PMI launches double consultation on new and revised qualifications
The Pensions Management Institute (PMI) has launched two consultations, seeking views from its members, stakeholders and interested parties on new qualifications that include a focus on governance.
The PMI is proposing to introduce a defined contribution (DC) focused governance qualification in the form of a new Certificate in DC Governance to meet regulatory expectations and best practice in this increasingly important area.
It will also provide further options for those dealing with the requirements of automatic enrolment who may already have passed the PMI’s Certificate in Pensions Automatic Enrolment.
The other consultation includes proposals for a complete review of its Advanced Diploma in Retirement Provision.
Vince Linnane, chief executive of the PMI, says: “With the number of current pension industry developments impacting upon those running, advising on or governing trust and contract-based workplace pensions, we feel that now is the time to analyse how we can further support these individuals with their professional development. It has become apparent that we need to focus on governance in particular, as we seek to develop new qualifications for the industry and also to provide the required professional knowledge, skills and understanding for our members to undertake any of a diverse range of roles in the industry. Ultimately, we want to ensure that professional standards are not only maintained but enhanced in this area.
“To this end we are consulting with our members on a new Certificate in DC Governance, the aim of which is to provide an understanding of the requirements and standards of governance and administration relating to DC pension schemes. We are also launching a consultation to review the nature, scope and structure of our Advanced Diploma as we seek to ensure it remains relevant for both Students and employers in syllabus content, study support and methods of assessment. Our new proposals for the Advanced Diploma centre around offering specialist units, covering DC or defined benefit (DB), or both, and within this is an option for Students to undertake a specific unit on governance. More and more of our members have indicated their role is now focused on particular types of workplace pensions, so we think it is important to offer this increased flexibility in the qualification framework, in order to allow for various specialisations.”
Under the proposals for the Advanced Diploma, students will also be required to take four compulsory core units focusing on technical knowledge and understanding, as well as a professionalism unit.
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