Life and Pensions Principles and Practices (LP3)

Life and Pensions Principles and Practices (LP3) develops knowledge and understanding of the principles and practices that underlie the life and pensions industry.

The default Enrolment option for this unit includes:

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

This unit looks at the principles and practices that underlie the life and pensions sector and will help you to understand the context of the industry by looking at how the industry operates, the legal and regulatory framework under which it operates and its key areas of activity.

We will also look at the value of the industry to the UK economy and society. The starting point is for customers to identify that they are open to risks, including early death, a life-changing accident or illness, or not having sufficient income in retirement. This study text explores how the life and pensions sector can help customers mitigate, or completely remove, that risk in an affordable and relatively safe way.

We will look at the principles of contracts and insurance law and examine how the regulatory framework is there to assist the sector in ensuring that customers’ interests are protected.

Building a successful career in personal finance

Life and Pensions Principles and Practices (LP3) is particularly suitable for those working in the life, pensions, and long-term savings sector, including customer operations back-office staff and contact centre team leaders.

Learning outcomes

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

  • the role of the life and pensions sector;
  • the sector’s operational functions and activities and;
  • the sector’s regulatory and legislative environment, including individual professional responsibilities.


  • 90 minute exam
  • 50 multiple choice questions
  • The nominal pass mark is 70%
  • The 2022 pass rate for this unit was 98%

Course delivery

Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.

Study material - editions available

2023-24 edition (applicable to exams sat 01 Sep 2023 to 31 Aug 2024)