Apprenticeships are becoming a mainstay in the pensions industry, with over half (52 per cent) of firms now offering apprenticeships to boost diversity, productivity and retention, according to the Society of Pension Professionals (SPP)..

Of those that do offer a formal apprenticeship programme, the most commonly stated advantage was that such schemes help to diversify their workforce (56 per cent).

But this was not the only benefit, with other reasons given including increased productivity, reduced staff turnover and being a productive use of the Apprenticeship Levy.

Apprenticeships in the sector covered roles in IT, finance, legal, actuarial, administration, and governance, with training levels ranging from A-level equivalent (level three) to master’s degree equivalent (level seven).

Of the 48 per cent of firms without apprenticeships, 27 per cent plan to introduce them, while the rest have no current plans to do so, citing a lack of recruitment needs or a focus on graduate training programmes.

The findings come as school leavers receive their A-level results today (14 August), with many potentially considering apprenticeships as an alternative to university.

SPP member and Muse Advisory chief executive, Ian McQuade, shared his own experience, stating: “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 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, McQuade said the research highlights the numerous advantages of apprenticeships, including increased productivity, lower staff turnover, a more diverse workforce, and better representation of society and customer base.

Meanwhile, for individuals, he said the benefits include earning while learning, gaining real-world experience, avoiding student debt, and working in a “diverse, thriving and welcoming” industry.

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