Test your knowledge of Pensions Reform and Automatic-Enrolment

Test your knowledge of Pensions Reform and Automatic-Enrolment

Last month we asked if you were ready for Pensions Reform and if you knew your organisation’s staging date. More than half of you said no! Take our quiz to see what you do and don’t know…

Too easy?
81%
of people
got this right! 1 Automatic-enrolment will help address the historical issues that prevent people from saving into a pension scheme. What are these issues?

Pensions saving being complicated and confusing
People simply not getting around to it
A lack of suitable pension products being available for people on low to moderate incomes
Lack of employer pension provision, particularly in smaller firms
All of the above

No excuses!
71%
of people
knew the answer 2 Workers who need to be automatically enrolled are called ‘eligible jobholders’. An eligible jobholder is?

Aged between 22 and state pension age
Working, or ordinarily working, in the UK
Earning above a certain amount (set by Government)
All of the above

No excuses!
88%
of people
knew the answer 3 All employers with at least one worker, regardless of their age or earnings, must do what prior to their staging date?

Register with The Pensions Regulator
Attend a briefing on automatic-enrolment
Visit the DWP

No excuses!
72%
of people
knew the answer 4 The first staging date for employers with over 120,000 employees happens when?

1 September 2012
1 October 2012
1 November 2012

No excuses!
68%
of people
knew the answer 5 As an employer you must be able to do what?

Keep track of the ages and earnings of everyone who works for them at all times
Know the reason if an employee chooses to opt out
Tell every employee they have to opt in

Will you join the
85%
of gurus who
got this right? 6 Which of the following is the Government introducing to provide a state-led pension alternative for employers?

National Employment Savings Trust (NEST)
Local Government Pension Scheme (LGPS)
UK Savings Trust Account (USTA)

No excuses!
50%
of people
knew the answer 7 In 2012 the total legal minimum contribution will start at how much of a worker’s qualifying earnings?

2%
3%
4%

No excuses!
73%
of people
knew the answer 8 It's illegal to encourage employees to do what?

Opt out or give up active membership of the pension scheme
Offer another benefit/cash alternative to opting in
All of the above

Looks like
82%
of your peers
answered correctly 9 If a jobholder opts out of the pensions scheme, does the employer still have to pay a contribution on their behalf?

Yes
No

Will you join the
90%
of gurus who
got this right? 10 Can employers use a group personal pension (GPP) and a group self-invested personal pension (GSIPP) as an automatic-enrolment scheme?

Yes, as long as they meet the qualifying criteria
No