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Advisers sample training plan for lecturers’ scheme

A group of the Personal Finance Society’s best-qualified advisers has attended pilot training schemes on the Universities Superannuation Scheme in advance of a national advisory programme being rolled out this year.

The USS invited 75 advisers to attend introductory training for its new initiative on advising members of its 20bn final-salary scheme for university lecturers which has 200,000 members. The scheme is one of the biggest in the UK.

The training follows the USS’s decision in December to appoint only a certain grade of PFS adviser for members seeking individual financial advice. The minimum qualification level is associate of Personal Finance Society, passing at least six AFPC papers, and advisers must hold the Advance Pensions paper. They will work to a transparent payment system and will have signed up to the Chartered Insurance Institute/PFS code of ethics and conduct.

The pilot sessions took place in London and Bristol and covered retirement and death benefits, leaving options, AVCs, transferring benefits to USS and tax simplification.

After attending the training, Syndaxi Financial Planning managing director Robert Reid says: “The USS scheme has some unique features which the training explained in detail. Being able to fact-find the scheme was invaluable.”


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