Helen Forrest Hall: The PMI is responding with a refreshed approach to education and professional development
The latest of the Pensions Management Institute’s (PMI’s) regular columns says the industry must develop professionals who can lead through profound change.
I often hear it said in our industry that change is the only thing that remains constant.
But even by our standards, the current pace of change is relentless, and more than that, there are elements that feel unprecedented in both risk and opportunity.
Legislative reform, market innovation and technological development are all accelerating, creating a working environment in which trustees, administrators and advisers are required to adapt at speed, often amid uncertainty and competing demands. I believe we are on the cusp of significant sector shift.
At the PMI, we see the effects of this brave new world daily through our engagement with members, our policy work and our role as an awarding body. It is why we are evolving how we support the profession – reassessing our learning to place renewed emphasis on education, professional capability and real‑world application.
When policy moves faster than practice
The depth of change is particularly evident in the debate around the groundbreaking Pension Schemes Bill. We are pleased it has passed both Houses and has received Royal Assent.
The PMI, like both MPs and Peers, supports pretty much every aspect of the Act. Initiatives such as value for money (VfM), small pots and guided retirement will bring real benefits to savers.
But we remained a constant opponent of the reserve investment ‘mandation' power, both on the minutiae of its purpose and also because it underlines a wider challenge facing the industry – legislation and political will can move in a direction that those with a fiduciary duty to savers are far from comfortable with.
Regardless of this one element of the Act, even its other positive measures mean trustees are being asked to prepare for outcomes that remain uncertain in practice, from establishing policies on the assessment and distribution of potential surplus; through to the detailed compliance mechanics on value and the need for a standard of data not seen before.
And even where powers are framed as a backstop, their mere existence can influence behaviour, investment decisions and market dynamics. This is precisely where technical understanding, judgement and professional confidence matter most.
Rethinking DB endgame decisions
Alongside legislative change, the defined benefit (DB) endgame debate is evolving at pace. As funding levels improve, many schemes are approaching decisions that would have seemed optimistic only a few years ago. With that has come renewed scrutiny of how surpluses are treated and whether current endgame models always deliver the best outcomes for members and other stakeholders.
Traditional buyout remains appropriate for many schemes, but growing interest in surplus sharing and alternative solutions reflects a maturing market that is increasingly willing to challenge established norms. These decisions are complex, nuanced and highly scheme‑specific, and they demand trustees with the skills to carefully weigh legal, actuarial, investment, covenant and member communication considerations together.
AI and the changing shape of pensions careers
Perhaps the most disruptive change of all is the rapid advance of artificial intelligence. While much of the public debate still focuses on what AI might do in future, the pensions sector is already seeing tangible impacts.
Administrative processes are increasingly being automated, and entry-level roles are likely to be reshaped as a result. We are already seeing significant workforce shifts in other sectors, particularly in outsourced functions, and it may only be a matter of time before similar pressures begin to appear more visibly within pensions. This means long-standing career pathways into the profession may need to evolve.
This raises fundamental questions about how we attract new entrants to the profession, how we train them, and what skills will define a successful pensions career in five or ten years' time. Technical knowledge remains essential, but it must increasingly sit alongside analytical judgement, governance expertise and ethical decision‑making.
A refreshed focus on education and capability
Taken together, these developments leave no room for doubt. The industry must develop professionals who can lead through profound change, with a new skill set to match.
The PMI is responding with a refreshed approach to education and professional development. We are modernising how qualifications are assessed, and the PMI Group has launched a brand-new independent training academy to provide high-quality training materials and support for learners.
We are focusing sharply on real‑world application, on helping practitioners understand not just what the rules say, but how to apply them in contexts that are uncertain, evolving and sometimes contested.
We are expanding the scope of our work to reflect shifts in the market, from DB endgame strategy to defined contribution (DC) governance and how pension professionals can embrace new technology.
And, through our Development Partnership programme, we are placing renewed emphasis on education as a long‑term investment in the skills and credibility of the profession.
We will be saying much more about how the PMI will evolve in the months ahead. For now, our industry must remain resilient to market forces by embracing the opportunities and planning for the risks.
Helen Forrest Hall is chief strategy officer at the Pensions Management Institute
