A Look at Recent Past Papers for the CII J05 Exam – February 2025
In this article, we are taking a look at the questions asked in the last four exam papers of the CII’s Diploma in Financial Planning J05 exam paper– this is the exam on Pension Income Options. This will be useful reading for you if you are preparing to sit this exam in the near future; it will help you to focus your revision on the areas that are likely to be examined.
This article is correct as at 23 January 2025.
The exam has historically started with a lifetime allowance calculation question. However, following the abolition of the allowance, the lump sum allowance and transitional tax-free amount certificate was questioned in the September 2024 exam.
Questions comparing different types of pension arrangements and/or the death benefits have also been examined each time. Statutory minimum increases to a pension from a DB scheme, State Pensions, divorce and cashflow modelling have been regularly tested and scams have also come up on multiple occasions.
| Lump sum allowance and transitional tax-free amount certificate. | Enhanced protection and lump sum protection. | Maximum PCLS entitlement. | LTA treatment of scheme benefits. |
| Purchase of annuity using CETV. | 2028 protection. | 2028 protection. | Uncrystallised Fund Pension Lump Sum. |
| Death benefit nominations. | Triviality and small pots. | Annuities versus scheme pensions and pension increase exchange. | Further information required to advise on a defined benefit transfer. |
| Capped drawdown transfers. | Factors to consider when taking flexi-access drawdown or annuity. | Pros and cons of cashflow modelling. | Death benefits. |
| Death benefits. | Reasons to draw from personal pension or GPP. | Sequencing risk and mitigation. | Factors to consider when comparing taking a PCLS or UFPLS. |
| Phased flexi-access drawdown. | Income withdrawal recommendations factors to consider. | Uncrystallised funds pension lump sum considerations. | Pension sharing orders versus earmarking orders. |
| Investment pathways. | Investment scams. | Dependents, nominees and successors definitions and criteria. | State pension qualifying years and gap fill. |
| The pension protection fund. | State pension calculation. | Pension death benefits from uncrystallised funds and potential IHT scenarios. | Cashflow modelling and mitigation of longevity risk. |
| Class 3 NICs. | Factors to consider when comparing taking a PCLS or UFPLS. | PPF versus FSCS protection. | Fixed term annuities. |
| Capacity for loss. | Spousal bypass trusts. | State pension statements/guarantee credit. | Conditions for ill health early retirement. |
| Longevity risk and life expectancy. | Reasons to draw from ISAs over dependents drawdown. | Pension consolidation – information required from the scheme. | 2028 transitional protections. |
| UFPLS versus PCLS. | Death benefit available from defined benefit and personal pension pre-75. | PCLS, UFPLS and taxable income. | Death benefit nominations. |
| Cashflow modelling and stress testing. | Cashflow modelling and risks. | Flexi-access drawdown annual. | Pension scams. |
| Annual review of flexi-access drawdown. | Earmarked investment strategies. | Attitude to risk and factors which influence it, capacity for loss. | Reasons to convert a capped drawdown plan. |
| Using an UFPLS to purchase a property. | Pension sharing versus earmarking. | Drawbacks of relying on business sale proceeds as a retirement funding strategy. | Income withdrawal recommendations. |
Here we take a look at the questions asked in four recent exam papers for #CII #J05. Share on X
As you can see, there are numerous areas of the syllabus which have been tested but the manual is a manageable size and should be studied carefully and in full before attempting the exam. We cannot emphasis enough the importance of familiarising yourselves with the past exam guides, which provide vital guidance in terms of recurring themes.
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