Dear Wizard Learner

We have now integrated our unique audiovisual presentation features into our online course to help those studing for the J05 Pensions income options diploma exam.

The online course has been established to enable students to understand the key subject areas in relation to decumulating pension funds, the retirement benefit options available and the main issues for pension scheme members and their advisers.

Course material
The course material consists of:
  • 11 chapters of study notes containing several examples
  • Total estimated learning/CPD time is 27 hours
  • Each chapter includes an audiovisual presentation on a key area similar to the sample. Total viewing time for all presentations is 70 minutes
  • Each chapter includes an audiovisual presentation on a key area
  • Revision assessments for each chapter to help confirm your understanding.
Presentation from chapter four

Case study & final assessments

In addition, on completion of the course, you will have the opportunity to complete:

  • A 100 question final revision assessment that uses the section revision questions
  • A case study incorporating 20 multiple choice questions
  • A final 20 question assessment based on the study material. Your assessment results and answers to any questions answered incorrectly will be emailed to you. If you don’t pass, or just want to take a second test, an additional 20 question assessment can be taken.

Additional information
Access is provided for 6 months and includes syllabus updates. If you purchase 3 products your receive 12 months access plus syllabus updates PLUS you qualify for a 30% discount.

CPD credit
You will be credited with a minimum of 27 hours of CPD with the time added to your CPD certificate gradually as you complete each assessment. Your CPD hours and results will be added to your CPD certificate which can be viewed and printed from the CPD certificate link on the menu at any time.


To understand the crystallisation rules for retirement benefits
To have a detailed understanding of the features, risks and tax treatment of the secured pension options
To have a detailed understanding of the features, risks and tax treatment of the unsecured pension option
To have a detailed understanding of the features, risks and tax treatment of phased retirement
To have a detailed understanding of the features, risks and tax treatment of the alternatively secured pension option at age 75
To understand the use of critical yield in advising on income withdrawal
To understand the benefit options on ill-health
To understand the state pension benefits available
To understand the function of client reviews

Full course content
The course is made up of 12 chapters covering the following areas:

1. Pension options and the simplified regime
The simplified regime
The lifetime allowance
The annual allowance
Pension input periods & amounts
Retirement age
Benefit crystallisation events
Crystallised value
Testing against the lifetime allowance
Pension commencement lump sums
Pension income options
Death benefits
The lifetime allowance charge
The annual allowance charge
Transitional protection

2. Transitional protection
Transitional protection
Enhanced protection
Primary protection
Lump sum protection
Protected retirement age

3. Secured pension
Lifetime annuity
Scheme pension
Annuity features
Death benefits
Defined benefits – required features
Annuity rates
Secured pension – advantages
Secured pension – disadvantages

4. Unsecured pension
Income withdrawal using unsecured pension (USP)
The lifetime allowance & benefit crystallisation
Income limits
Income reviews
Transitional rules for pre A-Day drawdown
Death benefits
Inheritance tax
USP – investment risk & mortality drag
Short-term annuities
USP - advantages
USP - disadvantages

5. Phased retirement
Phasing retirement benefits
Phased annuity purchase
Phased income withdrawal
Death benefits
Phasing – advantages
Phasing – disadvantages

6. Alternatively secured pension
Income withdrawal using ASP
The lifetime allowance & benefit crystallisation
Income limits
Income reviews
Death benefits – from 6 April 2007
Death benefits – before 6 April 2007
Inheritance tax
ASP - advantages
ASP - disadvantages

7. Critical yield
Mortality drag
Critical yield
FSA guidance
Investment issues

8. Pension options on ill-health
Ill-health & serious ill-health
Ill-health benefits
Serious ill-health benefits
Testing ill-health benefits against the lifetime allowance
Ill-health & contracted-out benefits

9. Basic state pension
Basic State PensionState Pension Age
Working life & NI contribution record
National Insurance contributions
Delaying taking BSP

10. Other state pensions
Additional State Pensions
State Graduated Pension Scheme
State Earnings Related Pension Scheme
State Second Pension
State Pension Credit
State death benefits

11. Client reviews
The purpose of client reviews
The client’s circumstances & objectives
Assessment of other financial data & changes
Meeting the income needs
Rebalancing portfolios

12. Glossary

Kind regards


Wizard Learning

Winner of the Best Online Educational Initiative at the November 2008 Online Finance Awards

Wizard Learning is run by Mike Goldsmith a Chartered Financial Planner in association with a team of highly qualified, industry experienced individuals in order to assist finance professionals pass industry exams and help meet their CPD requirements.

Contact us if you have any comments or questions.

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