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21 Cards in this Set
- Front
- Back
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Why is it important for a financial advisor to know about state benefits? |
Financial advisors need to understand what state benefits a person is entitled to already claiming in order to give appropriate financial advice. For instance, when working out the level of life insurance cover that a family needs, the income that would be available from state benefits if a family wage earner were to die, has to be taken into account. |
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Once universal credit is fully implemented, parents who are eligible for child benefit will have to claim universal credit instead. True or false? |
False. Universal credit will eventually replace child tax credit, not child benefit. |
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What is a feature of income support? |
Income support is available to people who have not made national insurance contributions. |
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James has been working in IT support for 12 years. His current job is a fixed term contract and ends next month. Assuming James has made NICS throughout his working life, what benefit is he likely to be able to claim when he's unemployed? |
Contribution based job seekers allowance |
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Elijah has been working for abbots transport for 16 weeks. Which of the following maternity state benefits will she be entitled to? |
Maternity allowance. She is not entitled to start a Statutory maternity pay because she will not be have been at company for 26 weeks by her qualifying week. |
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When is the earliest that she can begin claiming the benefit? |
11 weeks before the baby is due |
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Malcolm is self-employed as has fallen ill and cannot work. Which benefit might be entitled to? |
Employment and support allowance as he self-employed |
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What is statutory sick pay? |
Statutory sick pay is paid by employers to employees who are off work due to sickness or disability for 4 days or longer. Providing the average weekly earnings are above the level at which NICS are payable. |
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What is employment and support allowance? |
People who are ill or disabled may be able to claim employment and support allowance. There are two forms of ESA. Contribution-based ESA, also referred to as new stately essay whether the individual is Is eligible for universal credit depends on the person's and ICS. Contribution-based. ESA is not means testing the payment and are not taxable. |
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What is attendance allowance? |
Attendance allowance is a benefit for people who have reached state pension age and need help with personal care as a result of sickness or disability. |
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What is carer's is allowance? |
This is a benefit for people who are caring for a sick or disabled person. They do not have to be a relative of the patient in order to qualify. The right to receive. CA does not depend on having paid NICS. It is taxable and must be declared on tax returns. |
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What is the basic state pension? |
This was introduced after the second world war was paid only to employ people on the retirement was not related to the earnings. They would have had a contributed at least 30 years to national insurance to get this. Those who didn't have enough n i contributions qualify for category B pension based on their spouse or civil partners pension entitlement |
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What is the new state pension? |
One of the features of the new state pension. It is based solely on the individual's personal national insurance record. It is not possible for those reaching state pension aids before April 2016 to claim the new state pension. They must have made or been cred with 35 years of national insurance payments. Harris are cred with NICS |
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What is the triple lock guarantee? |
-Earnings (measured by average weekly earnings index) -Prices? (Measured by consumer price index) -Or 2.5% |
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What is Statutory maternity pay? |
Women who become pregnant while employed will receive this by the employer here providing that: The weekly earnings are above the certain threshold. They've been working for the employer continuously for 26 weeks prior to the qualifying week which is the 15th week before the weekend which the baby is due. |
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What is child benefit? |
Tax-free benefit available for parents bringing up a child. It does not depend on having paid NICS. Available for each child and 16 or can continue up to the age of 19. If the child is in full-time education will approved training program. |
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What is child tax credit? |
It's designed to provide financial assistance to people who responsible bringing up children and are low incomes. The child tax credit is made up of different payments called elements. How much is it received? Depends in the individual's income, the number of children and where there any children are disabled. Child tax credit is being replaced by universal credit. |
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What is job seekers allowance? |
Benefit for people who are unemployed or working less than 16 hours a week and actively seeking work. Payable for a max of 6 months. |
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Earliest pregnant lady can claim maternity pay? |
11 weeks before the baby is due |
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Statutory maternity pays people for a maximum of: |
39 weeks |
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What state benefits is tax-free? |
A disability living allowance |
