A Look at Recent Past Papers for the CII J05 Exam
In this article, we are taking a look at the questions asked in four recent 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 30 August 2022.
You’ll see from the summary table below the exam has started with an LTA calculation in each of the four exams. Questions comparing the different types of pension arrangements and/or the death benefits has also been tested each time. Statutory minimum increases to a pension from a DB scheme, State pensions, divorce, BCEs, and sustainable withdrawal rates have also been regularly tested.
| LTA calculation | LTA calculation | LTA calculation | LTA calculation |
| Criteria to exercise the right to take benefits early | Sustainable withdrawal rates | Deferring State pension | Steps a client must take before a DB scheme will agree a transfer to a PP |
| Death benefits of DB scheme v FAD | DC v DB death benefits | Small pots payments | Statutory minimum increases to a DB pension in payment |
| Statutory minimum increases to a DB pension in payment | Additional information / fact finding | Death benefits from an annuity and FAD | Advantages of using a pension sharing order v earmarking order |
| Dependants annuity | Fixed protection 16 | Pension Protection Fund | Factors when considering whether to take a UFPLS or PCLS |
| Obligations of trustees on request of a TV from a member | Capped-to-capped drawdown transfers | Phased FAD vs lifetime annuity purchase | Factors when considering a CETV and FAD v scheme pension and PCLS |
| Continuing FAD v annuity purchase | Annual drawdown reviews | UFPLS taxation | Death benefits from a DB scheme and an uncrystallised personal pension |
| Factors to consider when comparing taking a PCLS or UFPLS | Risk factors for suitability reports | Lifetime cashflow model benefits and limitations | Factors that will influence an annuity rate at age 65 |
| Consolidating pension | DB schemes winding up and statutory order of priority | Factors to consider regarding staying in capped drawdown | Circumstances that could have resulted in NIC credits for a client |
| Pension attachment order | State pension gaps | Pension increase exchange | Factors to consider for using a personal pension or an ISA |
| State pension entitlement indexation | Bereavement support payment | Taking a PCLS from a personal pension rather than UFPLS | State pension benefit statement content |
| Sustainable withdrawal rates | Life expectancy considerations | Using ISA or dependant’s FAD | Drawbacks of withdrawing a fund as an UFPLS and purchasing a BTL property |
| Death benefit nominations | Annuity versus FAD comparison | Spousal bypass trusts | Circumstances to consider when recommending income withdrawals |
| Capacity for loss | Uncrystallised funds pension lump sums | HMRC’s definition of a dependant in respect of a child | Calculation of the amount of fund to crystallise to provide £15,000 net as a UFPLS |
| Pension Wise guarantee & considerations outlined in the Money Advice Service retirement income options tool | Stress testing | Risk factors that relate to pension decumulation products | Factors that should be considered when carrying out a projected cash flow analysis. |
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 several 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 emphasise enough the importance of familiarising yourselves with the past exam guides, which provide vital guidance in terms of recurring themes.
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