The Pension Management Institute today launched two consultations on new and revised qualifications for pensions professionals, aligned with current industry developments and placing a particular focus on governance.
The first consultation proposes a new certificate in defined contribution governance, while the second proposes a complete review of the institutes advanced diploma in retirement provision.
PMI chief executive Vince Linnane said: 'With the number of current pension industry developments impacting upon those running, advising on or governing trust and contract-based workplace pensions, we feel that now is the time to analyse how we can further support these individuals with their professional development.
'It has become apparent that we need to focus on governance in particular, as we seek to develop new qualifications for the industry and also provide the required professional knowledge, skills and understanding for our members to undertake any of a diverse range of roles in the industry.
'Ultimately, we want to ensure that professional standards are not only maintained but enhanced in this area.'
The DC governance qualification would provide understanding of regulatory requirements and best practice. The certificate is also expected to provide further options for those dealing with the requirements of automatic enrolment who may already have passed the PMI's Certificate in Pensions Automatic Enrolment.
The advanced diploma will look at DC or defined benefit, or both, and within this there would be an option for students to study a specific unit on governance.
'More and more of our members have indicated their role is now focused on particular types of workplace pensions, so we think it is important to offer this increased flexibility in the qualification framework, in order to allow for various specialisations,' Linnane added.
The PMI is seeking views from its members, stakeholders and other interested parties. Responses to the consultation must be submitted by August 11.