Huge congratulations to Financial Adviser Nic Whittaker who has passed one of the most difficult professional exams, first time. Nic has passed the AF7 exam on Advanced Pension Planning. The course syllabus covered detailed pension planning including Defined Benefits and Final Salary Pension transfers.
Nic, who provides local financial advice in Lichfield and wider area, has been studying for six months in preparation for this exam that has a pass rate of around 43%. He has been studying for 10 to 12 hours per week and has also spent an additional four hours per week with his study group.
Nic said “This qualification has been tough to achieve. However, I am now classed as a Pension Transfer Specialist which means I can work on more complex pensions and also give advice on the suitability of pension transfers. This has already been of benefit to one of my clients as I have been able to help with a complex pension, rather than pass them to one of my colleagues. Because I know the client and their circumstances well, they have been pleased that they have been able to do this with me.”
Passing the AF7 exam is another step for Nic along his journey to become a Chartered Financial Planner. He has another three AF examinations to pass and he is planning to do this within the next two years. Well done, Nic.
Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.
However, there are some circumstances where we might consider a Defined Benefits transfer.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.