PMI Announces Modernized Membership and Qualification Structure
The Pensions Management Institute (PMI) has announced that it will modernize its membership and qualification structure to ensure it is better aligned with a wider range of professional retirement aspirations.
Following a positive response and member engagement in its consultation, PMI is expected to implement the new structure in the fall.
PMI has announced plans to streamline its membership grades into four tiers: student, professional, associate, and fellow.
The new Professional Membership Grade will combine PMI’s existing Certificate and Diploma Grade and the streamlined structure will allow students to develop better defined career paths and take more relevant exams for a wider range of roles.
These enhancements to the PMI qualification structure are designed to be more inclusive by creating 5 distinct pathways to the Fellowship: Retirement, Pension Administration, Trustee, Benefits, and Advice and Guidance.
The structure means, according to PMI, that it will be easier for professionals working in different parts of the pension industry to obtain the membership fellowship level.
This should make PMI’s senior members more diverse and representative of the broader industry, while also giving members the opportunity to serve on the PMI Board of Directors and Advisory Council.
Prior to creating the new proposals, PMI conducted a consultation process, and the proposals were approved by both PMI’s Advisory Board and its Board of Directors.
PMI has also embarked on a new telephone consultation process with its members.
PMI reported that feedback from this consultation was encouraging, with members finding the new structure and paths to fellowship clearer.
PMI CEO Gareth Tancred commented: “As an organization we felt it was time to review our whole structure, redefine the ways of fellowship, make membership more inclusive and better support people’s career aspirations.
“The proposed changes should also make it easier for people to understand our membership levels and qualification structure. The proposals will hopefully benefit students, employers and administrators, as well as members, associates and fellows. existing.
“Following positive feedback from members on the proposals, we plan to implement these changes later this year. Before implementing the improvements, we want to reassure members that there will be no strict cut-off point for any changes.
“We will accompany students through to completion of all qualifications and anything new will be run alongside to ensure no learner is left behind. Members need to be reassured that the high standards of PMI will still need to be met at all levels.
“Qualifications will not be facilitated and advanced diploma examinations will continue to be mapped to the nationally recognized qualifications framework.”