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Pensions guidance qualification launched

JLT Employee Benefits and the Pensions Management Institute have launched a new qualification for people guiding members about their retirement choices to coincide with the new freedoms taking effect from April next year.

The Certificate in Pension Scheme Member Guidance will test “theoretical and practical knowledge on pension options” and includes a final oral exam. The Office of Qualifications and Examinations Regulation has certified it as Level 4.

It is aimed at anyone helping defined contribution and defined benefit members understand their retirement choices such as administrators, paraplanners and HR professionals.

JLT Employee Benefits director Margaret Snowdon says: “Whilst much has been discussed about the practicalities and adequacy of the Government’s free guidance service for DC members at the point of retirement, we felt strongly about the need for a tangible qualification, so that scheme administrators and others can evidence the right skills in guiding members.

“This is necessary whether the guidance is provided by the free guidance guarantee or through valuable “guidance plus” support, paid for by schemes and employers.”

Pensions minister Steve Webb says: “I welcome this new qualification, which will help to deliver one of the key requirements of the pension reforms, namely that those who provide guidance can show that they have the knowledge and skills to help scheme members understand their pension options and make more informed and therefore better decisions.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Pretty sure there are already a plethora of pension based exams out there!

    I seriously doubt that anyone already in the industry needs this to help them.

  2. It will be interesting to see how many people have ‘passed’ this qualification by April 2015 and specifically how many people at places like CAB have it.

  3. Marvin the paranoid android 18th December 2014 at 10:25 am

    am sure the CII/PFS wont miss out on this opportunity…think of CF9…….

  4. Incompetent Regulators 18th December 2014 at 10:29 am

    More PR and spin. In my world it’s called bullsh…………

  5. A good step forward for those who will be delivering the guidance (rather than advice). Anything that improves knowledge should be welcomed.

  6. Anyone seen the syllabus and intended outcomes and how they compare/map to the CIIs R04 and J05?

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