PensionsMay 27 2015

More than 500 sign up to CII pension reform exam

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More than 500 sign up to CII pension reform exam

More than 500 people have enrolled in the Chartered Insurance Institute’s new qualification for the pension reforms.

The CII announced a new qualification in January for the recent pension reforms, with the first round of exams for the new unit due to take place this August.

In a statement, the CII said: “The QCF Level Four Pensions Update programme offers a complete continuing professional development solution that keeps financial planners, paraplanners and those in related roles up to speed with recent reforms.

“The programme comprises a new unit called R08 Pension update and includes a study text, online study support and first exam.”

According to the CII, 95 per cent of those who have enrolled are Personal Finance Society members, with 79 per cent of enrolments taking place online.

Meanwhile the Chartered Institute for Securities & Investment is putting together a qualification targeted at pension managers, senior pension administrators, pension administration teams and pension scheme trustees which is expected to go live on 11 June.

The Cisi said its qualification – which focuses issues such as on retirement planning, state pension provision and pension transfers – has been available to book since April.

It already offers a certificate in life and pensions targeted at operational staff in these sectors while both its certificate and diploma in financial planning have retirement planning modules.

Last month, ifs University College, the ‘business school for finance’, launched a qualification for those wishing to offer advice on pension transfers.

The Award in Pensions Transfers is a single-unit qualification designed to develop a comprehensive appreciation of pensions transfers regulations, the role and responsibilities of the parties involved, and how to identify solutions to meet client needs.

Martin Day, vice-principal for banking, finance and regulation at the London-based college, said: “Access to high-quality professional advice on pensions has always been important for consumers, but the recent reforms mean it is now more vital than ever.”

Adviser view

Sam Whybrow, a chartered financial planner with London-based Lubbock Fine, said: “I have not planned on enrolling yet, but I do think it is a good idea because it is such a seismic change.”