Pensions Transfer Advice

The FCA has published new rules and guidance on pension transfer advice. These rules have been bought in to ensure a better quality of advice is afforded to individuals transferring their DB pension to a DC scheme

What is it?

The FCA has published new rules and guidance on pension transfer advice. Some of these changes came to effect on the 15 June 2020 and the remainder came into force on the 1 October 2020

Knowledge and Competence

Changes to Rules
Who these changes apply to

CPD requirements

Individuals affected will be required to undertake 15 hours of CPD on Pension Transfers on an annual basis. Please note for Retail Investment Advisers, that this 15 hours CPD on pensions transfers needs to be completed on top of the 35-hour CPD requirement.

Structured 9 hours
Structured/Unstructured 6 hours
Total *15 hours


*5 hours must be completed by an external independent provider. This CPD can completed as structured or unstructured CPD.

The CISI has introduced the Pensions Transfer Advice CPD Scheme, allowing you to track your CPD activities related to Pensions Transfer Advice and fulfil the set CPD requirements. If these requirements apply to you, kindly contact our CPD Team at cpdscheme@cisi.org with your Customer or membership number, and we will arrange to move you on to this new Scheme. Please note that all members are required to undertake 10% of their CPD hours in Ethics.

Please ensure to check this page frequently for updates on this initiative and the introduction of fresh CPD opportunities within this area.

The FCA rules do not specify a starting date for the 12-month period. Firms/individuals can use their current CPD year date if they wish. However, firms/individuals should ensure that measures are in place to comply with the new pensions CPD requirements from 1 October 2020. This may mean doing a pro-rata amount of CPD in the first period after implementation or completing the full 15 hours in that time.