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The Actuary The magazine of the Institute & Faculty of Actuaries

PMI professional development certificate

The Pensions Management Institute (PMI), the professional body in the UK devoted to promoting professional standards for those working in the field of pensions, has launched the first continuous development standard for pensions managers to demonstrate they have the necessary level of knowledge to run a pension scheme. The pension plan executive certificate (PPEC) is aimed at qualified individuals responsible for running occupational pension plans, including pensions managers, and those responsible for running plans at third-party administrators and insurance companies.

A recent PMI survey among its trustee group revealed that 87% of trustees found it essential that their pensions manager keeps up to date.

43% of trustees relied most upon their pensions manager to keep them appraised of trustee matters. Only 17% of trustees in the sample relied on their benefits consultant for this information, and only 12% relied on their scheme actuary. PPEC will set a precedent in the pensions industry by establishing a pure pensions management-related development standard which trustees and employers can rely on to help them recruit an appropriate pensions manager.