First lay trustee receives PMI accreditation

The new accreditation was launched in June by the professional body to allow lay trustees to demonstrate competence in driving best-practice decision-making, so these professionals can navigate the challenges of modern scheme governance, the PMI said.

Even though the qualification is not mandatory, the PMI stated it had been "well received by trustees and their schemes across the sector with more than 10 lay trustees already underway the accreditation process,’’ which is backed by the Pensions Regulator.

Applicants seeking accreditation have to complete TPR’s trustee toolkit and both parts of the PMI’s Certificate of Pension Trusteeship, originally designed for professional trustees.

The initial cost of accreditation is £300 per applicant and the annual cost of renewal will be £150 for PMI members and £300 for others. These costs are net of value added tax.

To maintain accredited status, lay trustees must complete 15 hours of relevant continuing professional development and complete any new or updated modules in the toolkit annually.

Gareth Tancred, chief executive of the PMI, said: ‘’We’re committed to maintaining the strength of this accreditation by continuing to meet the ongoing professional development needs of trustees.’’

According to Calvert, “joining a pension board can be a daunting proposition”.

He said: “The lay trustee needs to be able to demonstrate not only a broad understanding of the key concepts but also the behaviours and soft skills needed to engage effectively in the decision-making process.

“Studying for the PMI exams has provided me with professional development which is relevant, current and of high quality, and I am delighted to be the first to achieve this new accreditation for lay trustees.’’