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Home » Qualifications » Certificate in Life and Pensions
 

Professional development for operational staff

The days when only front-line financial services sales staff needed qualifications are long gone. The FCA expects staff at all levels and across all functions to demonstrate that they have the necessary skills to perform effectively.

This is why the CII has developed the Certificate in Life and Pensions: for those following financial services careers in administration, customer support, compliance and technical guidance, within both company and intermediary organisations.

The Certificate provides a dedicated learning pathway delivering the knowledge you need to perform effectively and progress your career. It is a modular qualification that allows you to self-select from 23 available units so that you build a learning programme matched to your job role or career requirements.

The units cover a broad range of topics across the financial services sector. Candidates have access to the units covered by the Certificate in Financial Planning, and the Diploma in Financial Planning as well as specialist units on specific financial planning areas such as equity release and group risks.

Completion will re-enforce your credentials as a career professional and make you eligible to apply to use the designation 'Cert CII (Life and Pensions)'.  

Why the Certificate in Life and Pensions?

This qualification delivers many advantages:

  • Provides a dedicated learning pathway for financial services operational staff developing the knowledge and understanding essential for a successful
    career.
  • A 'Record of Achievement' is awarded upon completion of each unit and a certificate awarded on completion of each qualification, providing portable
    and permanent evidence of learning undertaken.
  • CII members holding the Certificate in Life and Pensions are entitled to use the designation Cert CII (Life and Pensions); (Continuing Professional Development requirements apply). 

Is the Certificate in Life and Pensions right for me?

The Certificate is tailored for operational staff working in the financial services sector. They cater for the needs of:

  • Those involved in administration, customer support, compliance and technical guidance.
  • Overseers of life and pensions administrative functions who have to demonstrate evidence of compliance with the FCA's Training and Competence,
    Chapter 2 requirements.
  • Those providing administrative support to financial advisers.
  • Those administrators wishing to develop their understanding of the background and regulation of the financial services sector and technical product areas. 

Your next step

Now that you have read about the Certificate in Life and Pensions, gained an understanding of what it offers and decided that it meets your career development plans, it is time to finalise your entry.

The links at the top of this page contain all the information you require to study for and complete these qualifications. You will learn about the units on offer, available learning materials, how to enter and the relevant terms and conditions.

Please take the time to read this material as it will help you choose the study programme that best fits your needs.

  • Learning Statement - For details of credits you hold and confirmation for your personalised completion requirements for the Certificate.
  • FAQs - Our frequently asked questions relating to studying towards CII qualifications and examinations. 

Introduction

« Back to Introduction

CII qualifications require completion of one or more units, each covering a specific topic that is individually assessed. Assessment methods vary depending on the level and subject matter of a unit, and include:

  • Multiple choice examinations - the assessment method for Certificate, Award and financial services 'R0' Diploma units assessed in the UK.  Exams are delivered on-screen at a network of over 80 public centres across the UK. Sittings are available year-round, often on a weekly basis.
  • Written examinations - the assessment method for Diploma and Advanced Diploma units, excluding financial services 'R0' Diploma units, and also all units examined outside the UK. Sittings are typically available twice yearly in April and October at over 50 public centres throughout the UK and over 100 public centres outside the UK.

What you need to know

It is essential that candidates familiarise themselves with our service, in particular the rules and procedures that are in place. This should include both exam policies (before the assessment) and notes to results (after the assessment).

Things you need to know before the exam

Things you need to know after the exam

Key facts

Key facts for the Certificate in Life and Pensions

Level of qualification Introductory
Number of available units 23 Certificate and Diploma units
Compulsory units 1 unit
• (R01) Financial services, regulation and ethics; or
• (CF1) UK financial services, regulation and ethics
Credits required to complete (existing credits carried forward) 60
Credits per unit CF1/CF8/ER1 - 15 credits
CF4/GR1 - 10 credits
FA1/FA2 - 10 credits
CF2 - 20 credits
IF7 - 15 credits
R01/R02 - 20 credits
R03-R05 - 10 credits
J01-J07/J10, J11 - 20 credits
Combination of units at any level allowed Yes
At Certificate and Diploma level (maximum 20 credits from the Diploma units J01-J07, J10, J11, R02-R04)
Exam format For units CF1/CF4/ER1/FA1/FA2/GR1 please refer to the other Certificate level qualifications.
For units R01-R05/J01-J07, J10, J11 please refer to the Diploma in Financial Planning
CF8
• Online, 2 hours
• 50 multiple choice questions (MCQs) and five case studies, each comprising five MCQs
IF7
• Online, 2 hours
• 100 multiple choice questions (MCQs)
Average study time per unit CF1/CF8/ER1 - 60 hours
CF4/FA1/FA2 - 40 hours
CF2 - 70 hours
R01/R02/J10 - 60 hours
R03-R05/GR1/IF7 - 50 hours
J01-J07, J11 - 100 hours
Availability of exam sessions (Details shown apply to the UK. Outside of the UK exams are offered twice-yearly) Year-round (CF1/CF8/ER1/CF4/GR1/ FA1/FA2/CF2/R01-R05/J10/IF7)
Availability varies from centre to centre, but typically weekly
Twice a year (J01-J07, J11)
April/October
Entry requirements? None
Credits available for prior learning? Yes
Record of Achievement issued for each exam pass? Yes
CII/PFS membership designation Cert CII (Life and Pensions)
CII members are entitled to use on completion
Office of the Qualifications and Examinations Regulator (Ofqual) approved? No

 

Completion requirements

Entry requirements

There are no formal entry requirements for the Certificate in Life and Pensions so it is open to anyone irrespective of experience or educational background.

Whilst there is also no prescribed order in which the units must be taken, it is strongly recommended that you complete them in the order listed. This reflects the fact that each unit builds to a certain degree on the preceding unit.

Studying for the certificate

The recommended minimum study hours are shown in the tables below (these will vary according to your experience and ability). The nominal pass marks are also shown, however, the actual pass marks may vary slightly over time to ensure that the pass standard remains constant.

Completion requirements

To complete the Certificate, you must:

  • Accumulate 60 credits
  • Satisfy the compulsory unit requirements by holding either unit (CF1) UK financial services, regulations and ethics - worth 15 credits or (R01) Financial services, regulation and ethics worth 20 credits
  • Obtain the remaining credits from a range of Certificate or Diploma units, with a maximum of 20 credits coming from the Diploma units J01-J07, J10, J11 and R02-R04.

Note:  Due to the extent of syllabus overlap, it is recommended that candidates do not select units CF1 and R01 to complete the Certificate in Life and Pensions.

Certificate and Diploma units available: 

Units Study hours Exam format Length of exam Nominal pass mark Credits

(CF1) UK financial services, regulation and ethics
or

60

100 multiple choice questions

2 hours

70%

15
(R01) Financial services, regulation and ethics 60 100 multiple choice questions (MCQs) 2 hours 65% 20
(CF2) Investment and risk 70 100 multiple choice questions 2 hours 70% 20
(R05) Financial protection 40 50 multiple choice questions 1 hour 70% 10
(CF4) Retirement planning 40 50 multiple choice questions 1 hour 70% 10
(CF8) Long term care insurance 60 50 multiple choice questions and 5 case studies, each comprising of 5 MCQs 2 hours 70% 15
(ER1) Equity release 60 50 multiple choice questions and 5 case studies, each comprising of 5 MCQs 2 hours 70% 15
(GR1) Group risk 40 50 multiple choice questions 1 hour 70% 10
(FA1) Life office administration 40 50 multiple choice questions 1 hour 70% 10
(FA2) Pensions administration 40 50 multiple choice questions 1 hour 70% 10
(J01) Personal tax 100 15 compulsory written short answer questions 2 hours 55% 20
(J02) Trusts 100 15 compulsory written short answer questions 2 hours 55% 20
(J03) The tax and legal aspects of business 100 15 compulsory written short answer questions 2 hours 55% 20
(J04) Pension funding options 100 15 compulsory written short answer questions 2 hours 55% 20
(J05) Pension income options 100 15 compulsory written short answer questions 2 hours 55% 20
(J06) Investment principles, markets and environment 100 15 compulsory written short answer questions 2 hours 55% 20
(J07) Supervision in a regulated environment 100 15 compulsory written short answer questions 2 hours 55% 20

(R02) Investment principles and risk

 60 100 multiple choice questions (MCQs) 2 hours 65% 20
(J10) ) Discretionary investment management (first examined Sep 12) 100 100 multiple choice questions (MCQs) 2 hours 65% 20
(J11) Wrap and platform services (first examined Oct 12) 100 15 compulsory written short answer questions 2 hours 55% 20

(R03) Personal taxation

 50 50 multiple choice questions (MCQs) 1 hour 65% 10

(R04) Pensions and retirement planning

 50 50 multiple choice questions (MCQs) 1 hour 65% 10

(R05) Financial protection

 50 50 multiple choice questions (MCQs) 1 hour 70% 10

Entering for an exam

We recommended booking at least six weeks in advance to give the best chance of getting your preferred exam date and timing.

Whilst there is no prescribed order in which units must be taken, it is strongly recommended that you sit the compulsory unit 'CF1 - UK financial services, regulation and ethic ' first, since this provides foundation knowledge upon which the others build.

 

 

Syllabus updates 2013-14

As you are no doubt aware, changes to the regulator of the UK financial services industry (currently the FSA) are planned this year.

This will have a significant impact on CII customers, the way you conduct your business and therefore the content of our syllabuses, study material and exams for certain exam units.

Further background on the changes to the regulator can be found below under our frequently asked questions.

What do these changes mean for CII customers?

Some CII units examine on aspects of the FSA. To ensure that we're examining on current issues and regulation, syllabuses and study material for these units are being updated to reflect regulatory changes.

When will these updates be made?

Updated syllabuses have now been published - available to download from each qualification page on this website - and will be examined from 01 Sep 2013.
For all financial services units, new study text editions will be published in July 2013 as normal.

Are there units that will be impacted by the changes more than others?

Yes, the following units have more content that will be affected:

CF1*, CF6, R01*, R05, J07, J09, J11, FA1, ER1

* These units will be particularly affected by this change

How significant will the updates be?

Changes to the regulatory regime will result in some changes to the legislative position that is being examined - this will largely consist of updating references to the FSA, and its roles and responsibilities, to the new regulatory bodies. As detailed above, some units will be more impacted than others.

Are there any changes to the current testing period that will affect the life of existing study texts?

No - because of the anticipated timing of the changes we plan to update study material for financial services units at the same time as usual. The only change to the timetable will be that updated syllabuses have been issued slightly earlier than normal (in April rather than July), but these will be examined from September as usual.

Background - what's changed?

From 1 April 2013 fundamental changes have been made to the regulatory regime as the Financial Services Authority (FSA) was disbanded.

  • A new regulator, the Financial Conduct Authority (FCA), is now responsible for policing the behaviour and conduct of all firms, with a focus on ensuring consumers are protected and markets work well. It is also responsible for the solvency and stability of smaller firms such as IFAs.
  • The Prudential Regulation Authority (PRA) is responsible for the solvency and financial stability of the larger institutions (banks, insurance companies, etc.) whose failure could trigger a financial crisis.
  • Within the Bank of England sits the Financial Policy Committee (FPC), responsible for scanning for emerging risks to the financial system.
CF1
UK financial services, regulation & ethics
CF2
Investment and risk
CF4
Retirement planning
CF8
Long term care insurance
ER1
Equity release
FA1
Life office administration
FA2
Pensions administration
GR1
Group risk
J01
Personal tax
J02
Trusts
J03
The tax and legal aspects of business
J04
Pension funding options
J05
Pension income options
J06
Investment principles, markets and environments
J07
Supervision in a regulated environment
J10
Discretionary investment management
J11
Wrap and platform services
R01
Financial services, regulation & ethics
R02
Investment principles and risk
R03
Personal taxation
R04
Pensions and retirement planning
R05
Financial protection
 

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.

Find out more »

Syllabuses

CF1 UK financial services, regulation and ethics

At the end of this unit, candidates should understand the:

  • purpose and structure of the UK financial services industry;
  • different financial asset classes and product types;
  • process of giving advice and the main areas covered;
  • ethics, regulatory processes, rules and legislation underpinning UK financial services;
  • use of the financial regulators' powers and responsibilities to protect the market's integrity and the impact on individuals and firms of these regulators' powers.

Read about updates that will affect financial services qualification units »

CF2 Investment and risk

At the end of this unit, candidates should understand the:

  • economic and other factors affecting investment returns;
  • key features of the different asset classes and product types and the role of ethical investment in financial advice;
  • risks involved in investment, how risks affect returns and the risk profile of investors;
  • taxation considerations in the investment process;
  • importance of asset allocation in investment decisions;
  • effect of other issues on investment planning.

CF4 Retirement planning

At the end of this unit, candidates should be able to understand the:

  • effect that retirement planning has on clients before, at and after retirement;
  • impact that taxation and legislation have on retirement planning;
  • different types of individual, occupational and State pension schemes;
  • main options for drawing benefits at retirement;
  • use of alternative investments in retirement planning;
  • effect of divorce on retirement planning.

CF8 Long term care insurance

At the end of this unit, candidates should be able to understand the:

  • definition, purpose and scope of long term care contracts and how they interact with State benefits and State-funded long term care;
  • main features and functions of the different types of contract that can be used to fund long term care and how they can be arranged to meet an individual's needs;
  • principal legal, taxation and regulatory issues that are relevant to advice on long term care insurance;
  • importance of regular reviews to ensure that long term care insurance cover remains appropriate.

ER1 Equity release

At the end of this unit, candidates should be able to understand the:

  • principles of equity release and the types of schemes available;
  • suitability and affordability of the different types of equity release products;
  • risks to the consumer associated with equity release;
  • application of suitable equity solutions according to the circumstances of different customers.

The syllabus for this, and other CII units, will be updated during 2013.
Read about updates that will affect financial services qualification units »

FA1 Life office administration

At the end of this unit, candidates should understand the:

• basic product types, including group life;
• principles of financial and medical underwriting;
• policy issues likely to arise with life policies;
• administration of life policies, including the different payment methods and consequences of non-payment;
• handling of life policy claims.

The syllabus for this, and other CII units, will be updated during 2013.
Read about updates that will affect financial services qualification units »

FA2 Pensions administration

At the end of this unit, candidates should understand:

• the regulatory and legislative environment governing pensions;
• the basic principles of pension taxation and administration;
• the basic pension product types, including group pensions;
• with-profits and unit-linked investments;
• the different pensions and options available when taking benefits.

GR1 Group risks

At the end of this unit, candidates should be able to understand the:

  • nature and purpose of employee benefits;
  • main elements of the State benefits system in the UK;
  • legislative and regulatory context in which group risk operates;
  • principles and operation of group risk schemes;
  • group risk product features and the taxation of premiums and benefits;
  • role of the intermediary, the insurer and the reinsurer.

J01 Personal tax

At the end of this unit, candidates should be able to demonstrate an understanding of:

  • the basic structure of the tax system and self-assessment;
  • the main taxes on income and capital that may be charged on individuals, the self-assessment system and how tax liabilities are computed;
  • impact of residence and domicile on an individual's liability to UK tax..

J02 Trusts

At the end of this unit, candidates should be able to demonstrate an understanding of the:

  • legal principles associated with the creation and management of a trust;
  • main types of trusts that are common in the UK;
  • taxation considerations relevant to trusts.

J03 The tax and legal aspects of business

At the end of this unit, candidates should be able to demonstrate an understanding of:

  • the main legal forms of business and how they are set up and managed;
  • the consequences of bankruptcy or insolvency;
  • business accounts and financial controls;
  • the taxation of each type of business entity, its owners and employees;
  • the main legal responsibilities businesses have to employees, suppliers and customers;
  • the use of insurance and associated trust and legal arrangements in business protection;
  • the main uses of pensions for business planning.

J04 Pensions funding options

At the end of this unit, candidates should be able to demonstrate an understanding of the:

  • main tax and legal frameworks that govern the accumulation phase of building up retirement benefits under registered pension schemes;
  • features of defined contribution and defined benefit pensions;
  • choices faced by early leavers and use of transfer value analysis;
  • State retirement benefits available, including the risks and suitability of contracting out of the State Second Pension.

J05 Pensions income options

At the end of this unit, candidates should be able to demonstrate an understanding of the:

  • process of decumulating pension funds and the main issues for clients and advisers;
  • main choices facing members of pensions schemes during decumulation;
  • features, risks and tax treatment of the secured pension option;
  • features, risks and tax treatment of phased retirement;
  • features, risks and tax treatment of the alternatively secured pension option.

J06 Investment principles, markets and environments

At the end of this unit, candidates should be able to demonstrate an understanding of:

  • how the economic environment and individual company performance affects investment performance and investment decision making;
  • how risk is measured and managed;
  • the main principles governing how to construct an investment portfolio;
  • the range of investment management services, how their performance is evaluated and their regulatory environment.

J07 Supervision in a regulated environment

At the end of this unit, candidates should be able to demonstrate an understanding of:

  • the supervisor's role in a regulated organisation;
  • the principles and practices of recruitment and training;
  • attaining, maintaining and supervising competence;
  • management information and performance standards;
  • Financial Services regulation and guidance;
  • the legal and regulatory aspects of employment and supervision.

 

J10 Discretionary investment management

At the end of this unit, candidates will be able to advise clients on a range of discretionary investment management issues, including:

  • establish and meeting client objectives;
  • the behaviour, performance, risk profile and correlation of key investment types;
  • the role of the investment manager;
  • discretionary and non-discretionary portfolio management;
  • investment fund objectives and approaches;
  • the fundamentals of economics applicable to investment management;
  • how investment returns are related to investment risk;
  • the principles of portfolio theory;
  • performance measurement;
  • data regression;
  • indices;
  • the principles of performance measurement;
  • financial analysis;
  • ratio analysis;
  • information sources and disclosure obligations and bias thereof;
  • the principles of performance management and portfolio theory;
  • analysis and interpretation of financial information and ratios.

J11 Wrap and platform services

At the end of this unit, candidates will be able to demonstrate an understanding of:

  • the use of platforms in providing financial services;
  • the legal issues specific to using platform services;
  • the specific regulatory issues impacting upon platform services;
  • the suitability of platforms in meeting client requirements;
  • the corporate wrap proposition.

R01 Financial services, regulation and ethics

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • UK financial service industry in its European and Global context;
  • how the retail customer is served by the financial service industry;
  • Regulatory framework, powers and responsibilities to protect the consumer;
  • the legal concepts and considerations relevant to financial advice;
  • the Code of Ethics and its impact on the business behaviours of individuals.


Read about updates that will affect financial services qualification units »

R02 Investment principles and risk

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the characteristics, inherent risks, behaviour and correlation of asset classes, and investment products;
  • the macro-economic environment and its impact on asset classes;
  • the merits and limitations of the main investment theories;
  • the nature and impact of the main types of risk on investment performance;
  • the performance of investments.

R03 Personal taxation

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the basic structure of the UK tax system;
  • the main taxes on income and capital that may be charged on individuals and trusts, the self assessment system and how tax liabilities are computed;
  • the taxation of investments as relevant to the needs and circumstances of individuals and trusts.

R04 Pensions and retirement planning

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the main tax and legal frameworks applicable to pension schemes;
  • the features of defined contributions and defined benefit pension schemes;
  • state retirement benefits including risks and suitability of contracting out;
  • the aims and objectives of retirement planning including relevant investment issues.

R05 Financial protection

At the end of this unit, candidates should be able to understand the:

  • purpose and scope of financial protection products and how they interact with State benefits;
  • main features and functions of the different types of contracts and how they are arranged in order to meet the individual client's protection needs;
  • main protection needs of businesses.

The syllabus for this, and other CII units, will be updated during 2013.
Read about updates that will affect financial services qualification units »

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