LP3 Life and Pensions Principles and Practices

The LP3 (Life and Pensions Principles and Practices) exam forms the final part of the Certificate in Financial Services. It is a level 3 paper, worth 10 credits toward the qualification.

Forms part of
The Certificate in Financial Planning.
Credit awarded
Exam length
90 minutes
Exam type
Multiple Choice
Exam content
50 multiple choice questions
Pass Mark
In the region of 70%
Learning Outcome 1
Understand the role and value of the financial services sector.
Learning Outcome 2
Understand the importance of life and pensions products and services for society, the economy and individuals.
Learning Outcome 3
Understand the structures and main activities of the life and pensions sector.
Learning Outcome 4
Understand the key principles of risk, contracts and insurance law.
Learning Outcome 5
Understand ethical, legal and regulatory duties and how these relate to organisational and individual responsibilities.

Course Overview


The LP3 (Life and Pensions Principles and Practices) exam forms the final part of the Certificate in Financial Services. It is a level 3 paper, worth 10 credits toward the qualification.

The exam itself is a 90-minute computer-based multiple-choice exam. There are 50 multiple-choice questions. It can be taken at test centres throughout the country. As the exam is computer-based, you can sit it on a date of your choosing throughout the year providing more flexibility to accommodate your studies.

The nominal pass mark is 70% and as this is a computer-based test rather than a written test it is unlikely that there will be much deviation from this unless a question is subsequently found to be invalid. So, in terms of the mark needed to pass, you are looking at a minimum of 35/50.

LP3 Life and Pensions Principles and Practices

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