The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced that they will no longer pursue the opportunity to merge the two organisations.
The combined organisation would have been aimed at creating a stronger voice for pensions and retirement benefits in the workplace, drawing on the NAPF’s ability to influence and engage with government and the PMI’s qualifications network.
Both the NAPF and PMI will now continue to represent their members and pursue their individual strategies.
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, added: “We must 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.”