Competency Framework: pensions
Technical Domains
11. Pensions
This domain is about issues relating to pensions, including: retirement planning; different types of pension; auto-enrolment; the State Pension; pension statements; pensions Law; sources of support; sources of detailed information; scams. The domain comprises Tiers 1, 2 and 3.Â
It is important that you are aware of where the regulated boundaries are and do not go beyond them (please refer to ‘The boundaries of the service and of your role’ and the description of advice and guidance).  Guidance can provide information and/or options around choice of pension scheme or withdrawal but not make an explicit recommendation.
- Tier 1
- Tier 2
- Tier 3
| 11.1.1 | Awareness of the importance of retirement planning |
| 11.1.2 | Awareness of what a pension is and how to distinguish between different types |
| 11.1.3 | Awareness of what auto-enrolment is and how it works |
| 11.1.4 | Awareness of when and how the State Pension can be claimed and that it is based on an individual’s National Insurance contributions |
| 11.1.5 | Signpost or refer customers to appropriate sources of information on pensions and/or support for retirement planning |
| 11.1.6 | Awareness of scams and what to do if a customer has been the subject of a scam |
| 11.2.1 | Knowledge of the features and main differences between types of pension (e.g. State Pension, defined benefit, defined contribution etc.) |
| 11.2.2 | Knowledge of when and how the State Pension can be claimed and that it is based on an individual’s National Insurance contributions |
| 11.2.3 | Knowledge of the advantages of retirement planning, including how to obtain a pension forecast |
| 11.2.4 | Knowledge of how to read a pension statement |
| 11.2.5 | Knowledge of the potential implications and effects of auto-enrolment on an individual’s circumstances |
| 11.2.6 | Knowledge of pensions eligibility criteria |
| 11.2.7 | Knowledge of the effect of deferring retirement pension |
| 11.2.8 | Knowledge of entitlement to Additional State Pension |
| 11.2.9 | Understanding of the factors to take into account when considering investing in a pensions scheme |
| 11.2.10 | Understanding of pensions law |
| 11.2.11 | Understanding of how the State Pension is calculated, its qualifying period and how to claim |
| 11.2.12 | Understanding of how to increase a State Pension |
| 11.3.1 | Knowledge of how to use specialist pensions and retirement calculators |
| 11.3.2 | Knowledge of how to check on how much has been accrued in an individual's pension pot |
| 11.3.3 | Knowledge of how to resolve issues which arise during the claims process |
| 11.3.4 | Knowledge of access to specialist support (e.g. MoneyHelper, Pensions Ombudsman, etc.) |
| 11.3.5 | Knowledge of how and when the Annual Allowance (AA) and Lifetime Allowance (LTA) rules apply, including knowledge of how the Tapered Annual Allowance applies, and the protections available to customers with benefits in excess of the LTA |
Training and qualifications
Find out about external training for the pensions domain.
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