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Scheme booklets

The examinations are designed to test the competence of candidates in the calculation and communication of pension benefits for a range of scheme types.  Depending on the examination being tested, there will be either five or six case studies (Calculation Section) and either one or two letters (Letter Section).

The examinations are based on three types of fictitious pension schemes:

Scheme

Type

Contracted-Out Status

OPQ

Money Purchase

Not Contracted-Out

RST

Career Average Revalued Earnings (CARE)

Not Contracted-Out

XYZ

Final Salary

Contracted-Out (Category A) until 5 April 2016 

Not Contracted-Out (Category   B)

The examinations require candidates to provide evidence of their ability to:

  • understand and interpret rules for different types of pension scheme
  • carry out manual calculations for a range of member events, this range is detailed in the Units
  • understand the impact of supplementary information (e.g. part-time service, enhanced accrual rates, transferred-in benefits, AVCs, etc.) on the core benefits payable
  • understand legislative restrictions that apply to the level of benefits payable
  • communicate benefit options fully and accurately and request all the information required before the scheme can pay the benefits

Copies of Scheme Booklets and Tables of Factors should be taken into the examinations.  It is vital that candidates ensure they have the current versions, which are downloadable from this page by accessing the following links:

 

OPQ Retirement & Death Benefits Plan - (reviewed May 2019)

The RST Career Average Earnings Scheme - (reviewed November 2019)

The XYZ Pension and Life Assurance Scheme - (reviewed May 2019)

Tables of Factors - (reviewed May 2019)

Key Features Document - (relevant for September, based on reviewed booklets)