong!

You need a total of 35 qualifying years. This means you were either working and paying National insurance or receiving NI credits for a minimum of 35 years.

10. At what age must your employer enrol you into a workplace pension?

Correct! Wrong!

Anyone between 22 and the state pension age, earning at least £ 10,000 per year must be enrolled into a pension scheme.

Pension Quiz
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