How Much Do You Really Know About Your Pension? | Quiz

How much do you really know about your pension?

Take our quick two-minute quiz to test your knowledge!

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1. Let's start easy. What is a defined benefit scheme?

A type of workplace pension that gives you a guaranteed pension income when you retire.

A type of pension where the amount you get back depends on how well your investments perform.

Haven’t got a clue.

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2. What are your contributions based on?

How much cash you have in the bank.

How much you earn.

How much your boss likes you.

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3. You may be an active or a deferred member of your pension scheme. What is a deferred member?

A member who likes to put off paying into their pension.

Someone who is currently contributing to their pension.

Someone who has stopped paying into their pension scheme (such as moved jobs) and is no longer contributing to their pension.

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4. One of the benefits of having an LGPS, Police or Firefighter pension is that the value of your pension (and any payments) increase in line with ___________

Mortgage rates.

Interest rates.

Inflation.

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5. Depending on your scheme rules, what can you do to increase your pension benefits?

Start a secret side hustle.

Pay more into your pension.

Ask your work colleagues to ‘donate’ some of their money.

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6. Let’s make this a little harder...There are many misconceptions about pensions. Which of the following statements is a common myth about defined benefit pensions?

The pension contributions you pay are very high compared with the pension benefits you’ll get at retirement.

Defined benefit pensions are too risky.

Both.

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7. ‘I can depend on my savings, property or inheritance as my pension’.

True

False

Not always

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8. Why is it not always a good idea to rely on the Government to support you in retirement?

Depending on your work history, you may not qualify for the full State Pension amount (currently £203.85).

It is a good idea...the Government must give me enough money to support my lifestyle.

The State Pension is being abolished.

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9. What should you do when considering if your pension will support your retirement?

Hope you’ve saved enough for all the holidays you’ll be planning.

Check your pension forecast and plan ahead.

Worry about it later.

10 / 10

10. And finally...What else should you do before you decide to retire?

Track down any old pension pots.

Throw a wild retirement party.

Make a bucket list for your new lifestyle.

Your score is

How much do you really know about your pension? Quiz

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