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Life and Pensions Foundations (LF1)

The objective of this unit is to develop knowledge and initial understanding of the life and pensions sector, its purpose, its customers and the financial solutions and operational practices that underpin delivery of good customer outcomes.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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The Award in Life and Pensions Foundations has been developed in collaboration with employers across the life, pensions and long-term savings sector. It provides a formalised and consistent approach to defining entry-level professional standards, helping to underpin improved customer outcomes and support staff development.

The Award develops knowledge and understanding across key areas of the life, pensions and long-term savings market. This includes customer needs and solutions, the sector's value to society and the economy, and the importance of professional conduct and maintaining a customer focus.

Building a successful career in personal finance

This single unit award is ideal for you if you are new to the life, pensions and long-term savings sector or if you are already working in the sector and looking to build on your foundation knowledge.

Learning outcomes

At the end of this unit, candidates should be able to demonstrate knowledge and understanding of:

  • the value of the Life and Pensions sector to society and the economy;
  • key customer needs relating to pensions, protection, investments and savings;
  • a range of potential solutions available to meet customer needs; and
  • how individuals and organisations work as a profession to treat customers fairly and meet their needs effectively.

Assessment

  • 1 hour exam
  • 50 multiple choice questions
  • 70% nominal pass mark (the actual pass mark may vary from one session to another to ensure consistency in pass standards)
  • The 2020 pass rate for this unit was 88%

Study material - editions available

2020-21 edition (applicable to exams sat 01 Sep 2020 to 31 Aug 2021).

2021-22 edition (applicable to exams sat 01 Sep 2021 to 31 Aug 2022) **Availability - Printed & Digital - 23 Jul 21**