Pension scheme manager : Training

Professional training is vital in the career development of a pension scheme manager. Most employers recognise this, and many offer substantial financial and practical assistance including the payment of course and exam fees and provision of paid study leave to enable the completion of qualifications.

Training provision within the pensions industry is undergoing change, and a revised credit-based system, coordinated by the Pensions Management Institute (PMI) , has recently been introduced. This credit-based system allows different entry points and makes it possible for students to specialise in different aspects of the pensions industry to reflect their career interests. Training is often work based with access to online study materials. Depending on the qualification, assessments are either by workplace assessment or examinations.

The main PMI qualifications are:

• introductory qualification: Retirement Provision Certificate;
• professional qualifications: Award in Pension Trusteeship, Qualification in Pensions Administration, Qualification in Public Sector Pensions Administration, Qualification in Member Directed Pension Scheme Administration, Diploma in Pensions Qualifications;
• advanced qualifications: Advanced Diploma in Retirement Provision, Diploma in International Employee Benefits.

Success in the qualifications, as well as the modules within the qualifications, grants credits within the PMI qualifications structure. The credit-based qualifications are structured so that students can take varied amounts of time to complete the qualifications. Once you have accrued 220 credits, you can become an ordinary member of the PMI. Those with over 850 credits, as well as three years' experience within the industry, can become associate members of the PMI. To be elected as a Fellow of the PMI, an applicant would have to have five years experience as an associate member of the PMI plus be able to show a complete continuing professional development (CPD) record for the last three calendar years.

In addition, because the pensions industry has many different facets, professional qualifications from the following professional associations may also be useful for pension scheme managers:

• Chartered Institute of Payroll Professionals (CIPP)  
• Chartered Insurance Institute (CII)  
• Institute of Chartered Secretaries and Administrators (ICSA)