The Pensions Management Institute (PMI) has launched its new competency framework, designed to assist pensions industry members in performing effectively.

It sets out the pensions management functional and technical competences the PMI views as necessary to achieve best practice.

The framework was developed in consultation with the pensions industry and is designed for employers, pensions professionals, trustees, and training providers to assess and maintain the knowledge and skills of those within the sector.

It focuses on seven “functional areas”: the role of the pensions profession; strategy and policy development; leadership and management; operational management; quality and client management; compliance, ethics and ESG; and trusteeship.

The PMI stated that employers could use the framework to identify gaps in an organisation’s skills to then commission targeted training.

Pension professionals and trustees can use it to identify their strengths and areas for development and help them choose which qualifications and learning interventions would best help them, the PMI said, while training providers can use the competences to design training and develop learning materials that support the development of professionals.

“The new competency framework is designed to be a model that gives a blueprint for excellent performance within an organisation or sector,” explained PMI director of qualifications and lifelong learning, Keith Hoodless.

“Alongside developing the framework, we have also taken the opportunity to re-evaluate our set of qualifications and are pleased to share that the first qualification to be relaunched in 2020/21 will be the RPC.

“Due to the success we have had this autumn in putting our exams online we are also going to offer all our exams online in the future.

“We take pride in our heritage in supporting and developing the experts who are responsible for running the UK’s pensions industry and hope that this new framework and better accessibility to exams via online will help the industry in maintaining and improving professional standards in every area of pension scheme management, consultancy and trusteeship.”

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