The Pensions Management Institute (PMI) has expanded its trustee training initiative with the help of four master trusts, as the government consults on raising governance standards.
Standard Life Master Trust, Scottish Widows Master Trust, Aviva Master Trust and LifeSight are all supporting the expanded Trustee Accelerator Programme, which the institute said was designed to “boost the pipeline of skilled pension professionals ready to deliver better saver outcomes”.
The programme was initially set up by the PMI and Standard Life and has grown in recent years. Now, with the government and regulators scrutinising trustee standards, as well as the impending changes contained in the Pension Schemes Bill, the programme has been overhauled to present a “comprehensive” training initiative, the PMI said.
“Creating a confident pipeline of diverse, highly-skilled trustees is essential to building a stronger future.”
David Walmsley, the Pensions Regulator
It also highlighted its aim to open the pensions industry to “a wider, more diverse pool of talent”. The programme’s first participants include people from sectors such as telecommunications, human resources, fashion, and banking. Their training includes working with experienced trustees and gaining “real-world” exposure to board meetings.
PMI chief executive Gareth Tancred said the Trustee Accelerator Programme was “a gateway to higher professional standards, launched at a time when government and regulators are rightly setting out tougher expectations”.
“By equipping a new generation with the tools and confidence to serve as trustees, we’re helping shape a future pensions industry that is resilient, inclusive, and fit for purpose,” he added.
The PMI said it aimed to develop the programme further through partnerships with employers and introducing a “structured progression framework” to help trainees move into trusteeship roles.
Higher standards and greater oversight ahead
David Walmsley, director of trusteeship, administration and defined benefit supervision at the Pensions Regulator, said: “Trustees are the backbone of pension governance, and we are committed to driving up standards.
“Creating a confident pipeline of diverse, highly-skilled trustees – ready to navigate a rapidly evolving and increasingly complex environment – is essential to building a stronger future.”
The expanded training programme comes as the Department for Work and Pensions (DWP) is consulting on strengthening trustee capability, governance structures, and administration standards in trust-based workplace pension schemes.
It published a consultation paper on 15 December and is inviting feedback until 5 March 2026. Proposals include a higher bar for professional trustees, including statutory accreditation, as well as the development of a trustee directory – something the Pensions Regulator has been investigating for some time.
The proposals span trustee skills and knowledge, board diversity, member voice and the consistency of administration standards. The DWP is also examining governance risks associated with consolidation, including conflicts of interest and the concentration of decision-making in more streamlined trustee models.
The consultation follows a period of collaboration between the DWP and the Pensions Regulator on governance standards. Pensions Expert reported in August that the two bodies were working on a potential ‘Pensions Reform Bill’ to cover trusteeship, governance, and administration issues.
What the programme backers said
Donna Walsh, head of master trust at Standard Life: “[The programme] has changed the lives and career paths for many of our trainees, opened up the prospect of new opportunities and provided insight for existing trustees and their boards.
“The industry response has also been overwhelmingly positive, and this is why I’m confident that, under the stewardship of the PMI, the enhanced programme will be equally successful in diversifying and developing the trustee boards of the future to better serve all scheme members.”
Jelena Croad, head of LifeSight: “We strongly believe that trustee boards made up of diverse backgrounds, experiences and expertise make better decisions and generate better outcomes for members.
“We are hugely supportive of the PMI’s Trustee Accelerator Programme to encourage, identify and train the next generation of pensions trustees. This will help drive standards of governance across the industry, ensure trustee boards are more representative of the members they serve, and ultimately lead to better member outcomes.”
Louise Williamson, head of Aviva Master Trust: “We’re pleased to support this initiative, which aims to improve access and diversity in the pensions industry. [We] look forward to providing mentoring and offering our governance experience, complemented by PMI training, to help develop and support a growing pipeline of talent. It will also be a valuable opportunity to gain fresh perspectives from newcomers to the industry.”
Sharon Bellingham, Scottish Widows’ master trust lead: “We’re proud to support the Trustee Accelerator Programme and to work collaboratively across the industry to widen access to trusteeship and build a stronger, more diverse pipeline of future trustees. Greater diversity can only strengthen decision‑making and support good outcomes for savers.”
