FA2 Dates and Timescales

Question 1

How long does the faster payments service method take?

Answer 1

Instant

Question 2

How much notice is required to ammend a direct debit?

Answer 2

14 days

Question 3

How long for GPR held by doctor if requested to see before insurance company?

Answer 3

21 days

Question 4

What is the cancellation right on all new pension related products?

Answer 4

30 days

Question 5

What is the maximum allowable period for short service refund on a DC scheme?

Answer 5

30 days

Question 6

How long does a pension provider have to send a flexi access statement after a BCE

Answer 6

31 days

Question 7

What is the QROPS reporting period to HMRC?

Answer 7

60 days

Question 8

What is the maximum period for pension credit to be sent to estranged spouses pension?

Answer 8

4 months

Question 9

How long to complain to FOS after final response from firm

Answer 9

6 months

Question 10

How long for medical report held by doctor for viewing post-despatch to insurance company

Answer 10

6 months

Question 11

What is the maximum service to qualify for a short service refund?

Answer 11

2 years

Question 12

How long do records need to be kept for all pensions OTHER than FSAVC/Opt Outs/Transfers

Answer 12

5 years

Question 13

What is the max time between DB actuarial valuations?

Answer 13

3 years

Question 14

What is the min NICs to qualify for any state pension?

Answer 14

10 years

Question 15

What is the maximum guaranteed period on scheme pensions?

Answer 15

10 years

Question 16

What are the NICs required to qualify for full state pension?

Answer 16

35 years

Question 17

How long do records of FSAVCs/Opt Out/Transfers need to be kept?

Answer 17

Forever

Question 18

What is the AMC on NEST

Answer 18

0.3%

Question 19

What is the AMC after 10 years on stakeholders?

Answer 19

1%

Question 20

What is the AMC for first 10 years on stakeholders?

Answer 20

1.5%

Question 21

What is the initial charge on NEST?

Answer 21

1.8%

Question 22

What is the revaluation and escalation cap for Non-GMP DB Benefits (CPI capped at…)

Answer 22

2.5%

Question 23

What is the reduction in LTA per complete year for legacy occupational early retirement?

Answer 23

2.5%

Question 24

What is the minimum employer contribution for Auto Enrolment?

Answer 24

3%

Question 25

What is the escalation cap for GMP DB Benefits?

Answer 25

3%

Question 26

What is the minimum employee contribution for Auto Enrolment?

Answer 26

5%

Question 27

What is the unauthorised payment surcharge rate?

Answer 27

15%

Question 28

What is the short service refund tax charge on first £20k?

Answer 28

20%

Question 29

What is the annual allowance charge? (Payable at marginal rate BR/HR/AR)

Answer 29

20/40/45%

Question 30

What is the increase in contribution/% of PCLS recycled before issues?

Answer 30

30%

Question 31

What is the unauthorised payment charge rate?

Answer 31

40%

Question 32

What is the short service refund tax charge above £20k

Answer 32

50%W

Question 33

What is the increase in company pension contributions before spreading is considered?

Answer 33

210%

Question 34

What is the minimum contribution to stakeholders?

Answer 34

£20

Question 35

What is the amount that any UK resident can contribution to a RPS without supporting NREs?

Answer 35

£3600

Question 36

What is the TPR fine limit for trustees/individuals?

Answer 36

£5000

Question 37

What is the auto enrolment non-eligible job holder minimum income

Answer 37

£6240

Question 38

What is the PCLS limit before any consideration for recycling?

Answer 38

£7500

Question 39

What is the auto-enrolment eligible job holder minimum income?

Answer 39

£10k

Question 40

What is MPAA?

Answer 40

£10K

Question 41

What is TAA?

Answer 41

£10k

Question 42

What is the CETV level for mandatory advice on DB transfers?

Answer 42

£30k

Question 43

What is the TPR fine limit for sponsoring employers?

Answer 43

£50k

Question 44

What is the auto enrolment eligible jobholder upper limit?

Answer 44

£50 270

Question 45

What is annual allowance?

Answer 45

£60k

Question 46

What is the Tapered Annual Allowance threshold income level?

Answer 46

£200k

Question 47

What is the Tapered Annual Allowance adjusted income level?

Answer 47

£260k

Question 48

Maximum compensation from FOS

Answer 48

£415K

Question 49

What is the excess contribution limit for company contribution spreading to be considered?

Answer 49

£500k

Question 50

What is LTA?

Answer 50

£1073100

Question 51

What is the fixed protection 2016 limit?

Answer 51

£1,250,000

Question 52

What is the fixed protection 2014 limit?

Answer 52

£1,500,000

Question 53

What is the fixed protection 2012 limit?

Answer 53

£1,800,000

Question 54

What was LTA on A Day?

Answer 54

£1,500,000

Question 55

What is underpinned LTA?

Answer 55

£1,800,000

Question 56

What is the annual allowance ratio for DB contributions or increased income after CPI adjustment?

Answer 56

16:1

Question 57

What is the LTA ratio for post A-Day BCE?

Answer 57

20:1

Question 58

What is the LTA ratio for pre A-Day BCE?

Answer 58

25:1

Question 59

What is the final day for any reportable event?

Answer 59

31st Jan

Question 60

When is TYE

Answer 60

5th April

Question 61

When is TY start?

Answer 61

6th April

Question 62

What is the benefit in kind advise date following end of tax year?

Answer 62

6th July

Question 63

What is the final day for pension savings statement to be sent by product provider?

Answer 63

6th October

Question 64

What is the date for pension contributions to be sent to provider after wages deduction?

Answer 64

22nd monthly

Question 65

What is the number of small pot commutations in lifetime?

Answer 65

3

Question 66

Minimum age to start drawing personal pension benefits

Answer 66

55

Question 67

What is the State Pension Age

Answer 67

66

Question 68

What is the max age for tax relieved pension contributions?

Answer 68

75

Question 69

What is the max age before legacy benefits are income tax-free?

Answer 69

75