1. QFA Pensions Sample Questions

2. The Third Pillar of provision for retirement is: AThe State Pension System BPersonal Pension Provision C Occupational Pension Schemes D Personal savings & investments Sample Question

3. Which one of the following is considered to be unearned income ? A Income from a part time job BRental income CIncome from a self employed trade DIncome from a self employed occupation

4. Which one of the following could be either defined benefit or defined contribution ? A AVCs paid to a PRSA B AVCs paid to an occupational pension scheme C A Personal Pension Plan D A PRSA Sample Question

5. Income from a self-employed trade is assessed for Income Tax under: A Schedule D, Case I BSchedule F C Schedule E D Schedule D, Case II Sample Question

6. Which one of the following is NOT subject to self-assessment for income Tax purposes? A A Proprietary director whose only income is subject of PAYE? BA self employed electrician CAnyone over age 65 DAn employee (not a director) whose only income is subject to PAYE Sample Question

7. A taxpayer subject to self-assessment must pay (not using ROS online) preliminary income tax for 2006 by which date? A31 st October 2005 B31 st December 2006 C5 th April 2006 D31 st October 2006 Sample Question

8. Dividends received by an individual from an Irish company are assessed to income tax under: ASchedule D, Case I BSchedule F C Schedule E D Schedule D, Case II Sample Question

9. What Corporation TAX rate applies in 2006 to the trading profits of companies? A 7.5% B12.5% C20% D25% Sample Question

10. A proprietary director pays PRSI at which class?ABCD Sample Question

11. Mary has received an inheritance of €600,000 from her Father in September 2006. Earlier in 2006 she received a separate inheritance of €200,000 from her Aunt (i.e. her mother’s sister). Prior to 2006 she had not received any other gift or inheritance from any source. What inheritance Tax, if any, does Mary have to pay on the inheritance received from her Father? A€64,369 B€120,000 C€24,369 DNill Sample Question

12. The State Invalidity Pension can NOT be claimed by: AProprietary directors BCivil Servants recruited after 6 th April 1995 C Part time employees in the private sector D Full time employees in the private sector Sample Question

13. Entitlement to which one of the following State Pensions is subject to a means test? A State Pension (Transition) BState Pension (Contributory) CState Pension (Non Contributory) DState Widows Pension (Contributory) Sample Question

14. At what age does the State Pension (Transition) become payable? A 65 B66 C67 D70 Sample Question

15. John is in pension able employment and contributes 5% pa of his €100,000 pa pensionable earnings to his employer’s pension scheme. He also has separate self employed net relevant earnings of €250,000 pa. John is aged 48. What is the maximum Personal Pension Plan contribution he can get tax relief on in 2006, assuming he contributes to no other pension arrangement in 2006? A€38, 500 B€62, 500 C€76, 200 D€46, 200 Sample Question

16. The benefit payable under a Permanent Health Insurance policy is: A Tax Free BSubject to exit tax CLiable to Income tax DTax free up to annual limit of €12, 700 pa Sample Question

17. What is the limit for tax relief on Permanent Health Insurance (PHI) premiums? A10% pa of income B15% pa of income C15% pa of income, increasing at age 30 and over D5% pa of income Sample Question

18. What is the latest age at which an individual must normally take retirement benefits from a Personal Pension Plan? A70 th birthday B75 th birthday C55 th birthday D65 th birthday Sample Question

19. The Proceeds on death of a Section 785 life assurance policy are payable to: A The deceased’s next of kin BThe deceased’s spouse CTrustees of the policy DThe deceased’s estate Sample Question

20. John is now retiring and drawing on his Personal Pension Plan. The Plan has an accumulated value of €250,000 Assuming John is not currently receiving any other pension income, and has not previously invested in an AMRF or annuity, what is the maximum amount John can transfer to an ARF from the proceeds of the Personal Pension Plan. A€62,500 B€63, 500 C€124,000 D€187,500 Sample Question

21. What is the maximum guarantee period a pension arising under a Personal Pension Plan can have? A10 yrs B5 yrs C3 yrs D 20 yrs Sample Question