Defined Benefit
Where do member contributions go?
Member conributions go into pooled funds with their colleagues and employers. Managed by the employer, who bares the risk and cost.
Where do member contributions go?
Memeber contribution goes into an individual fund. The member bare the risk and the cost.
What system would I use to find out if a document has been received from the member to us?
Sharepoint
What does IFA stand for?
Independent Financial Adviser
What three communication techniques do we need to utilies when speaking to a member?
Pitch, Pace and Tone
What are the standard retirement options?
Full annual pension broken down into mothly payments.
Up to 25% tax free cash and a lower mothly payment (reduced pension)
What retired options are available for DC members?
Full withdrawal (UFPLS)
Perchase annuity
Take 25% cash free cash and perchase redused annuity
Flex access drawdown
What system would I use when a member calls in to leave a call note and book a job?
Either TML or IDVR system
What does AVC stand for?
x2 If you can explain what it is
Additional Voluntary Contributions
Extra contributions made by an active member to increase their pension benefits.
These can be regular payments or one-off lump sums, depending on the scheme rules.
The agent can choose two additional checks to go alongside the members full name (which is mandatory) to verify the caller's identity.
What are the SEVEN options?
• National Insurance Number (NINO)
• Date of Birth (DOB)
• Full Address (including postcode)
• Employee Reference Number
• Date of Joining the Pension Scheme (DOJ)
• Date of Leaving the Pension Scheme (DOL)
• Pension Number (applicable to DB members with an active payroll record)
What is the difference between final salary and CARE?
Final salary is based on the members highest salary from the last three years of employment and CARE is is based on your career average.
CARE - Career Average Revalued Earnings
True or False
Memebers get a annual statement automatically even when they are preserved or deferred?
True
What platform enables members to view and manage their information online?
OneView
What does CETV Stand for?
Cash Equivalent Transfer Value
What is salary sacrifice in a pension scheme?
A method where employees give up a portion of their salary, and the employer contributes this amount directly to their pension.
This reduces National Insurance contributions for both the employer and employee.
What would you do if a member requested a fund value?
Advise that their pension is a DB scheme, meaning all cointributions go into a pooled fund. If active you can advise an annual statement, if preserved or deferred you can offer a re valued statement (PUP)
What are the two investment stratagies that a member can chose?
Lifestyle (Hands off approach)
Freestyle (Hands on approach)
There is no TML or IDVR record to book a job or leave my call note - What system should I use?
Bizflow
What does GMP stand for?
Guaranteed Minimum Pension
What is the difference between ‘Switching’ and ‘Redirecting’ pension investments?
Switching: Moving already invested money from one fund to another.
Redirecting: Changing where future contributions will be invested, but leaving past investments unchanged.
What is Trivial Commutation?
If the member is over 55 and total of ALL of their pensions (DB, DC, in payment, not yet taken) is under £30,000 then they will have the option to take all of these pensions as lump sums.
Why do DC pensions not have any guarantees?
It is based on the members indervidual fund value that is invested and will fluctuate
Member wants to know how much he got paid this month and his tax. Which system should I use?
Open
What does UFPLS stand for?
Uncrystallised Fund Pension Lump Sum
What happens if you get a fail on a change of address call on IDU?
Read closing script , take a screengrab of the IDU result and send it to contacts via email. upload the email to SharePoint. put the new address in your case notes and create a follow on member data updates work item