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Learning resource updates

This page details updates made to our learning resources. You should visit this page periodically to ensure you do not miss any updates. Updates can result from a change in exam syllabus, an amendment to the relevant CII study text directly affecting our resources, typographical errors or more complex issues.

Filter updates:

All Financial Services Exams

All resources for AF, CF, ER, FA, J0, LP, and R0 have been updated in accordance with the new syllabus examinable from 1 September 2021.  If you purchased the 2020/21 versions, contact us to receive the updated versions free of charge*. Note that e-learning modules have been updated on our website, and the material found there now reflects the new examinable tax year.

*Note this does not apply to: IF exams whose examinable year ends on 31 Dec; the e-learning videos, which have a 6-month subscription, those resources which have been discontinued, or our R06 and AF5 analysis products.

All Insurance Exams

All resources for IF1, IF2, IF3, IF4, and IF5 have been updated in accordance with the new syllabus examinable from 1 January 2022.

AF1 Revision Notes

2 February 2022 Page 19, in the area entitled ‘Contribution Thresholds for 2021/22 (per week)’, the Upper Secondary Threshold for under 21s updated to £967.

New Version: AF1RevisionNotes010921v4

18 December 2021 Due to a change in the CII Study Text, Page 115 Chargeable Gains Under Trust (Where UK Resident Settlor/Trustees) – Income Tax

  • Possible to avoid trust’s liability if beneficiary is nil/basic rate taxpayer – replace UK trustees with foreign trustees prior to chargeable event – beneficiaries then liable at own rates, but no top slicing

has been changed to:

  • Possible to avoid trust’s liability – replace UK trustees with foreign trustees prior to chargeable event – beneficiaries then liable at own rates, but no top slicing and no reclaim of tax credit on UK policy

New Version: AF1RevisionNotes010921v3

18 October 2021 Due to a change in the CII Study Text, Page 129, Registering and EPA and an LPA, in the LPA list, the last three bullet points have been amended to ‘It can take place any time after the donor has completed and signed the form’; ‘By the donor – prior to the onset of the donor’s mental incapacity’; and ‘Or by the attorney – once the donor’s mental capacity is lost’

New Version: AF1RevisionNotes010921v2

AF4 Calculation Workbook

25 February 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: AF4CalcWkbk010921v2

AF4 Calculation Workbook Taster

25 February 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: AF4CalcTaster

AF4 Revision Notes

27 October 2021 Due to a change in the CII Study Text, page 18 – Table on Inverted Yields now reads: ‘Yields on longer-term bonds are less than short-term bonds Caused by supply and demand or when investors expect short-term falls to interest rates and lower long-term rates.’

New Version: AF4RevisionNotes010921v2

AF5 Revision Notes

10 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: AF5RevisionNotes010921v2

AF7 Mock Paper Set 2

12 December 2021 Due to a Change in the CII Study Text, part of Question 4 has been amended to: “Outline the impact on Malcolm’s benefits were his scheme to enter the PPF.”

The model answer is now:

  • Malcolm will receive 90% of his scheme pension entitlement when he reaches the scheme’s normal retirement age with no upper limit
  • This is because the PPF compensation cap, which would previously have affected him, has been removed following the judgement in Hughes versus the board of the PPF
  • Spousal benefits will be capped at 50% of his entitlement
  • Qualifying children will receive a maximum of 25% each (capped at 50% in total) if Malcolm has a qualifying spouse
  • If not then qualifying children will receive a maximum of 50% each (capped at 100% in total)
  • Revaluation will be limited to CPI capped at 5% for benefits accrued prior to 6 April 2009 and 2.5% for those accrued on or after that date
  • Escalation in payment will be limited to CPI capped at 2.5% for benefits accrued after 5 April 1997. Those accrued on or prior to this date will not escalate in payment
  • He will not normally be permitted to transfer out once the scheme has entered the assessment period
  • PCLS entitlement will be limited to 25% of the value of his benefits
  • However, where the PCLS is calculated using commutation, this will be done using PPF prescribed commutation factors
  • Malcolm may still retire before the scheme normal retirement age
  • However, his benefits will be actuarially reduced using PPF reduction factors to allow for the fact that he has drawn them earlier

New Version: AF7Set2010921v2

AF7 Core Knowledge

15 September 2021 Changes have been made to Section 2 – Questions 10, 16 and 17; Section 3 – Questions 17 and 18; Section 4 – Questions 7, 12, and 13. Please contact our customer service team to request an updated copy.

New Version: AF7CoreKnowledge010921v2

CF1 Mock Paper Set 1

10 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF1Set1010921v2

CF1 Mock Paper Set 2

10 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF1Set2010921v2

CF1 Mock Paper Set 3

10 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF1Set3010921v2

CF6 Mock Paper Set 1

17 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF6Set1010921v2

CF6 Mock Paper Set 2

17 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF6Set2010921v2

CF6 Mock Paper Set 3

17 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: CF6Set3010921v2

CF6 Mock Paper Taster

17 March 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: CF6MockTaster

CF8 Mock Paper Set 1

2 February 2022 Due to a change in the CII study Text, Q15, option A, now reads: ‘That financial help is provided for adult personal care of permanent residents in Scotland who have been assessed as needing care.’

New Version: CF8Set1010921v2

Stamp Duty Land Tax – Temporary Changes

STAMP DUTY LAND TAX

NOTE: The temporary increase to the nil rate band for Stamp Duty Land Tax (SDLT) has been extended.

Rather than ending on 31 March 2021 as originally stated, a temporary nil rate band of £500,000 was in place until 30 June 2021. Then from 1 July 2021 to 30 September 2021 the nil rate band is £250,000. The nil rate band will return to the standard amount of £125,000 on 1 October 2021.

The temporary increase to LTT in Wales has now ended, with the nil rate band having reverted to £180,000.

This affects our resources for AF1, AF4, AF5, CF1, CF6, ER1, LP2, R01, R02, R03, R06, and R07. Our resources have been updated for the 2021/22 examinable tax year and reflect this temporary change as well as the rates effective from 1 October 2021.

J02 Revision Notes

24 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J02RevisionNotes010921v4

18 December 2021 Due to a change in the CII Study Text, Page 49 Chargeable Gains Under Trust (Where UK Resident Settlor/Trustees) – Income Tax

  • Possible to avoid trust’s liability if beneficiary is nil/basic rate taxpayer – replace UK trustees with foreign trustees prior to chargeable event – beneficiaries then liable at own rates, but no top slicing

has been changed to:

  • Possible to avoid trust’s liability – replace UK trustees with foreign trustees prior to chargeable event – beneficiaries then liable at own rates, but no top slicing and no reclaim of tax credit on UK policy

New Version: J02RevisionNotes010921v3

18 October 2021 Due to a change in the CII Study Text, Page 23, Registering and EPA and an LPA, in the LPA list, the last three bullet points have been amended to ‘It can take place any time after the donor has completed and signed the form’; ‘By the donor – prior to the onset of the donor’s mental incapacity’; and ‘Or by the attorney – once the donor’s mental capacity is lost’

New Version: J02RevisionNotes010921v2

J02 Revision Notes Taster

24 March 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: J02RevisionNotesTaster

J05 Mock Paper Set 2

18 October 2021 Reference to error in J05 study text removed from answer to Question 7 following CII web update.

New Version: J05Set2010921v2

J05 Calculation Workbook

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

New Version: J05CalcWkbk010921v2

J05 Calculation Workbook Taster

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

Filename: J05CalcTaster

J07 Mock Paper Set 1

23 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J07Set1010921v2

J07 Mock Paper Set 2

23 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J07Set2010921v2

J07 Mock Paper Set 3

23 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J07Set3010921v2

J10 Mock Paper Set 1

16 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J10Set1010921v2

J10 Mock Paper Set 2

16 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J10Set2010921v2

J10 Mock Paper Set 3

16 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J10Set3010921v2

J10 Mock Paper Taster

16 March 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: J10MockTaster

J10 Calculation Workbook

18 October 2021 The answers to Section 1, Questions 1 and 2 have been expanded to indicate that the figure was multiplied by 100 to represent a percentage and rounded to two decimal places.

New Version: J10CalcWkbk010921v2

J10 Calculation Workbook Taster

18 October 2021 The answer to Section 1, Question 1 has been expanded to indicate that the figure was multiplied by 100 to represent a percentage and rounded to two decimal places.

Filename: J10CalcTaster

J10 Revision Notes

15 September 2021 Page 19 – Table on Inverted Yields now reads: ‘Yields on longer-term bonds are less than short-term bonds Caused by supply and demand or when investors expect short-term falls to interest rates and lower long-term rates.’

New Version: J10RevisionNotes010921v2

J12 Mock Paper Set 1

28 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J12Set1010921v2

J12 Mock Paper Set 2

28 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J12Set2010921v2

J12 Mock Paper Set 3

28 March 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: J12Set3010921v2

J12 Mock Paper Taster

28 March 2022 Improvements have been made to this resource to further support your learning. Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: J12MockTaster

LP2 Mock Paper Set 1

17 February 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: LP2Set1010921v2

LP2 Mock Paper Set 2

17 February 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: LP2Set2010921v2

LP2 Mock Paper Set 3

17 February 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: LP2Set3010921v2

LP2 Mock Paper Taster

17 February 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: LP2MockTaster

R01 Revision Notes

11 April 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: R01RevisionNotes010921v2

R01 Revision Notes Taster

11 April 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: R01RevisionNotesTaster

R02 Mock Paper Set 2

27 October 2021 Due to a change in the CII Study Text, Question 8 Option B amended to ‘Investors expect interest rates to fall in the short-term’. Correct rationale amended to ‘An inverted yield curve might indicate that investors believe interest rates will fall in the short term and will reduce over the longer term, which results in lower yields for longer dated bonds.’

New Version: R02Set2010921v2

R02 Mock Paper Set 3

26 April 2022 Q99, Option A has been amended to “He has used his personal savings allowance for this tax year.” In the correct answer rationale on Page 40, the last sentence now reads “The personal savings allowance can be offset against a gain so as he has used his for this year he may want to delay encashment until such a time when he can also benefit from this.”

New Version: R02Set3010921v2

R02 Calculation Workbook

9 May 2022 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.

New Version: R02CalcWkbk010921v2

R02 Calculation Workbook Taster

9 May 2022 Improvements have been made to this resource to further support your learning. You can download an updated copy here.

File Name: R02CalcTaster

R02 Revision Notes

27 October 2021 Due to a change in the CII Study Text, page 9 – Table on Inverted Yields now reads: ‘Yields on longer-term bonds are less than short-term bonds Caused by supply and demand or when investors expect short-term falls to interest rates and lower long-term rates.’

New Version: R02RevisionNotes010921v2

R02 Revision Notes Taster

16 November 2021 Due to a change in the CII Study Text, page 9 – Table on Inverted Yields now reads: ‘Yields on longer-term bonds are less than short-term bonds Caused by supply and demand or when investors expect short-term falls to interest rates and lower long-term rates.’

File Name: R02RevisionNotesTaster

R02 E-Learning Workbook

22 October 2021 Page 7 – Line under Inverted Yields image now reads: ‘Yields on longer-term bonds are less than short-term bonds Caused by supply and demand or when investors expect short-term falls to interest rates and lower long-term rates.’

File Name: R02E-LearningWorkbook

R03 Mock Paper Set 2

3 September 2021 In the Correct Answer Rationale for Question 41, the words ‘The rest of the statements are true’ have been removed.

New Version: R03Set2010921v2

R03 Calculation Workbook

9 September 2021 The answer section for ‘Income Tax’ did not include the updated content for 2021/22. Please contact our customer service team to receive your updated copy.

New Version: R03CalcWkbk010921v2

R03 Calculation Workbook Taster

9 September 2021 The answer section for ‘Income Tax’ did not include the updated content for 2021/22. Please download an amended copy here.

File Name: R03CalcTaster

R03 Revision Notes

2 February 2022 Page 14, in the area entitled ‘Contribution Thresholds for 2021/22 (per week)’, the Upper Secondary Threshold for under 21s updated to £967.

New Version: R03RevisionNotes010921v2

R04 Calculation Workbook

16 November 2021 The answer to Section 5, Question 3 now reads ‘Andy would be entitled to a full pension of £20,000, or a reduced pension of £15,909.09 with PCLS of £45,000.’

New Version: R04CalcWkbk010921v3

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

New Version: R04CalcWkbk010921v2

R04 Calculation Workbook Taster

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

Filename: R04CalcTaster

R04 Revision Notes

18 December 2021 Due to a change in the CII Study Text, the following amendments have been made.
Page 55 – Compensation Levels

  • Deferred members/those not reached NRA 90% subject to overall cap £41,461.07 (2021/22) at age 65 (max compensation of £37,314.96)
  • The Long Service Cap affects members with 21 years or more service/cap increased by 3% for each full year of pensionable service above 20 years up to a maximum of double the standard cap.

has been amended to:

  • Deferred members/those not reached NRA 90%, this was previously subject to a compensation cap that has since been ruled unlawful on the grounds of age discrimination and no longer applies

Page 56 – Financial Assistance Scheme – the following bullet point has been added:

  • Following an EU ruling, FAS members must receive compensation equal to at least 50% of the value of their accrued pension entitlement regardless of the cap

New Version: R04RevisionNotes010921v2

R04 Audio Masterclasses

18 December 2021 – Masterclass 8 – Defined Benefit Pensions – Due to a change in the CII Study Text, content regarding the compensation cap has been amended.

“These individuals’ benefits are also subject to a cap of £41,461.07 so an executive with very high pension rights will be heavily penalised. However, you should note that a Long Service Cap applies to those members with 21 years or more of service; the cap is increased by 3% for each full year of pensionable service over 20 years up to a maximum of double the standard cap.”

has been amended to:

“Previously, a compensation cap applied to payments, but this was ruled unlawful by the Court of Appeal on the grounds of age discrimination and no longer applies.”

This change will be reflected in the audio masterclass in due course.

R06 Calculation Workbook

16 November 2021 The answer to Section 9, Question 3 now reads ‘Andy would be entitled to a full pension of £20,000, or a reduced pension of £15,909.09 with PCLS of £45,000.’

New Version: R06CalcWkbk010921v3

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

New Version: R06CalcWkbk010921v2

R06 Calculation Workbook Taster

18 October 2021 Reference to error in J05 study text removed from answer to Annual Allowance – Question 1 following CII web update.

Filename: R06CalcTaster

R07 Mock Paper Set 2

28 October 2021 The answer to Question 55 has been amended to C.

New Version: R07Set2010921v2