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The Pensions Management Institute (PMI), based at Artillery Lane in the City of London, is a professional membership institute providing educational services for those working in the pensions industry. It offers a set of qualifications for pension managers and trustees, training and support services for its members, as well as running two Conferences and producing a number of publications, including PMI News, PMI Technical News and Pensions Terminology. It also produces responses to Government consultative papers, although it is not a lobbying organisation.
Established as the Institute of Pensions Administration in 1975, the Institute was initially sponsored by four pensions industry representative bodies (the National Association of Pension Funds, the Society of Pension Consultants, the Life Offices' Association and the Association of Consulting Actuaries) who each provided four representatives to sit on the Institute's Council. The Institute was incorporated as the Pensions Management Institute in 1976.
The Institute was initially run by a Council and four committees: Constitution and Membership, Education, Public Relations and Finance and Services. Nowadays the Institute is managed by a Board, made up of the President, two Vice Presidents, the Chief Executive and Financial Director. The Advisory Council advise the Board on the strategic direction of the Institute and provide technical input and expertise on industry issues. The Council is now made up of 16 fellows, elected by the members of the Institute. There are also four governance committees - Education, Finance, Membership and Commercial Development - and a number of other committees overseeing the Institute's work.
The Institute's President serves a two year term, and chairs the Institute's Examiner's Liaison, Officers and Disciplinary Committees as well as sitting on the Board and Council. In 2002 a Management Committee was introduced, answering to the Council and chaired by the President. The Management Committee includes three members of the Council and four senior Secretariat members.
The day to day running of the Institute is carried out by staff in eight departments - membership, qualifications, commercial development, finance, central office support, business development, professional standards and IT - overseen by the Chief Executive. This replaced the Secretary General position in 2005.
The Institute's members are divided between various grades of membership: elected fellows, associate, diploma, certificate, student and affiliate. The associate, diploma and certificate memberships are dependent on qualifications. The Institute also operates a network of eight Regional Groups across the UK and a Trustee Group to support individual trustees and Trustee Boards. The Institute sponsors the Association of Professional Pension Trustees (formerly the Independent Pension Trustee Group), a network established in 2003 which aims to 'encourage and promote the highest professional standards in those who practise as professional pension trustees' and 'promote the role of professional trustees'.
The Pensions Management Institute is the holding company for PMI Services Limited, originally Armagret Limited, a service company for the Institute. Another registered company, PMI Trustee Limited, is trustee for the Institute's staff pension scheme.