QFA Pensions Sample Paper 2 Exam
Questions And Answers
The acronym ARF stands for which of the following?
A Approved Retirement Fund
B Annual Retirement Fund
C Automatic Retirement Fund
D Age Related Function - ANS A
(i) - Glossary - Prologue
The earnings limit for pension contributions is currently:
A €115,000
B €150,000
C €254,000
D €500,000 - ANS A
(ii) - Earnings and age related limits - Prologue
Which of the following is/are earned income?
(i) Rent
(ii) Deposit interest
(iii) Self-employed trading income
A (iii) only
B (i) and (ii) only
C (ii) and (iii) only
D (i), (ii) and (iii) - ANS A
1.1 - Main Types of Personal Financial Needs
Personal savings held outside of a pension arrangement is an example of which pillar of
provision for retirement?
,A First
B Second
C Third
D Fourth - ANS C
1.2.3 - Third Pillar: Personal Savings & Investments
Continuing to work part time after retirement from an individual's main occupation is an example
of which pillar of provision for retirement?
A First
B Second
C Third
D Fourth - ANS D
1.2.4 - Fourth Pillar: Continued Earnings in Retirement
Ivan joined the civil service in 1992. He pays PRSI at which class?
AA
BB
CK
D S - ANS B
2.2.1 - The PRSI System
Aoife is a proprietary director of her own company and is aged 56.
Aoife pays PRSI at which class?
AA
BB
CD
D S - ANS D
2.2.1 - The PRSI System
Which one of the following factors does NOT impact on Alistair's ability to claim the State
Widower's (Contributory) Pension following the recent death of his wife?
A His level of income from other sources
B Whether he has remarried since his wife's
death
C His PRSI contribution record
D His late wife's PRSI contribution record - ANS A
, 2.2.4 - The State Widow's, Widower's or Surviving Partner's (Contributory) Pension
Which one of the following individuals is NOT eligible for the State invalidity pension?
A Jonathan, a civil servant who joined the public service in 1990
B Melissa, a self-employed doctor
C Harry, a working proprietary director of his
own company
D Tanya, an employee of a bank - ANS A
2.2.5 - Invalidity Pension
Owen, who is single, is receiving the State (Non-Contributory) Pension.
This pension will stop automatically if Owen:
A marries
B moves abroad to live in Spain permanently
C starts to cohabit with someone else
D becomes liable to income tax - ANS B
2.3.1 - State Pension (Non-Contributory)
Which one of the following does NOT have a source of relevant earnings for the purposes of
eligibility to contribute to a Retirement Annuity Contract?
A Seán, an employee who is included in his employer's DC pension scheme for retirement
benefits
B Alice, an employee who is included in her employer's DC pension scheme for death-
in-service benefits only
C John, a self-employed electrician
D Mary, a self-employed doctor - ANS A
3.2.1 - RAC
Employee PRSA contributions are deductible, within limits, for:
(i) income tax
(ii) USC
(iii) PRSI
A (i) only
B (i) and (iii) only
C (ii) and (iii) only
D (i), (ii) and (iii) - ANS D
Questions And Answers
The acronym ARF stands for which of the following?
A Approved Retirement Fund
B Annual Retirement Fund
C Automatic Retirement Fund
D Age Related Function - ANS A
(i) - Glossary - Prologue
The earnings limit for pension contributions is currently:
A €115,000
B €150,000
C €254,000
D €500,000 - ANS A
(ii) - Earnings and age related limits - Prologue
Which of the following is/are earned income?
(i) Rent
(ii) Deposit interest
(iii) Self-employed trading income
A (iii) only
B (i) and (ii) only
C (ii) and (iii) only
D (i), (ii) and (iii) - ANS A
1.1 - Main Types of Personal Financial Needs
Personal savings held outside of a pension arrangement is an example of which pillar of
provision for retirement?
,A First
B Second
C Third
D Fourth - ANS C
1.2.3 - Third Pillar: Personal Savings & Investments
Continuing to work part time after retirement from an individual's main occupation is an example
of which pillar of provision for retirement?
A First
B Second
C Third
D Fourth - ANS D
1.2.4 - Fourth Pillar: Continued Earnings in Retirement
Ivan joined the civil service in 1992. He pays PRSI at which class?
AA
BB
CK
D S - ANS B
2.2.1 - The PRSI System
Aoife is a proprietary director of her own company and is aged 56.
Aoife pays PRSI at which class?
AA
BB
CD
D S - ANS D
2.2.1 - The PRSI System
Which one of the following factors does NOT impact on Alistair's ability to claim the State
Widower's (Contributory) Pension following the recent death of his wife?
A His level of income from other sources
B Whether he has remarried since his wife's
death
C His PRSI contribution record
D His late wife's PRSI contribution record - ANS A
, 2.2.4 - The State Widow's, Widower's or Surviving Partner's (Contributory) Pension
Which one of the following individuals is NOT eligible for the State invalidity pension?
A Jonathan, a civil servant who joined the public service in 1990
B Melissa, a self-employed doctor
C Harry, a working proprietary director of his
own company
D Tanya, an employee of a bank - ANS A
2.2.5 - Invalidity Pension
Owen, who is single, is receiving the State (Non-Contributory) Pension.
This pension will stop automatically if Owen:
A marries
B moves abroad to live in Spain permanently
C starts to cohabit with someone else
D becomes liable to income tax - ANS B
2.3.1 - State Pension (Non-Contributory)
Which one of the following does NOT have a source of relevant earnings for the purposes of
eligibility to contribute to a Retirement Annuity Contract?
A Seán, an employee who is included in his employer's DC pension scheme for retirement
benefits
B Alice, an employee who is included in her employer's DC pension scheme for death-
in-service benefits only
C John, a self-employed electrician
D Mary, a self-employed doctor - ANS A
3.2.1 - RAC
Employee PRSA contributions are deductible, within limits, for:
(i) income tax
(ii) USC
(iii) PRSI
A (i) only
B (i) and (iii) only
C (ii) and (iii) only
D (i), (ii) and (iii) - ANS D
