On the go: The Pensions Management Institute is launching a new diploma in pension trusteeship.
Available from October 20, the diploma is an optional qualification for pension professionals who have already completed their accreditation and wish to expand their expertise in this area.
According to the PMI, the new qualification is specifically designed to both improve professional trustees’ technical knowledge and ability to navigate an increasingly complex sector, while also playing a part in raising the overall standards of trusteeship across the industry.
The diploma was created following feedback from a student member survey, which showed 74 per cent of respondents were interested in taking further qualifications.
The qualification is designed for professional trustees of defined benefit and defined contribution schemes, including members of governance committees, scheme secretaries and those who have completed the Pensions Regulator’s trustee toolkit, the professional body stated.
The diploma will also integrate environmental, social and governance factors into its course material, which are now an integral part of trustee duty given the new rules introduced in this area by the Pension Schemes Act 2021, it added.
Gareth Tancred, PMI’s chief executive, noted that the diploma will “provide a benchmark qualification for those trustees who wish to demonstrate a certain level of skill and competency in handling increasingly complicated pensions issues”.
He said: “It is hoped that the diploma will play a key role in raising the bar in pension trusteeship standards across the industry, helping trustees to better manage these issues across the schemes which they govern.”
David Fairs, executive director for regulatory policy, analysis and advice at TPR, said the regulator “welcomes any new initiative designed to improve standards of trusteeship”.
“We are pleased that the PMI shares our commitment to driving up standards within the professional trusteeship sector,” he added.
The course will be assessed by a two-hour exam, and the cost to complete the diploma for non-members is £495, which will also give individuals a complimentary trustee group membership when enrolled.
Current trustee members will pay £345 for the course and £85 for the final certificate.
