The Pensions Management Institute is planning the launch of a professional qualification to enable members and other pension consultants to meet the requirements of the Retail Distribution Review.
The accreditation body is looking to launch the new qualification, called the Diploma in Regulated Retirement Advice, by March 2012.
The PMI hopes the new qualification will appeal to life office employees as well as pension consultants managing the switch from defined benefit to defined contribution.
The syllabus for the qualification is currently with the FSA who want to see all modules before giving it the green light.
The diploma will comprise three modules – the first being the PMI 200 Providing for Retirement module which already exists. Next to go live will be the PMI 206 Retail Investment and Personal Taxation course, due around Christmas, with a third module with a more analytical slant, covering retail investment advice, due in March 2012.
The announcement follows the launch last month of the PMI’s Diploma in Employee Benefits and Retirement Savings, aimed at pensions professionals both in advisory firms and within employers, particularly those involved in auto-enrolment.
Vince Linnane, chief executive of the PMI says: “Companies are leaving final salary schemes in their droves and are looking beyond pension at corporate wrap and Isa. This means pension consultants previously advising on final salary schemes are required to deal with retail products more frequently. We as an institute need to meet the needs of members in this area.”