Pensions  

Guide to Workplace Pensions

  • Describe the implications of auto-enrolment
  • Describe how collective defined contribution schemes work
  • Explain some of the issues with Defined benefit transfers
CPD
Approx.60min
Guide to Workplace Pensions

Introduction

Workplace pensions have undergone a revolution in recent years, due to auto-enrolment and the arrival of pension freedoms.

At the same time, people are being forced to become aware of a pension scheme, if they have not done so already, and are suddenly being made to take responsibility for it, when it comes to taking their income.

This has made  life much more complicated for individuals with pension savings, especially as those belonging to a defined benefit pension scheme are wanting to take advantage of pension freedoms as well.

Managing this is far from straightforward: are the right people getting access to a pension scheme? What are they doing with the money once they come to retire? And are they saddling advisers with  problems if they insist on cashing in their DB pension?

On top of this we have the impending arrival of a new form of workplace saving: the collective defined contribution scheme.

All this means that adviser involved in the workplace pensions arena, and have their work cut out to make sure they are delivering the right advice.

This guide is worth an indicative 60 minutes CPD.

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to the first feature, those missing out on auto-enrolment include those earning £10,000 or less in a single job, true or false?

  2. According to the first feature, why do many people believe that an 8 per cent contribution is enough to retire on?

  3. According to the second feature, what has happened to some people who have not thought through the lump sum encashment properly?

  4. According to the third feature, a Collective Defined Contribution Scheme guarantees a future income, true or false?

  5. According to the third feature, what is a major advantage of a CDC scheme over a conventional DC scheme?

  6. What has happened to premiums for PI insurance for advisers doing DB transfers?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe the implications of auto-enrolment
  • Describe how collective defined contribution schemes work
  • Explain some of the issues with Defined benefit transfers

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