View more on these topics

CII to launch pension transfers qualification

Professional body plans to withdraw AF3 pension planning unit later this year


The Chartered Insurance Institute is launching a new pension transfers qualification following the FCA’s proposals to change the rules relating to pension transfer advice.

The level four certificate in pension transfers advice includes a new level six unit, pension transfers, which will open in August.

It also includes three existing level four units: financial services regulation and ethics, investment principles and risk, and pensions and retirement planning.

Seven thousand CII members with statements of professional standing are qualified to give pension transfer advice through either the withdrawn pensions unit G60 or the current pension planning unit AF3.

Advisers who have a CII diploma in financial planning but have not completed those two units just need to complete the new level six unit to become a qualified pension transfer specialist.

The FCA published its retirement outcomes review this week, which showed the proportion of savers going into non-advised drawdown increased from 5 per cent to 30 per cent since pension freedoms.

FCA proposes scrapping assumption DB transfers are unsuitableCII managing director of engagement and Personal Finance Society chief executive Keith Richards says: “The transfer of safeguarded benefits is an increasingly complex area, and so in the interests of consumers and the advice profession, we support the FCA’s renewed focus on the qualifications, experience and continuing professional development requirements for pension transfer specialists.

“Our new dedicated pension transfer exam unit is client focused, and has been developed in the spirit of the FCA’s current consultation, which we will formally respond to.”

The CII will also introduce a new level six advanced diploma unit retirement income planning in October 2017. Together, the two new units will replace AF3, which will be withdrawn in April 2018.



CII exam marking queried as student repeatedly fails by 1 mark

A paraplanner has voiced frustration with the Chartered Insurance Institute’s computerised exam marking scheme after failing four exams by just one mark each. Financial Options Group paraplanner Simon McGovern says he wants to become a full adviser, and so sat the CII’s R01 and R04 exams. His first attempt at the R04 exam on pensions […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. This is NOT news as it was announced by the CII on 4th November last year. The qualification was anticipated to have been approved by the FCA in February. The real story here is that the CII are not able to provide learning material until 1st August 2017 for exams in October. The unit still requires 100 hours of study, which is (now) a tough hill to climb.

  2. Does the CII not already have a Qualification on Pension Transfers ? Is it defunct ? or is it a money making opportunity ?

  3. David Cathcart 17th July 2017 at 4:05 pm

    The London Institute of Banking and Finance has had a stand alone L6 Pension Transfer qualification for sometime now. Unlike the CII L6 exams. the LIBF tell you from the beginning what mark you need to pass, not the CII stance of “we will tell you how many failures we need to meet out half yearly income targets”

Leave a comment