R06 exam
GolfPutt21
Member
in CPD & Exams
Hi all,
I am planning on taking the R06 on September 28th.
Suddenly today nerves have really kicked in as I am not sure if I should be starting to revise now!
I have taken and passed R02-R05 but the exams have been sporadic so I haven't been able to retain all the information from those past exams. Does R06 revision require you to go back and revise on the previous R0s as this can take some time!
I am going to purchase the Brand case analysis which I have read up seems to be a big help. I wasn't planning on revising anything until the case study is released and then do 2 weeks of revising.
Please let me know your best tips and experience of preparing for R06.
Thanks all!
Comments
Hi
We (Expert Pensions) are delivering a FREE 1 hour webinar for all R06 students to provide you with top tips, an insight into what to expect from the R06 questions and what you can do now to prepare while waiting on the case studies being released.
Past papers are a fantastic resource and preparation for this exam too.
When? Monday 5th September at 12.30pm till 13.30pm
You can register and receive the full details using the link below and we hope you can join us.
https://expertpensions.co.uk/cii-r06-ro6-financial-planning-practice/
Thanks and good luck
Gayle
Hi,
I am also booked for the September exam and reality check of it being 4 weeks today has hit me! I’ve been looking at past papers and trying to get the generic questions nailed - those such as ‘what other information would you need to comment on X’s pension provision/ investments etc’.
Out with this I’ve done very little and likewise plan to cram once the case study is released. I have purchased the Expert Pensions analysis and will be dialling in to Monday’s session - I’ve used them for all my AF exams and highly recommend them.
Hi Jules,
Sounds like we are in the same boat! Bit of a panic mode for me as I have never done an exam in this format.
I am also booked on to the webinar on Monday and have purchased the Brand case study analysis which I have been reading is a good help and also been looking at previous papers as there are a few questions which seem to crop up on each one.
I am going to try and get in touch with people on LinkedIn and draw on peoples experience of passing R06 and hopefully that helps!
I am also sitting the September Exam. What are you guys doing in terms of actual Knowledge Checking to ensure you know the ins and outs etc. Are you really reading all 5 books again. I am curious how you are going about it ?
Hi,
Currently I am just refreshing myself on some of the basics like income tax calculations and inheritance tax just because it has been a while since I did the tax exam.
It is hard to know what to do because you don't want to revise on things that might not be applicable to the case studies released, so far it is very basic revision on the past R0s.
I feel better already knowing we are all in the same position! I’m def not re-reading the textbooks. I think past papers and general knowledge brush up - EIS/VCT, income tax/ allowances/IHT/ tapered annual allowance etc. I am fortunate(?!) that I’ve done several AF exams in this format - def key for me is brevity/ bullet points and be specific to your case eg instead of ‘this would save tax’, state ‘this would save Mrs X tax of 20% as she’s a BRT’.
I would say run over any areas from previous units that you need to freshen up on, prior to the case study coming out. Then as you say, get a couple of the Brand/Expert pension guides for the specific case study and just smash these over the 2 weeks prior to the exam with all potential items covered. This exam is very much a technique exam and they assume you already know the tech side of things. The time goes very quickly so its important you can real off answers in bullet point format to ensure maximum marks gained.
You definitely don't need to be re-reading the textbooks.
Do as many past papers as you can get your hands on, you'll get a feel for the questions that come up repeatedly. Don't worry if you get a few of the questions wrong initially as that's how it sticks.
When the case study is out, this is when the real work starts. Go over it a few times, treat them as real clients, get to know them. Some of the areas you'll be tested on will be really obvious when you read the case study.
I used Expert pensions for this one and the AFs, and their case study analysis is superb. Brand are equally as good though. There'll always be one curveball in the exam that you weren't expecting, but if that happens you'll either know it, or you'll have enough marks elsewhere to not need to worry too much about it.
As Jules says, it's all about brevity and using bullet points. There's no negative marking so write a new bullet point for everything you can think of, and remember to write the obvious answers, however obvious it might seem!
Any questions give me a shout.
Link to my previous comments on R06 here.
Case studies have been released today!
What is everyone's initial thoughts?
Case Study 2. I think there may be questions about the benefits and drawbacks of buy to let investments compared to a pension. Definitely some questions on income protection and maybe key man protection by doing the protection through the business as oppose to him personally. Linking in IHT etc. There is a few highlights of ethical investing. Some questions on that and the ways in which different funds/portfolios can go about that. They also mention his personal liabilities exposure, switching to a limited company etc.
However, these all seem a little too "obvious" so not sure what they will be throwing our way.
I also noticed Leo has a Blobal ESG exposure and Karin has UK ESG exposure. Some differences in that space and the relative differences.
Just after my first read
Yes I agree, there is lots of things I have obtained from the case studies which I feel I need to brush up on.
Case study 1 - I am sure there will be questions about their OEIC's and the taxation on them e.g CGT etc. And will be questions about IHT with gifting to grandchildren. They have also thrown in a deferred DB scheme for good measure on case study 1 but given no information on it so could be a question on what additional information is needed on this.
Bespoke Training Solutions are currently analysing the two case studies which look pretty standard. If you follow us on LinkedIn we are posting hints and tips on which technical areas to revise as we go this WE. Our eLearning analysis will be available late Monday 12th / early Tuesday 13th September as we have 3 designers working on it all WE - the earliest of any provider at there, to give you as much time as possible to revise and get ready. BTS are also running a webinar with Professional Paraplanner on 15th September at lunchtime, based on the two case studies. Anyone wanting a list of possible areas email me, Luiza, at enquiries @bespoketrainingsolutions.com. Don't panic, really get to know these case studies, analyse them yourself, make a list of possible areas. Never rely on anyone else to do all the work for you. And good luck 👍
– Deferred DB pension – merits of taking/transfer/ risks etc. Advice process for DB- noted that parents died in early 70’s so perhaps driving their consideration for a transfer
– Retirement – what does it look like- income/capital need/BR19s/ use of C/F to max conts/ need to ensure financially secure before gifting- cashflow modelling
-Investments – aligned to ATR/investment horizon/ CGT on encashment- CGT allowances- defer encashment for gifting til basic rate taxpayers in retirement?
-Taxation of OEICs
-No wills – intestacy rules. Steps to take re Will to be legally binding
– No LPAs – what would happy in event of incapacity when not in place/ benefits of LPAs. Steps to take re LPA
– Redundancy payment invested into U/Ts- seems a red herring but maybe Q on how it would have been taxed on Tom?
– Gifting for home purchases- allowances/JISAs/Trusts – pros and cons of each
– IHT liability – how to minmise- pen conts/gifting etc/ estate planning
Case study 2:
1. ensure their protection arrangements are adequate for their needs;
– £95k IO mortgage covered via JL LTA – what term/ current S/A
– Concerns around Leo being main breadwinner- FIB? LTA?
– What about income protection also – pros/cons
– CIC – as above
– Pros/cons of repaying o/s mortgage from investments vs keeping in place
2. arrange suitable retirement funding for Leo;
– No pension at all, get BR19 – consider additional voluntary NICs
– BTL – pros and cons/taxation of purchase and rental income – how will he fund/void periods
– BTL vs pension – pros and cons
– He has asked you to explain any alternative options for his business, which could offer him greater protection and improved tax-efficiency.- self employed vs ltd company – taxation of earnings etc
3. improve the tax-efficiency of their current arrangements
– Consider using available C/F for each – employer conts for Leo
– E’ee pen conts to reduce salary below £50k so remove High Income Child Benefit tax charge
– Potentially better interest rates available on business bank account
– Salary from business for Karin - rules around this
On case study 2 i'd also potentially look at - as a sole trader he can only have a personal pension, if he sets up a ltd he can then make an employer and employee contributions, therefore maximising his pension savings.
BTL - questions may lead to benefits of SIPP and holding direct property as an alternative to a BTL
He cannot use carry forward from years he has not been a pension scheme member. So watch your technical info as some of the areas above are not correct. Luiza
> He cannot use carry forward from years he has not been a pension scheme member. So watch your technical info as some of the areas above are not correct. Luiza
Thanks Luiza, I’d overlooked that.
Hi all,
sorry to bother you at this late stage (the day before the exam)!
i am just going over some notes and had a query r.e employer NICs on case study 2.
my understanding is that there is no employer class 1 NICs payable on salary below the secondary contribution threshold (£8,840p.a.) is this correct?
the study text also goes on to suggest that if Leo set up a limited company he could be entitled to an employer allowance of £4,000 per year if he employed Karin. Is this correct?
thanks in advance for your help and good luck tomorrow all
Seemed to have quite a lot pop up that was in the analysis I had and have been studying for the last week and a half!
It’s so hard to know if you have done well on it though! I was really conscious of trying to make sure I was answering the question being asked and hope I did! And I guess it is some what down to the exam markers interpretation of your answers.
3 hours really does fly by though in the exam!
Now just have my fingers crossed for 6 weeks as the gruesome wait for the result begins!
> I found it ok (I think)!
>
> Seemed to have quite a lot pop up that was in the analysis I had and have been studying for the last week and a half!
>
> It’s so hard to know if you have done well on it though! I was really conscious of trying to make sure I was answering the question being asked and hope I did! And I guess it is some what down to the exam markers interpretation of your answers.
>
> 3 hours really does fly by though in the exam!
>
> Now just have my fingers crossed for 6 weeks as the gruesome wait for the result begins!
I agree, I can’t help but wonder whether I answered the actual questions being asked or not 🙃
Was a little surprising though, was only 13 questions in total across the 2 case studies meaning each question was worth quite a few marks. Can be a good or a bad thing.
This was the first exam I actually ran out of time on too, didn’t get a chance to check over my last two answers. 3 hours as you say flew by!
Best of luck @GolfPutt21
Following on from the previous discussion, did anyone find anything that they werent expected with the recent exam?
I think the only thing that threw me slightly was the question surronding Wills
The will question is the same one that threw me. I was prepared for a question on Wills and the benefits of having one but this one seemed to be a detailed explanation on what happens to their assets on death and what they should put in a will which I wasn't prepared for, I feel like I would be closer to possibly half the marks on the 2 will questions.
I feel other than that there wasn't too many that were unexpected, I did find there was more that I was expecting to come up but didn't.
> Following on from the previous discussion, did anyone find anything that they werent expected with the recent exam?
>
> I think the only thing that threw me slightly was the question surronding Wills
I also found I struggled to write 7 marks on the second Wills question! Didn’t find the first question too difficult but who knows if I answered the question I wanted to answer or the right one…
I ran out of time and didn’t get a chance to check it over
If I remember correctly, I think it was what you would be taken in to account at an annual review, or along those lines
Hi all,
One of the advisers from my firm mentioned that for R06 they release some of the question answers for the exam prior to the pass results being released, anyone know if this is correct and likely date of that?
Thanks
I hope that doesn’t happen either, as I’ll be spending the whole time trying to remember the answers I put 5 weeks ago 😂
> @GolfPutt21 said:
> Hi all,
>
> One of the advisers from my firm mentioned that for R06 they release some of the question answers for the exam prior to the pass results being released, anyone know if this is correct and likely date of that?
>
> Thanks
Yeah you're right. I don't think at this point they would.
Good luck everyone on your results next Friday!! Fingers crossed for us all, hopefully the wait for results is worth it!!