The two leading pension bodies in the UK, the National Association of Pension Funds (NAPF) and the Pensions Management Institute (PMI) have announced that they are discussing a possible merger.
The two bodies said that a combined organisation could create a stronger voice for pensions and retirement benefits, based on the NAPF’s experience in working with government and regulators and the PMI’s qualifications network. PMI president, Paul Couchman, said: “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.” NAPF chairman, Ruston Smith, commented: “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.”
Following the joint announcement on merger talks, the PMI and NAPF will enter a 6-9 month collaborative process to assess the nature of a potential merger. Once this process has been completed, both organisations will update their members and the wider pensions sector. The PMI has 6,500 members who work at pension funds, while the NAPF represents 1,300 pension schemes and also has 400 business members.