The level 6 qualification is ideal for any financial planner or wealth manager looking at working in the specialist pension transfer advice area, Cisi said.
The workbook to accompany the three-hour exam is now available and candidates can sit the test from December 2017.
The annoucement comes a month after the Chartered Insurance Institute (CII) formally launched its pension transfer qualification.
A spokesperson for Cisi told International Adviser: “Our exam and study differs from the CII in that you can combine this new Cisi pension transfers exam with any other qualification, which will then enable you to obtain your SPS (Statement of Professional Standing) for retail and investment content.
“So, from this respect, our new exam and learning package is more flexible than that of the CII exam, which is part of a pathway.
“Our workbook/exam package is also more competitive on cost.”
Growing demand for specialist advice
James Stockdale, Cisi global director of learning, said: “We have introduced this new, important qualification as a result of listening to our members. Cisi members have noted requests for information on pension transfers from current and new clients have soared since pension freedoms were announced by the UK Government in 2015.
“This demand is likely to increase further as the new EU Directive on European Institutions for Occupational Retirement Provision Directive (IORP II) states that a standardised pension benefit statement must be provided to all pension scheme members, providing clear information outlining their individual pension entitlements.
“The UK market is having to implement this directive by 13 January 2019,” Stockdale added.
“We owe it to the consumer to ensure that our members are sufficiently qualified to the highest standards to help them navigate these new pension freedoms and help consumers financially plan their future lives.”
