Today (Friday) the National Association of Pension Funds (NAPF) and the Pensions Management Institute (PMI) announced that they have closed discussions on merging the two organisations.
Commenting on the decision, Paul Couchman, President of the PMI, said:
“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. 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.”
Ruston Smith, Chairman of the NAPF, commented:
“It is with disappointment that we make today’s announcement. We must, however, respect the PMI’s decision not to pursue this opportunity. The NAPF continues to fulfil the needs of our members by providing them with the high quality services they require, including education and policy solutions. Together with our members we raise standards and improve understanding in the pensions sector, helping our members to provide pensions for over 17 million people by putting to work more than £900 billion of assets.”
Today’s announcement marks the close of a collaborative process between the NAPF and the PMI, announced in October last year, to assess in detail the possibility a merger.
Notes to editors:
The Pensions Management Institute (PMI)
The PMI is the professional body which supports and develops the experts who run UK pension schemes. It has the broadest skills base of pensions professionals and trustees in the UK, with some 6,500 members dedicated to establishing, maintaining and advancing the highest levels of pensions knowledge.
PMI members are responsible for managing and advising some of the largest institutions in the world and taking key decisions on substantial financial matters. With some £1 trillion invested in UK pensions, PMI members have a vital role to play in shaping the nation’s financial future. With 37 years of successful operation behind it, the PMI is an organisation at the cutting edge of pensions. For full details of PMI’s qualifications, membership grades and ongoing support services visit www.pensions-pmi.org.uk.
The NAPF is the voice of workplace pensions in the UK. We speak for over 1,300 pension schemes that provide pensions for over 17 million people and have more than £900 billion of assets. We also have 400 members from businesses supporting the pensions sector.
We aim to help everyone get more out of their retirement savings. To do this we spread best practice among our members, challenge regulation where it adds more cost than benefit and promote policies that add value for savers.
For PMI related enquiries:
Kate Boyle, Director, KBPR, 07930 442883, [email protected] , [email protected]
Sarah Pryor, 07815 425381, [email protected]
Lucy Grubb, Head of Media and PR, NAPF, 020 7601 1726 or 07713 073023, [email protected]
Eleanor Bennett, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]