The National Association of Pension Funds (NAPF) and the Pensions Management Institute (PMI) have confirmed formal discussions over a possible merger of the two organisations.
The two industry bodies claimed the new combined organisation would create “a stronger voice for pensions and retirement benefits in the workplace; bringing together the NAPF’s ability to influence and engage with Government and regulators with the PMI’s comprehensive and innovative qualifications network”.
PMI president Paul Couchman said: “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.”
NAPF , chairman Ruston Smith added: “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 our 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.”
The announcement will be followed by a six-to-nine month collaborative process between the NAPF and the PMI to assess in detail the possibility and nature of a potential merger.
Once this process has been completed both organisations will update their members and the wider pensions sector. In the interim, both organisations will continue to pursue their respective strategic priorities and represent their members.
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