PMI passes 10,000 members as sector 'gets ahead of the curve' on governance

In a blog published yesterday (25 June), the institute's chief executive Gareth Tancred said the organisation has grown to nearly 10,200 professionals – describing the milestone as evidence of a wider industry shift towards higher standards, stronger governance and better outcomes for savers.

The announcement follows the Department for Work and Pensions' consultation on strengthening standards across trust-based pension schemes as well as the announcement by The Pensions Regulator of a communications programme designed to help trustees get ready for higher defined contribution scheme standards.

In his blog, Tancred said the PMI's growth demonstrated that the industry was not waiting for regulation to force change.

He said: "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."

Tancred said a key driver of the PMI's growth has been its development partnership model, which enables employers to provide access to professional learning, qualifications and recognition across entire workforces.

He said the model is already being adopted by major employers and is helping to accelerate capability building across the sector.

Tancred noted: "Development partnerships are accelerating capability across the sector by opening up professional development to far more people."

Alongside membership growth, the PMI has also seen increasing demand for qualifications, training and structured career pathways, alongside growing interest in initiatives such as its Trustee Accelerator Programme.

Tancred argued that strengthening professional capability is central to improving governance and ultimately delivering better outcomes for pension savers.

He said: "Better-trained professionals lead to better governance and better outcomes for savers."