April PKT

Payroll team deducts tax every month on pension or lumpsum paid to retired members and pays tax to which governing body?

• Trustee

• HMRC

• TPR

• Department of Work and pension

A small dependent pension can be converted to trivial commutation lumpsum death benefit and will extinguish any further benefit rights of the dependent.

• True

• False

As per legislation post 88 GMP should not be increased by Private Pension Scheme which is in payment.

• True

• False

Mr Ryan left a Scheme on 10 October 2010 where he has Pre 88 GMP of £250.54 pa and Post 88 GMP of £851.98 pa. If the scheme follows Fixed Rate Revaluation, how much will the GMP be at DOR if he retired on 20 July 2023 at age 65.

• £401.44

• £1,363.44

• £1,250.58

• £1,764.88

If a member is a part of contracted out Scheme and is eligible for GMP benefits which portion of

GMP will be affected by GMP equalization.

• GMP calculated between 17 May 1990 till 5 April 1997

• GMP calculated between 6 April 1978 till 5 April 1988

• GMP calculated between 6 April 1988 till 5 April 1997

• None of the above

If member’s service is of 25 months then options are provided at leaving the scheme:

• Short Service Refund Lumps Sum (SSRLS)

• Preserved Benefit or Transfer Out

• Preserved Benefit or Transfer Out or Early Retirement

• Preserved Benefit or Transfer Out Or Refund

How is GMP and Excess revalued:

• Tax years and complete years respectively

• Complete years and tax years respectively

If entitlement to a PCELS arises on 7 April 2024, what is the latest date it can be paid.

• 6 April 2025

• 6 October 2024

• 6 April 2024

• There is no time limit

What is the LSA for members with Enhanced Protection?

• £268,275.00

• £375,000.00

• £500,000.00

• £450,000.00

What is the correct Procedure for handling transactions or activities involving territories under sanctions

• Continue with the transactions as planned without any additional steps

• Escalate imediately to the Financial Crime Team or use internal email if external email is not an option

• Document the activity internally and monitor for any further occurences

• Consult with the legal department for advice on how to proceed.