The Chartered Institute for Securities & Investment’s test of knowledge about the greater pension freedoms available from 6 April is already available.
Lora Benson, head of media at Cisi, has revealed that the exam body is able to test advisers’ comprehension of pensions administration now.
Cisi will charge £110 to book the pensions administration exam, £75 for a workbook and £35 for e-learning.
In January, Cisa made it clear that providing a qualification for pensions was a priority, given the pension freedoms.
At the time, Yvonne Dineen, assistant director of qualifications at Cisi, said: “Given all the recent changes to pension legislation in the UK, and the enhanced importance of this financial sector, there is a greater need for qualified pension administrators to address the implications of the recent changes and to administer pensions accurately and effectively in the new framework.”
In March, the CII changed its QCF level four pensions update programme to cover the impact of greater pension freedoms on at retirement advice.
The CII Pensions Update Programme includes a study text, online study support and entry to the online exam.
Successful completion is awarded with a pass in the new CII unit R08 Pensions update and 10 diploma-level credits towards the diploma and advanced diploma in financial planning.
Enrolments for the CII exam open on 30 April.
David Trenner, technical director of Intelligent Pensions, said: “All of us who have achieved QCF level four or higher are completing continuous professional development and should not need to take more exams.
“For younger advisers these exams will be a useful way to improve and test their knowledge.
“A number of advisers were unqualified before the retail distribution review, hence the dash for exams and ‘gap-fill’. Since RDR advisers are all qualified and should not need further exams – unlike so-called advisers providing the guidance guarantee.”