The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced their formal intention to discuss the possibility of merging the two organisations.
The possibility of a merger will be discussed over the next six to nine months, after which both organisations will update their members and the pensions sector. In the meantime, both the NAPF and PMI will continue to represent their members and pursue their individual strategies.
A new combined organisation would be 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.
Ruston Smith (pictured), chairman of the NAPF, said: “In such a fundamentally dynamic environment, it’s important to consider strategic options that further strengthen our association and enable us to meet the needs of members both today and tomorrow.
“The complementary services, strengths and capabilities of both our organisations offer great opportunities to provide an overall stronger proposition for our members, including even better education and a stronger voice to promote the importance of workplace pensions and retirement benefits for savers in the UK. This is an exciting opportunity where, together, we can make a real difference.”
Paul Couchman, president of the PMI, added: “Never has the pace of change in the pensions industry been as rapid as it has been over the past year.
“Our initial discussions have shown that pooling the resources and experience of our two organisations to deal with the seismic shifts in the pensions landscape seems to make good sense.
“An organisation combining our complementary areas of expertise would provide all our members with access to a single organisation that could offer comprehensive training and qualifications while effectively representing their interests to government and regulators.
“We look forward to discussing in more detail at how we might bring this ambition to fruition.”