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Certificate in DC Governance
This qualification aims to provide an understanding of the requirements and standards of governance relating to defined contribution workplace pension schemes.
Autumn 2020 results were issued via email 23rd September
This qualification will not be running from Autumn 2020 onwards
Spring 2021 exam date: 24 March 2021 - This exam is for re-sits from the Autumn 2020 exam only
Application deadline: Applications will open mid-October
Who is this course for?
Those running, advising on or governing workplace pension schemes including: members of governance committees, trustees and scheme secretaries; individuals working in allied professions such as legal, investment and actuarial; consultants or administrators advising on pure DC schemes or those whose DB schemes include, for example, AVC arrangements; IFAs
Learning support
We are delighted to be working with Willis Towers Watson and Mayer Brown as Study Support Partners to produce a comprehensive study manual and online tutorial support.
Assessment method
This qualification is assessed by a 90 minute 60 question multiple choice examination
Study time
40-60 hours
This qualification comprises a single compulsory unit
Cost
Please note: To sit this qualification you must be at least an Affiliate student member of the PMI, currently £85.
Study Material and Examination Entry Package (Current Member) £415
Re-Sit Fee £288.15
Revision Course via webinar £55
FAQs
EVERYTHING YOU NEED TO KNOW
A comprehensive study manual and online tutorial support has been produced. It is designed for self study and it is recommended that 40-60 hours should be spent on study before sitting the examination.
The study manual and online tutorial support learning programme covers the current syllabus which was based on the law and practice of the United Kingdom as it existed on in the previous tax year, unless stated otherwise.
Updates to the material are produced if and when they become necessary.
Accessing the study manual and online tutorial support
Please contact the team above in order to receive the study material.
The following is a small selection of sample questions from across the syllabus. The examination paper will contain 90 questions in total and must be completed in 90 minutes.
Questions 1 - 8 either poses a question or makes a statement which requires completion, and is followed by four possible responses lettered 'a', 'b', 'c' and 'd'. Only ONE is correct.
On the examination paper the first 55 questions will be of this type.
Questions 9 – 14 are known as multiple true false questions. They comprise two statements (numbered (i) and (ii) and four possible options (lettered 'a' both true; 'b' Only (i) true; 'c' Only (ii) true; and 'd' both false), again only ONE of these options is correct.
On the examination paper the final 35 questions will be of this type.
It’s recommended that candidates spend 45 minutes on each type of question.
Each correct answer will score 1 mark. Negative marking is not used and no marks are deducted for incorrect responses.
Questions
1. In a DC workplace pension scheme, the member
a. must always contribute
b. cannot predict the final level of benefit in advance
c. will always be worse off than he would have been in a defined benefit arrangement
d. must always take his benefits at State Pension Age.
2. The Pensions Regulator advises that its DC Code of Practice (No. 13) should be read in conjunction with a number of other Codes - including which one of the following Codes?
a. Notifiable Events (No. 2).
b. Early Leavers (No. 4).
c. Reporting late payment of contributions to personal pension schemes (No. 6.).
d. Circumstances in relation to the material detriment test (No. 12.).
3. What is the role of an Independent Governance Committee?
a. To appoint professional advisers to the scheme.
b. To produce annual communications for the scheme.
c. To monitor and report on whether the scheme and provider is delivering value for money.
d. To challenge employers on contribution levels.
4. Which of the following is NOT part of the model process for ‘value for money’ assessment?
a. Collecting information on total benefits of scheme membership and total costs of scheme membership.
b. Submitting reports on value for money to the Financial Conduct Authority.
c. Determining criteria for assessing value for money.
d. Comparing criteria against other schemes.
5. A trust-based workplace pension scheme’s Internal Dispute Resolution Procedure (IDRP) must ensure that decisions are reached and notified to applicants within a reasonable period. For a one stage IDRP, the Pensions Regulator considers a reasonable period to be?
a. Twelve months from the date of the event giving rise to the complaint.
b. Thirty working days after the last piece of information is received.
c. Four months from the date an application is made.
d. Six months as there must be at least two stages in an IDRP.
6. Which of the following statements best describes a lifestyle strategy?.
a. An investment strategy with a growth and a consolidation phase where funds are automatically switched during the latter phase into lower risk investments on a gradual basis.
b. A high risk investment strategy that seeks to outperform the markets.
c. An investment strategy allowing full flexibility over investment switching.
d. A self-select strategy typically employed by those who are actively engaged in investment matters.
7. What is the maximum amount that a scheme could pay as a trivial commutation lump sum death benefit after 6 April 2015?
a. £0.
b. £10,000.
c. £18,000.
d. £30,000.
8. (i) The concept of flexi-access drawdown was introduced by the Finance Act 2014.
(ii) Flexi-access drawdown funds may be paid in connection with pension commencement lump sums.
a. Both True
b. Only (i) True
c. Only (ii) True
d. Both False
9. The Pensions Act 2014 makes provision for exemptions for automatic enrolment for
(i) those who have tax protection
(ii) former employees who have been paid a winding up lump sum in the previous 12 months and are subsequently re-employed by the same employer.
a. Both True
b. Only (i) True
c. Only (ii) True
d. Both False
10. (i) For 2015/16 the automatic enrolment annual earnings trigger is £10,000.
(ii) If a scheme is to be used for the purposes of automatic enrolment, the minimum employer contribution rate from 2017 will be 8% of qualifying earnings.
a. Both True
b. Only (i) True
c. Only (ii) True
d. Both False
11. The DC Annual Allowance will be triggered for payments
(i) where a member has an existing flexible drawdown fund as at 5 April 2015
(ii) in the case of a serious ill-health lump sum.
a. Both True
b. Only (i) True
c. Only (ii) True
d. Both False
12. Under the quality standards
(i) a Chair must produce a statement to include in the annual report and accounts setting out scheme performance against the quality standards
(ii) workplace DC schemes have to have a governing body with a duty to act in member’s interests.
a. Both True
b. Only (i) True
c. Only (ii) True
d. Both False
1. In a DC workplace pension scheme, the member
a. Wrong
b. Right
c. Wrong
d. Wrong
2. The Pensions Regulator advises that its DC Code of Practice (No. 13) should be read in conjunction with a number of other Codes - including which one of the following Codes?
a. Wrong
b. Right
c. Wrong
d. Wrong
3. What is the role of an Independent Governance Committee?
a. Wrong
b. Wrong
c. Right
d. Wrong
4. Which of the following is NOT part of the model process for ‘value for money’ assessment?
a. Wrong
b. Right
c. Wrong
d. Wrong
5. A trust-based workplace pension scheme’s Internal Dispute Resolution Procedure (IDRP) must ensure that decisions are reached and notified to applicants within a reasonable period. For a one stage IDRP, the Pensions Regulator considers a reasonable period to be?
a. Wrong
b. Wrong
c. Right
d. Wrong
6. Which of the following statements best describes a lifestyle strategy?.
a. Right
b. Wrong
c. Wrong
d. Wrong
7. What is the maximum amount that a scheme could pay as a trivial commutation lump sum death benefit after 6 April 2015?
a. Wrong
b. Wrong
c. Wrong
d. Right
8. (i) The concept of flexi-access drawdown was introduced by the Finance Act 2014.
(ii) Flexi-access drawdown funds may be paid in connection with pension commencement lump sums.
a. Wrong
b. Wrong
c. Right
d. Wrong
9. The Pensions Act 2014 makes provision for exemptions for automatic enrolment for
(i) those who have tax protection
(ii) former employees who have been paid a winding up lump sum in the previous 12 months and are subsequently re-employed by the same employer.
a. Right
b. Wrong
c. Wrong
d. Wrong
10. (i) For 2015/16 the automatic enrolment annual earnings trigger is £10,000.
(ii) If a scheme is to be used for the purposes of automatic enrolment, the minimum employer contribution rate from 2017 will be 8% of qualifying earnings.
a. Wrong
b. Right
c. Wrong
d. Wrong
11. The DC Annual Allowance will be triggered for payments
(i) where a member has an existing flexible drawdown fund as at 5 April 2015
(ii) in the case of a serious ill-health lump sum.
a. Wrong
b. Right
c. Wrong
d. Wrong
12. Under the quality standards
(i) a Chair must produce a statement to include in the annual report and accounts setting out scheme performance against the quality standards
(ii) workplace DC schemes have to have a governing body with a duty to act in member’s interests.
a. Right
b. Wrong
c. Wrong
d. Wrong
On completion of CPC individuals can apply for certificate level of membership of PMI and have the designatory initials CertPMI after their name.