Award in Pension Transfers - PETR

How to Become a Pension Transfer Specialist

A Pension Transfer Specialist (PTS) is a financial adviser who has obtained the specialist qualifications required to advise on pension transfers involving safeguarded benefits.

The LIBF Level 6 Pension Transfers (PETR) qualification develops the specialist knowledge and practical skills required for pension transfer advice.

PETR is a specialist option unit within the Level 6 Diploma in Financial Advice (Adv DipFA). When combined with the Diploma for Financial Advisers (DipFA) or another appropriate RDR-compliant qualification, it meets the FCA qualification requirement for Pension Transfer Specialists. Walbrook

Candidates who already hold an appropriate RDR-compliant financial advice qualification, or a Statement of Professional Standing (SPS) as a retail investment adviser, may also be eligible to register for PETR. Walbrook

What is the LIBF PETR Qualification?

The Level 6 Pension Transfers (PETR) qualification is designed to develop specialist knowledge of the pension transfer market and the skills required to analyse clients’ circumstances and make appropriate recommendations.

The qualification covers areas including:

The pension transfer market
The legal and regulatory framework
Assessing individual client circumstances
Pension transfer options and their implications
Factors affecting transfer analysis
The implications of transferring between different types of pension schemes

LIBF currently describes PETR as a Level 6, single-module specialist qualification. Walbrook

The Role of a Pension Transfer Specialist

Pension transfer advice is a highly specialised area of financial advice.

FCA rules require a firm to ensure that advice on pension transfers, pension conversions and pension opt-outs is given or checked by a Pension Transfer Specialist, subject to specific exceptions. FCA Handbook

Where safeguarded benefits are valued at more than £30,000, legislation generally requires the individual to obtain appropriate regulated financial advice before the transfer can proceed. FCA

A Pension Transfer Specialist must carefully consider the client’s circumstances and whether transferring valuable safeguarded pension benefits is suitable.

The FCA emphasises that for most consumers, transferring out of a defined benefit pension will not be in their best interests, making this a particularly important and highly regulated area of financial advice. FCA

Pension Transfer Analysis

When providing full pension transfer advice, the adviser must undertake an Appropriate Pension Transfer Analysis (APTA) and consider the client’s individual circumstances and objectives.

The analysis supports the adviser’s personal recommendation on whether transferring the safeguarded benefits is suitable for that particular client. FCA

Pension Transfer Specialist Responsibilities

A Pension Transfer Specialist may be responsible for:

Meeting clients and gathering detailed information about their circumstances and objectives
Assessing the client’s financial position, needs and attitude to risk
Analysing existing safeguarded pension benefits
Undertaking an Appropriate Pension Transfer Analysis
Assessing the potential benefits, risks, costs and implications of a transfer
Determining whether a pension transfer is suitable
Explaining complex pension information clearly to clients
Explaining the features, benefits and risks associated with the recommendation
Maintaining appropriate records and complying with relevant FCA requirements

Skills of a Pension Transfer Specialist

A Pension Transfer Specialist should have:

Excellent written and verbal communication skills
Strong numerical and analytical ability
The ability to explain complex pension concepts clearly
High professional and ethical standards
Strong attention to detail
Good organisational and record-keeping skills
A commitment to maintaining up-to-date technical and regulatory knowledge

Study PETR with Clarity Financial Training

Clarity Financial Training Ltd provides professional training and study support for advisers preparing for the LIBF Level 6 Pension Transfers (PETR) qualification.

Clarity FT is an LIBF Accredited Learning Support Provider.

Our PETR training is designed to help candidates develop their technical knowledge and prepare for the LIBF assessment.