The pensions industry is investing in professional development and governance as firms prepare for higher regulatory expectations, according to the Pensions Management Institute, which has announced its membership has exceeded 10,000 for the first time.
In a new blog, PMI chief executive Gareth Tancred revealed membership has grown to almost 10,200 professionals, which he said reflects a wider industry focus on raising standards, strengthening governance and improving outcomes for pension savers.
The milestone comes amid increased scrutiny of trustee capability and scheme governance, following a recent consultation from the Department for Work and Pensions and a new communications programme from The Pensions Regulator aimed at helping trustees prepare for higher standards.
Tancred said the growth demonstrates that the industry is investing in its people ahead of any regulatory changes.
A key driver of membership growth has been the PMI’s Development Partnership model, which enables employers to provide professional learning, qualifications and development opportunities across their workforce.
It also reported demand for qualifications, training programmes and structured career pathways as well as increased interest in initiatives such as its Trustee Accelerator Programme.
According to Tancred, improving professional capability is key to strengthening governance and delivering better outcomes for pension scheme members.
Tancred says: “This is an industry taking responsibility – investing in its people and raising standards ahead of regulatory change. The direction from government is clear, and what we are seeing is professionals getting ahead of that curve.
“Development Partnerships are accelerating capability across the sector by opening up professional development to far more people. Better-trained professionals lead to better governance and better outcomes for savers.”