QFA PENSIONS SAMPLE PAPER 2
QUESTIONS WITH CORRECT ANSWERS
The mmacronym mmARF mmstands mmfor mmwhich mmof mmthe mmfollowing?
A mmApproved mmRetirement mmFund
B mmAnnual mmRetirement mmFund
C mmAutomatic mmRetirement mmFund
D mmAge mmRelated mmFunction mm- mmAnswer mmA mm
(i) mm- mmGlossary mm- mmPrologue
The mmearnings mmlimit mmfor mmpension mmcontributions mmis mmcurrently:
A mm€115,000
B mm€150,000
C mm€254,000
D mm€500,000 mm- mmAnswer mmA
(ii) mm- mmEarnings mmand mmage mmrelated mmlimits mm- mmPrologue
Which mmof mmthe mmfollowing mmis/are mmearned mmincome?
(i) mmRent
(ii) mmDeposit mminterest
(iii) mmSelf-employed mmtrading mmincome
A mm(iii) mmonly
B mm(i) mmand mm(ii) mmonly
C mm(ii) mmand mm(iii) mmonly
D mm(i), mm(ii) mmand mm(iii) mm- mmAnswer mmA
1.1 mm- mmMain mmTypes mmof mmPersonal mmFinancial mmNeeds
Personal mmsavings mmheld mmoutside mmof mma mmpension mmarrangement mmis mman
mmexample mmof mmwhich mmpillar mmof mmprovision mmfor mmretirement?
A mmFirst
,B mmSecond
C mmThird
D mmFourth mm- mmAnswer mmC mm
1.2.3 mm- mmThird mmPillar: mmPersonal mmSavings mm& mmInvestments
Continuing mmto mmwork mmpart mmtime mmafter mmretirement mmfrom mman mmindividual's
mmmain mmoccupation mmis mman mmexample mmof mmwhich mmpillar mmof mmprovision mmfor
mmretirement?
A mmFirst
B mmSecond
C mmThird
D mmFourth mm- mmAnswer mmD
1.2.4 mm- mmFourth mmPillar: mmContinued mmEarnings mmin mmRetirement
Ivan mmjoined mmthe mmcivil mmservice mmin mm1992. mmHe mmpays mmPRSI mmat mmwhich
mmclass?
A mmA
B mmB
C mmK
D mmS mm- mmAnswer mmB mm
2.2.1 mm- mmThe mmPRSI mmSystem
Aoife mmis mma mmproprietary mmdirector mmof mmher mmown mmcompany mmand mmis mmaged
mm56.
Aoife mmpays mmPRSI mmat mmwhich mmclass?
A mmA
B mmB
C mmD
D mmS mm- mmAnswer mmD
2.2.1 mm- mmThe mmPRSI mmSystem
Which mmone mmof mmthe mmfollowing mmfactors mmdoes mmNOT mmimpact mmon mmAlistair's
mmability mmto mmclaim mmthe mmState mmWidower's mm(Contributory) mmPension
mmfollowing mmthe mmrecent mmdeath mmof mmhis mmwife?
A mmHis mmlevel mmof mmincome mmfrom mmother mmsources
B mmWhether mmhe mmhas mmremarried mmsince mmhis mmwife's
death
C mmHis mmPRSI mmcontribution mmrecord
D mmHis mmlate mmwife's mmPRSI mmcontribution mmrecord mm- mmAnswer mmA mm
, 2.2.4 mm- mmThe mmState mmWidow's, mmWidower's mmor mmSurviving mmPartner's
mm(Contributory) mmPension
Which mmone mmof mmthe mmfollowing mmindividuals mmis mmNOT mmeligible mmfor mmthe
mmState mminvalidity mmpension?
A mmJonathan, mma mmcivil mmservant mmwho mmjoined mmthe mmpublic mmservice mmin
mm1990
B mmMelissa, mma mmself-employed mmdoctor
C mmHarry, mma mmworking mmproprietary mmdirector mmof mmhis
own mmcompany
D mmTanya, mman mmemployee mmof mma mmbank mm- mmAnswer mmA
2.2.5 mm- mmInvalidity mmPension
Owen, mmwho mmis mmsingle, mmis mmreceiving mmthe mmState mm(Non-Contributory)
mmPension.
This mmpension mmwill mmstop mmautomatically mmif mmOwen:
A mmmarries
B mmmoves mmabroad mmto mmlive mmin mmSpain mmpermanently
C mmstarts mmto mmcohabit mmwith mmsomeone mmelse
D mmbecomes mmliable mmto mmincome mmtax mm- mmAnswer mmB mm
2.3.1 mm- mmState mmPension mm(Non-Contributory)
Which mmone mmof mmthe mmfollowing mmdoes mmNOT mmhave mma mmsource mmof
mmrelevant mmearnings mmfor mmthe mmpurposes mmof mmeligibility mmto mmcontribute mmto
mma mmRetirement mmAnnuity mmContract?
A mmSeán, mman mmemployee mmwho mmis mmincluded mmin mmhis mmemployer's mmDC
mmpension mmscheme mmfor mmretirement mmbenefits
B mmAlice, mman mmemployee mmwho mmis mmincluded mmin mmher mmemployer's mmDC
mmpension mmscheme mmfor mmdeath- mmin-service mmbenefits mmonly
C mmJohn, mma mmself-employed mmelectrician
D mmMary, mma mmself-employed mmdoctor mm- mmAnswer mmA
3.2.1 mm- mmRAC
Employee mmPRSA mmcontributions mmare mmdeductible, mmwithin mmlimits, mmfor:
(i) mmincome mmtax
(ii) mmUSC
(iii) mmPRSI
QUESTIONS WITH CORRECT ANSWERS
The mmacronym mmARF mmstands mmfor mmwhich mmof mmthe mmfollowing?
A mmApproved mmRetirement mmFund
B mmAnnual mmRetirement mmFund
C mmAutomatic mmRetirement mmFund
D mmAge mmRelated mmFunction mm- mmAnswer mmA mm
(i) mm- mmGlossary mm- mmPrologue
The mmearnings mmlimit mmfor mmpension mmcontributions mmis mmcurrently:
A mm€115,000
B mm€150,000
C mm€254,000
D mm€500,000 mm- mmAnswer mmA
(ii) mm- mmEarnings mmand mmage mmrelated mmlimits mm- mmPrologue
Which mmof mmthe mmfollowing mmis/are mmearned mmincome?
(i) mmRent
(ii) mmDeposit mminterest
(iii) mmSelf-employed mmtrading mmincome
A mm(iii) mmonly
B mm(i) mmand mm(ii) mmonly
C mm(ii) mmand mm(iii) mmonly
D mm(i), mm(ii) mmand mm(iii) mm- mmAnswer mmA
1.1 mm- mmMain mmTypes mmof mmPersonal mmFinancial mmNeeds
Personal mmsavings mmheld mmoutside mmof mma mmpension mmarrangement mmis mman
mmexample mmof mmwhich mmpillar mmof mmprovision mmfor mmretirement?
A mmFirst
,B mmSecond
C mmThird
D mmFourth mm- mmAnswer mmC mm
1.2.3 mm- mmThird mmPillar: mmPersonal mmSavings mm& mmInvestments
Continuing mmto mmwork mmpart mmtime mmafter mmretirement mmfrom mman mmindividual's
mmmain mmoccupation mmis mman mmexample mmof mmwhich mmpillar mmof mmprovision mmfor
mmretirement?
A mmFirst
B mmSecond
C mmThird
D mmFourth mm- mmAnswer mmD
1.2.4 mm- mmFourth mmPillar: mmContinued mmEarnings mmin mmRetirement
Ivan mmjoined mmthe mmcivil mmservice mmin mm1992. mmHe mmpays mmPRSI mmat mmwhich
mmclass?
A mmA
B mmB
C mmK
D mmS mm- mmAnswer mmB mm
2.2.1 mm- mmThe mmPRSI mmSystem
Aoife mmis mma mmproprietary mmdirector mmof mmher mmown mmcompany mmand mmis mmaged
mm56.
Aoife mmpays mmPRSI mmat mmwhich mmclass?
A mmA
B mmB
C mmD
D mmS mm- mmAnswer mmD
2.2.1 mm- mmThe mmPRSI mmSystem
Which mmone mmof mmthe mmfollowing mmfactors mmdoes mmNOT mmimpact mmon mmAlistair's
mmability mmto mmclaim mmthe mmState mmWidower's mm(Contributory) mmPension
mmfollowing mmthe mmrecent mmdeath mmof mmhis mmwife?
A mmHis mmlevel mmof mmincome mmfrom mmother mmsources
B mmWhether mmhe mmhas mmremarried mmsince mmhis mmwife's
death
C mmHis mmPRSI mmcontribution mmrecord
D mmHis mmlate mmwife's mmPRSI mmcontribution mmrecord mm- mmAnswer mmA mm
, 2.2.4 mm- mmThe mmState mmWidow's, mmWidower's mmor mmSurviving mmPartner's
mm(Contributory) mmPension
Which mmone mmof mmthe mmfollowing mmindividuals mmis mmNOT mmeligible mmfor mmthe
mmState mminvalidity mmpension?
A mmJonathan, mma mmcivil mmservant mmwho mmjoined mmthe mmpublic mmservice mmin
mm1990
B mmMelissa, mma mmself-employed mmdoctor
C mmHarry, mma mmworking mmproprietary mmdirector mmof mmhis
own mmcompany
D mmTanya, mman mmemployee mmof mma mmbank mm- mmAnswer mmA
2.2.5 mm- mmInvalidity mmPension
Owen, mmwho mmis mmsingle, mmis mmreceiving mmthe mmState mm(Non-Contributory)
mmPension.
This mmpension mmwill mmstop mmautomatically mmif mmOwen:
A mmmarries
B mmmoves mmabroad mmto mmlive mmin mmSpain mmpermanently
C mmstarts mmto mmcohabit mmwith mmsomeone mmelse
D mmbecomes mmliable mmto mmincome mmtax mm- mmAnswer mmB mm
2.3.1 mm- mmState mmPension mm(Non-Contributory)
Which mmone mmof mmthe mmfollowing mmdoes mmNOT mmhave mma mmsource mmof
mmrelevant mmearnings mmfor mmthe mmpurposes mmof mmeligibility mmto mmcontribute mmto
mma mmRetirement mmAnnuity mmContract?
A mmSeán, mman mmemployee mmwho mmis mmincluded mmin mmhis mmemployer's mmDC
mmpension mmscheme mmfor mmretirement mmbenefits
B mmAlice, mman mmemployee mmwho mmis mmincluded mmin mmher mmemployer's mmDC
mmpension mmscheme mmfor mmdeath- mmin-service mmbenefits mmonly
C mmJohn, mma mmself-employed mmelectrician
D mmMary, mma mmself-employed mmdoctor mm- mmAnswer mmA
3.2.1 mm- mmRAC
Employee mmPRSA mmcontributions mmare mmdeductible, mmwithin mmlimits, mmfor:
(i) mmincome mmtax
(ii) mmUSC
(iii) mmPRSI
