Posted Jul 07, 2016
This update covers:
1. Video Killed the Radio Star
1. Video Killed the Radio Star - Will the Lifetime ISA kill the pension?
In the aftermath of the Budget many experts have expressed concern that the introduction of the Lifetime ISA will also ultimately kill off private sector pensions and lead to significant numbers opting out of auto-enrolment – a view shared by The Work and Pensions Committee inquiry into automatic enrolment who at the end of March re-opened its inquiry to look at this very issue.
When you consider that Lifetime ISAs offer a government top-up, the option to spend your savings on your first home, as well as early access (albeit with penalties), and the ability to withdraw all proceeds tax-free, it becomes easy to see why the Lifetime ISA is likely to hold much appeal for the young.
The Lifetime ISA does however ignore one of the key universal lessons about human nature that auto enrolment takes into account – that of human inertia and getting people to actively save for their retirement. Saving into Lifetime ISAs will also not benefit from employer contributions which would be the case with workplace pension schemes. Also, for higher earners, the Lifetime ISA has much lower annual contribution limits than a pension, and the government top-up is limited to the equivalent of basic rate tax relief. A Lifetime ISA fund will also, on death, form part of an estate for inheritance tax purposes, whereas money in a pension generally would not.
Based on the fact that the majority of young people are basic rate taxpayers with limited ability to save, and have a pre-occupation with getting on the property ladder, there is likely to be only one winner. This is compounded by the fact that it is also possible that the Lifetime ISA may well introduce the Pension ISA by stealth as once the Lifetime ISA infrastructure is in place, limits and restrictions could easily be tweaked.
So, will Lifetime ISAs kill pensions and deal a mortal blow to auto-enrolment? Only time will tell. However, don’t forget that The Buggles also sang ‘we can’t rewind, we’ve gone too far, put all the blame on VCR’.
2. Accredited CPD System presentation
3. How do the gap analysis packages work and assist me with my studies?
To help you test your existing level of knowledge in a particular subject overall or subject area and identify areas where further study may be required, the Wizard Learning Gap Analysis and Assessment Tools are the ideal solution.
Each Gap Analysis and Assessment Tool contains 300 questions drawn from across the whole Online Course study materials and includes the correct weightings and mix of question styles (standard and multiple responses) per learning outcome that you will receive in the actual exam. Our system records the question numbers you have viewed so they are not repeated until you have worked your way through the full question bank. An ongoing tracking of the questions delivered ensures that a different mix of questions is included in each assessment and that the questions do not repeat quickly. Questions are written and reviewed by subject knowledge experts with many years of experience in training and exam setting.
These features not only allow you to test your knowledge widely but also to get familiar with the types and styles of questions you are likely to be asked in the actual exam. Less surprises on the day should mean greater confidence and the ability to better focus on what you are being asked and applying your knowledge to the best of your ability.
Using any of the Wizard Learning Gap Analysis and Assessment Tools gives you a number of options. You can choose from these assessment types:
For R01 and R02 you also have the option to take a full mock exam of 100 questions.
Using the revision style allows you to view the answer after every question, whereas with the exam style you complete all the questions in the same manner as you would do in the actual exam and receive the answers when the assessment is completed.
While taking each assessment you can skip and tag questions to revisit and review before completion. Additionally, if you have to stop any assessment before reaching the end, a built-in 'recovery' feature within the system will automatically retain your score and record the last question that was in view. When you then restart the same assessment, you will automatically begin the assessment at the question following the last question that was last in view. The system moves you to the following question to avoid the situation where a question could be viewed and the assessment exited to research the answer. As our system is used for mock exams in some firms as well as general revision this feature makes it suitable for taking a mock exam. A clock within the assessment shows the expected and elapsed time for each assessment, although you can take as long as you need.
Regardless of the style of assessment you choose, both include all the following features:
Within the post assessment features of a completed assessment, there are a number of aspects worth highlighting. Firstly, a breakdown is given of the results against each learning outcome. This clearly shows the areas where you performed well and those in where your knowledge was not as strong. In addition, by showing the actual questions which you answered incorrectly you will be able to direct your time and studies to the learning outcomes or particular areas where further study is required. Also, in the revision style format, a reference is provided after every question, detailing the chapter/learning outcome location in our Online Multimedia Course (which can be purchased separately) where the question is covered.
This valuable aid to your exam studies can be used over and over again during your access period, but it should be remembered that we cannot ever guarantee that we will be able to provide questions to cover everything that may be asked within an actual exam. However, used in conjunction with our other learning materials you can ensure that you are in possession of up to date information about each subject area.
These are information pages for all the exams that we offer the Gap Analysis & Assessment Tool:
R01 Financial services, regulation and ethics: Gap Analysis & Assessment Tool
Wizard Learning Ltd
Provider of accredited online training and CPD system for financial advisers and financial services professionals.