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). Guidance can provide information and/or options around choice of pension scheme or withdrawal but not make an explicit recommendation.
|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. The Pensions Advisory Service, Money Advice Service, 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|
|11.3.6||Knowledge of the importance of safeguarded benefits within a pension, that customers should seek financial advice before they consider giving up these benefits and of the risks to customers who are considering a transfer of a DB pension to a DC arrangement|
We have put together a directory of further information to help you meet the competencies in the framework that will also support the people you help too.
It includes relevant training and qualifications for each domain (identified by a mapping exercise carried out in 2019).
The links to training and qualifications are provided for your information and should not be interpreted as approval or endorsement of the materials. Before signing up, it is important to check the credentials of the organisation if you are not familiar with them.
Things to think about include:
- Will you get professional or recognised accreditation?
- Can you get recommendations from your network?
- Could you negotiate discounts by grouping together with other practitioners?
There are also links to further information on a range of relevant domain topics. Many of these links go to the MAS website, where you can get up to date information along with links to other organisations and sources of support. You can signpost people to these sources or use them as a basis for direct guidance. This information will be very useful for supporting your skills and knowledge in tiers 1, 2 and 3 technical domains.
Bear in mind this information is intended as a starting point and we plan to add further resources as we become aware of them to create a comprehensive database that will strengthen and grow as the programme develops.
Please do let us know of any training, qualifications or information resources that you use and think would help other practitioners by contacting us.
The Money Advice Trust – Wiseradviser – Introduction to money advice (England & Wales)
The Money Advice Trust – Wiseradviser – Introduction to money advice (Northern Ireland)
The Money Advice Trust – Wiseradviser – Introduction to money advice (Scotland)
Advice NI – Preparing for retirement
Information and guidance sources of support
MoneyHelper – Pensions guide
MoneyHelper – State Pension
MoneyHelper – Pension calculator tool
MoneyHelper – How to spot a pension scam
MoneyHelper – Types of pension and retirement income