On the go: The Pensions Management Institute is launching a new accreditation regime for lay trustees, in a move that follows the launch of an accreditation programme called APTitude for professional trustees last year.
To achieve accreditation, lay trustees will be required to complete the Pensions Regulator’s trustee toolkit and both parts of the PMI’s Certificate of Pension Trusteeship.
The industry body said the new regime would set a “high bar, ensuring that accredited lay trustees demonstrate professional standards”.
Each year, lay trustees must also complete 15 hours of relevant continuing professional development and complete any new or updated modules in the trustee toolkit to maintain their accredited status.
The PMI said the accreditation has been developed “to enable lay trustees to demonstrate a high degree of competence in driving best practice decision-making, and so they can navigate the complex challenges of modern scheme governance”.
The initial cost of accreditation will be £300 per applicant. The annual cost of renewal will be £150 for PMI members and £300 for others. These costs are net of value added tax.
Accredited trustees will receive an annual certificate and have the option of being listed on an online register.
Gareth Tancred, PMI chief executive, said: “As the official qualifications provider for pension trustees, we have created this new accreditation to help raise standards and promote excellence within the industry.
He added: “Our accreditation programmer for lay trustees is built to professional trusteeship standards. We’re committed to maintaining the strength of this accreditation by continuing to meet the ongoing development needs of trustees.”
David Weeks, co-chair at the Association of Member Nominated Trustees, welcomed PMI’s new accreditation scheme, which he said “gives formal parity of esteem between lay and specialist trustees”.
He added: “TPR’s recent consultation exercise confirmed the widespread support for the MNT role that exists across the industry.”
