1. finance
2. personal finance
3. financial planning
4. retirement and pension

Level 6 Award in Pension Transfers (AwPETR)
Qualification Specification
Page 1 of 9
ifs University College is a registered charity, incorporated by Royal Charter.
CONTENTS
Page
1.
Regulatory information
3
2.
Aims of the AwPETR
5
3.
Learning outcomes for the AwPETR
5
4.
Objectives of the AwPETR
6
5.
Structure of the AwPETR
6
6.
Entry requirements
6
7.
Methods of study
6
8.
Assessment methodology of the AwPETR
6
9.
Grading
6
10.
Assessment resits
7
11.
Learning resources
7
12.
Unit 1 specification
7
Unit 1 learning outcomes / assessment criteria
8
Unit 1 assessment methodology
8
Page 2 of 9
ifs University College is a registered charity, incorporated by Royal Charter.
1.
Regulatory information
Qualification title
ifs Level 6 Award in Pension Transfers (AwPETR)
Ofqual qualification number
601/5717/3
Qualification level
6
European Qualifications
Framework (EQF) level
7
Regulation start date
25 February 2015
Operational start date
1 March 2015
Offered in
England, Wales and Northern Ireland
Assessment available in English
Yes
Assessment available in Welsh
No
Assessment available in Irish
No
Sector subject area
15.1 Accounting and Finance
Purpose
Prepare for further learning or training and/or develop
knowledge and/or skills in a subject area
Sub-purpose
Develop knowledge and/or skills in a subject area
Total credits
10
Minimum credits at / above level
10
Minimum guided learning hours
20
Maximum guided learning hours
20
Overall grading type
Pass / Fail
Assessment methods
Written coursework and written examination
Qualification description
The Award in Pension Transfers consists of one
mandatory unit. A total credit value of 10 must be
obtained for achievement of the qualification.
Age ranges
16–18; 19+
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ifs University College is a registered charity, incorporated by Royal Charter.
1.1
Table 1 QCF Level 6 level descriptors
DESCRIPTION
SUMMARY

Achievement at Level 6 reflects the ability to refine and use
relevant understanding, methods and skills to address complex
problems that have limited definition.

It includes taking responsibility for planning and developing
courses of action that are able to underpin substantial change or
development, as well as exercising broad autonomy and
judgement.
KNOWLEDGE AND
UNDERSTANDING

It also reflects an understanding of different perspectives,
approaches or schools of thought and the theories that underpin
them.

Refine and use practical, conceptual or technological
understanding to create ways forward in contexts where there are
many interacting factors.

Critically analyse, interpret and evaluate complex information,
concepts and ideas.

Understand the context in which the area of study or work is
located.

Be aware of current developments in the area of study or work.

Understand different perspectives, approaches or schools of
thought and the theories that underpin them.
APPLICATION AND
ACTION

Address problems that have limited definition and involve many
interacting factors.

Determine, refine, adapt and use appropriate methods and skills.

Use and, where appropriate, design relevant research and
development to inform actions.
AUTONOMY AND
ACCOUNTABILITY

Evaluate actions, methods and results and their implications.

Take responsibility for planning and developing courses of action
that are capable of underpinning substantial changes or
developments.

Initiate and lead tasks and processes, taking responsibility, where
relevant, for the work and roles of others.

Exercise broad autonomy and judgement.
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ifs University College is a registered charity, incorporated by Royal Charter.
2.
Aims of the AwPETR
2.1
The aims of the AwPETR are to:
i.
provide students with a challenging qualification covering the disciplines of pension
transfers advice;
ii.
enable students to interrogate existing UK rules, legislation and regulations relating to
pension transfers;
iii. enable students to give guidance and recommendations of the appropriate courses of
action to meet a client’s pension transfer needs and aspirations; and,
iv. provide opportunities for students to develop the necessary skills and competencies to
gain a licence to practise qualification.
3.
Learning outcomes for the AwPETR
3.1
Knowledge and understanding elements of the AwPETR will provide students with the
ability to understand:
3.2
i.
pension transfers; and,
ii.
how to apply suitable pension transfer solutions to meet specific client circumstances.
Subject-specific practical / professional elements of the AwPETR will provide students
with the skills to:
i.
analyse client information, products and services and reflect upon their suitability and
effectiveness; and,
ii.
understand how financial products respond to the drivers and implications of changes in
the wider environment and how these changes affect their clients’ financial decisionmaking.
3.3
Intellectual skills developed by the AwPETR will provide students with the ability to:
i.
locate, extract and analyse data from different financial sources;
ii.
apply higher-level cognitive skills of reflective practice, including analysis, and evaluation;
iii. demonstrate numeracy skills, including the ability to manipulate financial and other
numerical data;
iv. utilise problem-solving and decision-making skills; and,
v.
3.4
critically evaluate data and information.
Transferable skills and personal qualities developed by the AwPETR will provide
students with the ability to:
i.
use appropriate data and information from a range of sources;
ii.
learn independently and enhance skills of self-reflection and self-managed study;
iii. structure and communicate ideas logically and coherently; and,
iv. use appropriate communication and information technology skills.
Page 5 of 9
ifs University College is a registered charity, incorporated by Royal Charter.
4.
4.1
Objectives of the AwPETR
On completion of the AwPETR qualification, students will be able to:
i.
understand the pension transfers environment;
ii.
understand the regulatory and legislative concepts relating to pension transfers; and,
iii. analyse pension transfer advice.
4.2
As well as developing knowledge, the AwPETR assists in developing the ability to:
i.
analyse clients’ situations;
ii.
apply suitable solutions to specific clients’ circumstances;
iii. analyse and evaluate data and information; and,
iv. develop critical thinking, critical evaluation and reflexivity.
5.
Structure of the AwPETR
5.1
AwPETR is made up of one unit which needs to be successfully completed to achieve the
award:
Unit 1: Pension Transfers (10 credits / 20 GLH)
6.
Entry requirements
6.1
Students must have DipFA , or equivalent qualification that meets the current FCA retail
®
financial advice standards.
7.
Methods of study
7.1
AwPETR is a distance learning qualification, supported by learning materials, online forums
and a designated online tutor.
7.2
Materials and additional information are available by access to my ifslearning.
8.
Assessment methodology of the AwPETR
8.1
PETR is assessed by a written coursework piece of circa 2,000 words (25 marks) and a
written examination with question values ranging from 5 – 15 marks (75 marks)
8.2
A total of 100 marks are available, students must pass both elements so must achieve 40% or
higher in each of the coursework and examination.
9.
Grading
9.1
The overall qualification is graded as pass / fail only.
Page 6 of 9
ifs University College is a registered charity, incorporated by Royal Charter.
9.2
Unit Related Feedback
Individual feedback is provided to students for the coursework to see the relative strength of
assessment performance in that element.
Feedback on coursework: levels
Unit-related feedback
% mark
Fail
0–39
Pass
40-54
Pass (at merit level)
55-69
Pass (at distinction level)
70–100
10.
Assessment resits
10.1
There are no restrictions on the number of times a student can resit an element they have
failed.
11.
Learning resources
11.1
Students will be provided with the following online learning resources:
i. weekly study guides including tutor-led activities;
ii. exemplar papers;
iii. Chief Examiner reports; and,
iv. online access via my ifslearning to background learning materials and to KnowledgeBank
12.1 Unit 1 specification
Unit title
Unit 1: Pension Transfers (PETR)
Ofqual unit reference number
R / 504 / 3602
Unit level
6
Guided learning hours
20
Unit credit value
10
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ifs University College is a registered charity, incorporated by Royal Charter.
12.2 Unit 1 learning outcomes / assessment criteria
Learning outcome (LO)
Assessment criteria (AC)
The learner when awarded credit for
Assessment of the LOs will require a learner to
this unit will:
demonstrate that they can:
1.1 Explain all appropriate rules that operate to facilitate
pension transfers and opt-outs.
1.2 Analyse how the main parties involved in processing a
pension transfer are able to meet a client’s objectives.
1.3 Analyse the factors that have an effect on critical yield.
1.
Understand pension transfers.
1.4 Assess the impact that the Pension Protection Fund and the
Financial Ombudsman Service have on a scheme with
solvency issues.
1.5 Analyse the implications of the source of a transfer.
1.6 Analyse the impact of tax on transfers to and from overseas
pension schemes.
1.7 Explain the workings of block transfers and winding up.
2.1 Appraise the implications of moving between different
pension scheme types.
2.2 Analyse the implications of cash incentives to leave a
defined benefit scheme.
2.3 Analyse transitional issues as a result of different forms of
protection on pension schemes.
2.
Understand how to apply suitable
pension transfer solutions to meet
specific client circumstances.
2.4 Analyse income options and their impact on a transfer
recommendation.
2.5 Analyse how pension returns and options are related to a
combination of investment risk and capital risk.
2.6 Analyse financial circumstances and retirement options to
meet a client’s objectives.
2.7 Apply rules regarding pension transfers and divorce.
2.8 Justify advice, guidance and recommendations made to a
client.
12.3 PETR assessment methodology
PETR is assessed by a written coursework piece of circa 2,000 words (25 marks) and a written
examination with question values ranging from 5 – 15 marks (75 marks)
Page 8 of 9
ifs University College is a registered charity, incorporated by Royal Charter.
About ifs University College
ifs University College is the university for financial education. London-based, it is a registered charity
incorporated by Royal Charter that exists to ensure a flow of talented individuals into the financial
services industry and related sectors. Its qualifications enable individuals to reach their full
professional potential and encourage appropriate and ethical practice. It also works to enhance the
financial wellbeing of future generations through its unique personal finance qualifications and wider
financial capability initiatives.
ifs University College
ifs House 4-9 Burgate Lane
Canterbury
Kent CT1 2XJ
T:
E:
W:
+44 (0) 1227 818609 (option 1)
customerservices@ifslearning.ac.uk
www.iofs.org.uk
Page 9 of 9
ifs University College is a registered charity, incorporated by Royal Charter.