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

Following a positive response and engagement from members to its consultation, the PMI is set to implement the new structure in the autumn.

The PMI has 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 grade and the simplified structure will enable students to develop better-defined career paths and take exams that are more relevant to a wider range of roles.

These improvements to the PMI’s qualification structure are designed to be more inclusive by creating 5 separate routes to fellowship: retirement provision, pension administration, trustee, benefits, and advice & guidance.

The structure means, according to PMI, it will be easier for professionals working in different parts of the pensions industry to obtain the fellowship level of membership.

This should make the PMI’s senior membership more diverse and representative of the entire industry as well as giving members the opportunity to stand on the PMI’s Board and Advisory Council.

Before creating the new proposals, the PMI conducted a consultation process, and the proposals were approved by both the PMI’s Advisory Council and its Board.

The PMI had also undertaken a further telephone consultation process with its members.

The PMI reported the feedback from this consultation had been encouraging with members believing the new structure and pathways to fellowship to be clearer.

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 look 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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