Plans to merge the National Association of Pension Funds with the Pensions Management Institute have been abandoned as the PMI says it would be “best placed” to pursue its objectives on its own.
In October, the trade body for pension fund managers revealed it was considering a merger to deal with the “seismic shifts” in the pensions industry.
But PMI president Paul Couchman says: “We have decided that PMI is best placed to pursue its strategic objectives as an independent organisation. We remain committed to raising standards by providing our members with the highest quality pensions qualifications and look forward to announcing some exciting new initiatives in the near future.”
He adds: “The discussions with the NAPF have been extremely positive. We have explored many of the complementary areas of expertise that both organisations offer and have looked at the significant value a merged organisation could offer to members. The due diligence processes undertaken raised no issues or concerns on either side. However, after careful review by the PMI board and its council, we have decided that PMI is best placed to pursue its strategic objectives as an independent organisation.”
NAPF chairman Ruston Smith says: “It is with disappointment that we make today’s announcement. We must, however, respect the PMI’s decision not to pursue this opportunity.”
In December 2014 the PMI begin a pilot of a new qualification for people giving guidance to pension scheme members.