The Role of Government - The Role of Government in Pensions


The Role of Government in Pensions

The role of Government is to set the rules and legal framework within which the various methods of making retirement provision are to operate, and to supervise and monitor these arrangements.

The Government sets the system for the social security system and makes decisions about the level of State Benefits that it pays.

The Government also decides the minimum level of income that every pensioner should have. 


1. References

This section relates to your Study Manual - The Role of Government (Pages 10-15) - (the Study Manual can also be found in pdf format in the Resources Page of this website)


2.Think about it

Fred is a member of his employer's DB scheme. He retires at his normal retirement date on 31 August 2016 on a salary of £60,000 having completed 40 years' pensionable service. The scheme provides pension using a 60ths accrual basis.

How much is Fred's retirement pension?

What is the value of Fred's pension for testing against the Lifetime Allowance?

Has Fred exceeded his Lifetime Allowance?

Answers


3. Fact Finding

HM Revenue & Customs

HM Revenue & Customs' website offers a lot of useful information and advice on pensions. Visit their website here

See the Pensions Tax Manual here and see if you can use that area to find the answers to the following questions:

  1. Including the Glossary how many sections make up the Pensions Tax Manual?
  2. What is the PTM page reference number which provides details of the contents information on the Annual Allowance?
  3. What does PTM071000 refer to and what Act of Parliament an schedules does it reference

Check your answers

 

4. Test

You can now check your knowledge by a short test.  Once completed then check your answers against those given.

The Role of Government Test

The Role of Government Test Answers