The Chartered Insurance Institute (CII) has launched a new
pension transfers qualification to support those seeking to provide
specialist pension transfers advice.
The new Level 4 Certificate in Pension Transfer
Advice includes a new Level 6 unit (AF7) Pension transfers, open
for enrolments in July 2017, and three existing CII Level 4 units -
(R01) Financial services, regulation and ethics, (R02) Investment
principles and risk and (R04) Pensions and retirement planning.
CII development director Steve Jenkins said the
new Certificate develops the in-depth knowledge and practical
skills needed by anyone seeking to advise on the transfer of
safeguarded benefits, an increasingly important part of the advice
process following the Government's pension reforms.
"Greater freedom and choice for retirees and
tighter controls around who needs to seek advice mean that pension
transfers and related advice are now more relevant than ever. It is
against this backdrop that we are stepping up our support, with a
dedicated pension transfer qualification and exam unit," he
Some 7,000 CII SPS holders are qualified to
provide pension transfer advice, holding either withdrawn CII unit
(G60) Pensions or current CII unit (AF3) Pension planning. The new
Certificate enables advisers and non-advisers seeking to undertake
pension transfer work for the first time to become pension transfer
Following FCA approval, expected in February,
advisers who hold the CII Diploma in Financial Planning, but not
G60 or AF3, will simply need to complete AF7 in order to become
qualified pension transfer specialists. AF7 involves 50 fewer
learning hours than AF3 given its specific focus on pension
The CII will also introduce a new Level 6
Advanced Diploma unit (AF8) Retirement income planning in October
2017, covering aspects of pension planning not covered in AF7.
Together, the two new units will replace AF3, which will be
withdrawn in April 2018.
For more information on the new Certificate in Pension Transfer
Advice and related pension unit developments visit www.cii.co.uk/fp-developments