The Pensions Management Institute (PMI) in the UK has launched a Global Innovation Centre, which will aim to provide international learnings and best practices to encourage curiosity and innovation within the pensions industry.
Its agenda will not only focus on pension provision but will also extend to a broader range of lifetime savings – an example of which is its co-leadership, with Schroders, of the Lifetime Savings Initiative, an industry-wide collaboration, PMI announced.
The move follows a strategic review of the future needs of PMI’s members, employers, and strategic partners, as the organisation “intends to be more agile and to remain contemporary”.
It added: “The PMI will be strengthening its core offering around three guiding principles: always being forward-thinking, responding quickly to a changing world, and maintaining a steadfast commitment to its members’ success.”
While the PMI’s core proposition will continue to be the provision of professional pension education, it will further strengthen its approach towards thought leadership, innovation, and new areas of development in pension fund management.
Its mission, it said, will be to continue to deliver thought leadership, comprehensive education, advanced training, and recognised qualifications in pension management while fostering industry collaboration and driving innovation to enhance retirement outcomes.
The PMI works in partnership with the wider sector to ensure that members remain at the heart of the industry’s future direction and strategy to support a more structured approach to career development through the streamlined PMI Pathways programme.
The strategic review process has helped the PMI refine three core business areas to centre its approach around its membership community, the PMI Academy, and the newly launched innovation centre.
Ruston Smith, chair of the PMI, said: “We have a clear strategy where, with the support of our members and the wider industry, we will continue our mission to develop a skilled, innovative, and agile pensions workforce that will aim to deliver improved long-term retirement outcomes.”
He added: “The pace of change and how we learn continues to accelerate, particularly with the choices available to members that have been created through the use of technology. Our members’ preferences of what they learn and how they choose to learn are changing. It is essential that the PMI, as an institution, continues to adapt in a constructive but agile way, to continue to create and support our industry leaders of today and tomorrow.”
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