New pension transfer qualification attracts 500 applications in first week

teachA new pension transfer qualification has seen 500 sign-ups in its first week of its launch.

The Chartered Insurance Institute has officially kicked off enrolment into its Level 4 Certificate (AF7) in pension transfers advice, which tacks a new Level 6 pension transfers unit onto three existing Level 4 exams covering pensions and retirement planning, investment principles and ethics.

Advisers who don’t hold either the CII’s AF3 pension planning or legacy G60 qualification which would allow them to provide pension transfer advice, but do hold the CII Diploma in Financial Planning, can take the new AF7 unit to become qualified.

Personal Finance Society chief executive Keith Richards says: “We are delighted so many have pursued these qualifications to gain the in depth enhanced knowledge required to ensure they can help their clients achieve the best outcomes in seeking financial security in retirement.

“It is understandable that the FCA renewed its focus on the qualifications, experience and continuing professional development requirements for pension transfer specialists but our members told us what they wanted ahead of the regulator demonstrating how far the profession has advanced. Our new dedicated pension transfer exam unit is client focused and has been developed in the spirit of the FCA’s current consultation.”

The CII is planning to replace its AF3 pension planning unit with a combination of AF7 and a forthcoming AF8 retirement income planning unit in October, phasing out AF3 by April next year.

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