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Pensions and Retirement Planning: Incentives and Disincentives

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Pensions and Retirement Planning: Incentives and Disincentives

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Questions and Answers

What is the minimum amount that 'pensionable pay' can be in Set 1?

Basic pay (correct)

85% of average pay

Average pay

Maximum pay

When can an employer use Set 2 to define 'pensionable pay'?

When the average pay is 95% or more

When the average pay is 90% or more

When the average pay is 75% or more

When the average pay is 85% or more (correct)

What happens when a jobholder chooses to opt-out of a pension scheme?

They are considered to have never been a member of the scheme (correct)

They are re-enrolled on the re-enrolment date

They are entitled to join a different scheme

They are no longer eligible for the scheme

What is the right of an entitled worker?

To join a pension scheme, but not necessarily an automatic enrolment scheme (D) Signup and view all the answers

What happens when a jobholder chooses to contribute at a lower rate than required by legislation?

The scheme is no longer qualifying for them (D) Signup and view all the answers

What is the right of an eligible jobholder who has previously opted out?

To opt back in to the pension scheme (A) Signup and view all the answers

What is the minimum amount of earnings that must be pensionable?

All earnings (A) Signup and view all the answers

When must a jobholder be re-enrolled into a qualifying automatic enrolment scheme?

On the re-enrolment date (D) Signup and view all the answers

What is the definition of 'opting out' in the context of pension schemes?

Undoing active membership of a pension scheme (B) Signup and view all the answers

Who has the right to opt in to a pension scheme?

Only non-eligible jobholders (C) Signup and view all the answers