As school students across England, Wales and Northern Ireland receive their A-level results, the Society of Pension Professionals (SPP) has highlighted a range of apprenticeships offered across the retirement industry.
New research from the SPP has found that more than half (52%) of firms in the pensions sector offer some kind of apprenticeship programme.
Of the firms that do offer a formal apprenticeship programme, 56% stated that these help to diversify their workforce.
Other reasons given for taking on apprentices include increased productivity, reduced staff turnover, and making a productive use of the Apprenticeship Levy.
From those that do not currently offer such programmes, 27% said they plan to do so at some stage in the future.
Some of those that do not plan to offer apprenticeships cited existing graduate training programmes.
Ian McQuade, SPP member and chief executive at Muse Advisory, said: “I didn’t follow the traditional university route and now lead a firm that has supported pension schemes responsible for more than 10 million members and over £800bn in assets.
“I am pleased to see the majority of organisations in the pensions industry now offer an apprenticeship programme, and I don’t doubt that many of those who take this route will go on to become future leaders too.
“For employers not yet offering such schemes, this evidence highlights the many advantages of apprenticeships, from increased productivity and lower staff turnover to a more diverse workforce, better representing society and our customer base.
“For individuals, the benefits of earning whilst learning and getting practical, real-world experience are obvious, the avoidance of student debt will also be a big attraction for many, but I think the biggest factor is being able to work in a diverse, thriving, welcoming and exciting industry.”
The results were based on polling of SPP’s corporate membership, including actuaries, lawyers and investment consultants to administrators, trustees and covenant assessors.
According to the BBC, 28.3% of all grades awarded today to students across England, Wales and Northern Ireland were marked at A* or A, up from 27.8% last year.
