Pension Freedom  

Cisi undercuts rival on pension exam

Cisi undercuts rival on pension exam

The Chartered Institute for Securities & Investment (Cisi) is undercutting rival exam provider the Chartered Insurance Institute, having slashed its fees for the new pension transfer exam.

After a 40 per cent price cut, the Cisi's new pension transfer exam is £4 cheaper than the equivalent qualification from the Chartered Insurance Institute (CII).

The CII’s new level six unit (AF7) on pension transfers costs £271.

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The Cisi version, which originally cost £443, now costs £267 after the 40 per cent discount.

Lora Benson, spokesperson for the Cisi, said the decision was due to the need to generate interest in the exam early.

She said: “As our level six certificate in pensions transfer and planning advice is a new qualification, we were keen to offer the introductory prices as an incentive to book.

“Lead times were also a key factor in the pricing of this exam, as the final sitting is December, so we needed to generate interest in this new narrative qualification. It’s been offered for the first time initially as a computer-based exam.”

The discount is set to expire next May.

The new exams follow the FCA’s warnings earlier this summer that withdrawing cash early and in full from pension pots had become “the new norm” since the pension reforms of 2015, while 30 per cent go into drawdown without any guidance.

The CII has been contacted for comment.