More than 2,000 advisers have signed up for the Chartered Insurance Institute’s pension freedom exam in the three months since its launch.
The CII launched the Pensions Update Programme (R08) in light of the 6 April at-retirement reforms. The new unit helps planners and paraplanners bridge their current qualifications to comply with the changes.
At the end of May, more than 500 people had enrolled in the qualification that was announced in January, with the first round of exams due to take place this August. By the end of June, more than 2,000 advisers had signed up.
The unit develops an understanding of how they impact those seeking advice on retirement and helps professionals tailor advice to best benefit the requirements of their clients, stated the organisation, adding that it caters to all candidates holding an existing pensions exam.
In addition, it will provide 10 diploma-level credits to contribute towards the Advanced Diploma in Financial Planning, the qualification that underpins chartered status.
Steve Jenkins, director of financial services and insurance markets at the CII, said: “It is estimated there will be around 400,000 retirees each year in need of guidance, and with around 33,000 advisers qualified to QCF level 4 - over 4,500 of these Chartered financial planners - there’s plenty of support available to facilitate this need.
“R08 is key in providing structured continual professional development to ensure qualified advisers are kept up to date with the changes coming to pensions so they can continue to advise those in need.
“R08 provides a complete programme of support, which includes a study text, online revision support and first exam entry, all for a single fee.”
He added that additional support will be available to supplement learning, including online ‘question packs’ and ‘MP3 audio revision’.
Exam sittings will be available year round and nationwide next month, with employers having the option to offer online exams from their premises.
peter.walker@ft.com
