The Pensions Management Institute (PMI) has announced it will modernise its membership and qualification structure to ensure it is more aligned with a wider range of pension career aspirations.

The PMI said it plans to streamline its membership grades into four levels: student, professional, associate, and fellow.

The new professional grade of membership will combine the PMI’s existing certificate and diploma grades. Also, it states that the new, "simplified structure will enable students to develop better-defined career paths and take exams that are more relevant to a wider range of roles".

According to the PMI, these improvements to its qualification structure are designed to be more inclusive by creating five separate routes to fellowship: retirement provision, pension administration, trustee, benefits, and advice and guidance.

This should make it easier for professionals working in different parts of the pensions industry to obtain the fellowship level of membership, the institute stated, as well making the PMI’s senior membership more diverse and representative of the entire industry.

It will also give members the opportunity to stand on the PMI’s Board and Advisory Council.

Following positive responses to its consultation into the proposals, which were approved approved by both the PMI's Advisory Council and its Board, the PMI is set to implement the new structure in the autumn.

PMI CEO, Gareth Tancred, commented: "As an organisation, we felt it was time to look at our whole structure, redefine the routes to fellowship, make membership more inclusive, and to better support people's career aspirations.

“The changes proposed should also make it easier for people to understand our membership grades and qualification structure. The proposals will hopefully benefit students, employers, and trustees, as well as existing members, associates, and fellows.

"Following supportive feedback from members on the proposals, we're looking at implementing these changes later in the year. Before we implement the improvements, we want to reassure members that there will be no strict cut-off point with any changes.

“We will see students through to the end of any qualifications and anything new will be run alongside to make sure no learner is going to get left behind. Members should be reassured that the PMI’s high standards will still need to be met at all levels.

“The qualifications will not be made any easier and advanced diploma exams will continue to be mapped to the nationally recognised qualifications framework."

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