Become a Pension Transfer Specialist

How to become a Pension Transfer Specialist

To become a Pension Transfer Specialist, candidates must first pass a professional level 6 qualification such as the LIBF Pension Transfers (PETR®) qualification.  A pension transfer can be defined as moving a safe guarded pension such as an occupational defined benefit (final salary) or defined contribution (money purchase) pension scheme and moving the benefits to a flexible benefit scheme such as a private pension. PETR® is a recognised professional qualification for any candidate that wants to provide UK pension transfer advice. UK private pensions are regulated by the Financial Conduct Authority (FCA) and occupational pensions are regulated by the Pensions Regulator, which requires all advisers to attain the relevant qualification before they can advise on pension transfers. The Pension Transfers (PETR®) qualification is a London Institute of Banking and Finance Regulated Qualifications Framework (RQF) Level 6 qualification. Candidates must already be level 4 qualified with the LIBF Diploma for Financial Advisers (DiPFA) or equivalent.

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Skills and role of a Pension Transfer specialist

A pension transfer specialist must use their skills and expertise to establish client suitability based on the information provided by the client. This is a highly specialised field that requires excellent numerical skills as well as communication. Current legislation requires that any person with a pension transfer value of over £30,000 must seek advice. As a pension transfer specialist, they will analyse the client’s circumstances to determine whether a pension transfer is in their best interest based on their age, circumstances, health and risk profile. The adviser will be required to perform an Appropriate Pension Transfer Analysis and recommend if they should go ahead with the transfer after factoring costs, returns required and charges. Advisers can work as either an employed adviser and get paid a salary or as self-employed where they can charge a fee paid by the customer.

Advisers role:

  • Meeting with clients to discuss their current circumstances to establish affordability, suitability and their attitude to risk.
  • Perform an Appropriate Pension Transfer Analysis and calculate the transfer value.
  • Establish whether a pension transfer is in the clients best interest based on the client details provided.
  • Explain complex financial information simplistically to clients.
  • Explain the features, benefits and risks of the advice recommended.

Adviser skills:

  • Excellent communication skills, both verbal and written.
  • Highly numerate.
  • Articulate.
  • Honest, trustworthy and ethical.
  • Sociable and friendly.
  • Hardworking and diligent in order to keep their knowledge up to date.
  • Organised – Advisers must be organised in order to maintain adequate records in order to remain FCA compliant.

The LIBF Pension Transfers (PETR®) is a professional qualification for any candidate who wants to work as a Pension Transfer Specialist. UK financial services are regulated by the Financial Conduct Authority (FCA). PETR® is a London Institute of Banking and Finance RQF Level 6 qualification and is recognised by the Financial Skills Partnership.