Standard Life’s joined forces with the Pension Management Institute (PMI) to launch a new training programme, aimed at boosting the diversify of its trustees and improving inclusion in the industry.
This two-year trustee accelerator programme, which starts in April 2024, will provide participants cover a range of areas and can be taken by those with no previous experience in the pensions industry. The PMI says it has been designed with flexibility in mind, so people can study alongside their current job, caring responsibilities or other commitments.
Those taking part in the programme will be assess through a mock trustee meeting and final example before receive relevant qualifications. This includes a PMI award and certificate in pension trusteeship, which will enable them to be ‘trustee ready’.
The programme covers eight main learning modules. These include: fundamentals of trust law, the pension landscape, defined benefits schemes, defined contributions schemes, member data, contributions and transfers and asset management, governance and member communications. It will also offer mentoring from a trustee, a ‘buddy’ relationship with a pension professional and the opportunity to shadow a trustee board and/ or governance meetings.
Standard Life said that through this programme is it hoping to drive change around equity, diversity and inclusion in the pensions industry and create opportunities for those from different background to become trustees. It adds that harnessing diverse views from a broader population leads to a better understanding of what’s important to people and how the decisions they make can impact their financial future.
Standard Life head of master trust Donna Walsh says: “This two-year programme has been designed to attract people from diverse backgrounds. Applicants shouldn’t worry if they have no pension experience, because the programme will start with the basics. Standard Life will sponsor those that take part throughout the programme and cover all learning and exam costs, supporting them every step of the way towards their first role.”
PMI CEO Gareth Tancred adds: “This two-year initiative is designed to rigorously train and develop the next generation of pensions trustees.
“As a leader in pensions education, the PMI recognises the ever-growing need for competent, well-trained, and diverse trustees in the sector. Our collaboration with Standard Life is a testament to our commitment to raising the bar in trustee education.”
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