PMI launches accreditation course for professional trustees

Accreditation will hold board members to standards of professionalism set out in February 2019 by the now-defunct Professional Trustee Standards Working Group.

Successful applicants will be expected to show that they are fit and proper, and have passed relevant test of technical skill and softer skills such as negotiation and board management.

The PMI had been expected to deliver the accreditation programme for the APPT, but a bifurcation will now see professional trustees offered two different assessment regimes when the APPT’s own standard launches in April.

“We will still be working with the APPT to deliver courses and qualifications as part of their accreditation process but we are also delivering our own separate accreditation process distinct from the APPT,” a spokesperson for the PMI said.

Both qualifications will adhere to the PTSWG’s framework, but the spokesperson said the APPT has chosen a different partner to manage the provision of its qualification. Applicants to either programme will have to sit the PMI’s Level 3 Certificate in Pension Trusteeship, which is split into two units.

The PMI’s APTitude porgramme will cost £500 for the first three years, excluding exam costs. The organisation is offering a discount to trustees who commit to three years at once.

Gareth Tancred, PMI CEO, said: “Professional trustees play a vital role in pension scheme governance and must set themselves apart from other trustees by meeting a higher standard of care. It is imperative for them to be fully equipped with all the necessary skills and tools to do their jobs to the best of their ability and for the process to be robust and rigorous in its method. We believe our accreditation programme is best placed to manage accreditation processes for sole traders as well as large firms.”

 He added: “Even though TPR did not push forward with a requirement for every board to appoint a professional trustee last week, we would like to see mandatory appointments within the next five years. We look forward to working closely with TPR on developing trustee standards further to ensure the industry collectively drives better outcomes for savers.”

To gain PMI APTitude accreditation trustees must:

• have successfully completed the Pensions Regulator’s latest Trustee Toolkit

• have passed the PMI’s Level 3 Certificate in Pension Trusteeship Unit 1 (more commonly known as the Award in Trusteeship and previously known as the Trustee Certificate)

• have passed the Pensions Management Institute’s Level 3 Certificate in Pension Trusteeship Unit 2 (new examination designed to assess a candidate’s soft skills)

• comply with ‘fit and proper’ requirements based on TPR’s master trust requirements

• pass a basic Disclosure and Barring Service check

• have proof of credible and relevant employment history within the industry for the past 5 years

• have references from two reputable figures within the industry, such as an existing accredited professional trustee, a pensions lawyer or a scheme actuary