PMI Qualifications Guide 2018

Transcription

1 PMI Qualifications Guide 2018

2 Contents About us Why choose PMI? Member benefits Qualifications Apprenticeships Accreditation of prior learning Continuing professional development Study support How to enrol Contact Study support partners

3 About Us Founded in 1976, the Pensions Management Institute (PMI) is the UK s largest and most recognisable professional body for employee benefit and retirement savings professionals, supporting over 6,500 members in 32 countries. PMI s members, represented in 8 regions, are responsible for managing and advising some of the largest institutions in the world accounting for 1trillion invested in pensions. We promote excellence through a range of services for the benefit of members, the wider economy and with over six million now saving as a result of automatic enrolment, society as a whole MEMBERS 32 COUNTRIES INTERNATIONAL RECOGNITION STUDY SUPPORT ONLINE LEARNING MEMBER RESOURCES 2 3

4 Why choose PMI? As the UK s leading professional body for those working in pensions, we are responsible for supporting and developing the experts running the industry. Designed in conjunction with industry practitioners, our qualifications provide learners with the tools to think strategically, as well as developing their technical skills and knowledge. Once qualified, members are entitled to use designatory initials. CPD is mandatory for some membership levels and encouraged for others, ensuring individuals knowledge and expertise remains current. PMI is recognised as an awarding organisation by the Office of Qualifications and Examinations Regulation (Ofqual). PMI was granted accredited body status by the Financial Conduct Authority in PMI Career Development Survey respondents 80% said PMI qualifications improve employability 77% said qualifications increased technical skills and knowledge Member benefits In addition to the qualifications outlined in this brochure, PMI members receive numerous benefits designed to support them in maintaining professional standards. Member Benefit 1 Designatory initials 2 Ability to join the PMI Accredited Adviser Programme 3 Fellowship Network events 4 Pensions Aspects, our monthly magazine 5 PMI Technical News, our quarterly themed newsletter 6 Pensions Age magazine Fellow Associate Diploma Certificate Student/ Affiliate VQ Student Online only Online only Online only Online only Online only Online only 65% said PMI qualifications assisted in their career 7 Access to our online services including the continuing professional development (CPD) online recording tool 8 Access to Learning Gateway an online investment learning tool provided in partnership with Aberdeen Standard Investments 9 PMI Extra, our member benefits scheme % sought to recruit PMI qualification holder 10 Pension Careers, our online jobs board 11 Access to PMI TV webcasts Member Rates at conferences and seminars

5 Qualifications This section sets out in further detail what you can expect from our qualifications. Full details, including fees, timetables and syllabuses can be found on our website. Award in Pensions Essentials Our qualifications at a glance n Award in Pensions Essentials n Certificate in Pensions Essentials n Certificate in Pensions Administration n Certificate in Pension Calculations n Diploma in Pensions Administration n Retirement Provision Certificate n Certificate in DC Governance n Certificate in Pension Scheme Member Guidance n Diploma in Retirement Provision n Diploma in Employee Benefits & Retirement Savings n Diploma in International Employee Benefits n Diploma in Regulated Retirement Advice n Advanced Diploma in Retirement Provision n Award in Pension Trusteeship RQF level 2 N/A n Apprenticeship 100 hours In-house To provide an introduction to UK pension arrangements for pension scheme administrators. The Award comprises five compulsory units. Delivered in-house by PMI approved centres. This qualification can be used as part of the Workplace Pensions Apprenticeship. 6 7

6 Certificate in Pensions Essentials Certificate in Pensions Administration RQF level hours RQF level hours Certificate (CertPMI) In-house Certificate (CertPMI) Online case studies, revision course The CPE is a qualification designed to provide an overview of the requirements of pension administration for administrators and others working on the operation of workplace pension arrangements. This includes: n the main types, features and structures of arrangements n reporting requirements n joining n benefits n contributions Suitable for pension scheme administrators working in either defined benefit (DB) or defined contribution (DC) schemes, or both. Designed to allow organisations and their pensions administrators to select and construct a competence based qualification that reflects their normal working activities. This qualification comprises 14 units. Eight out of the 14 units must be achieved in order to complete the qualification. Unit one is mandatory. The Award comprises 18 units, of which 10 must be completed in order to complete the qualification. March and September Delivered in-house by PMI approved centres. Units 1-10 are assessed through work-based assessment. Units 11 to 14 are assessed through open book case study examinations. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship. The qualification is delivered via PMI approved centres. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship. 8 9

7 Certificate in Pension Calculations Diploma in Pensions Administration RQF level hours RQF level hours Certificate (CertPMI) Online study manual, revision courses Diploma (DipPMI) Online case studies, revision courses Suitable for pension scheme administrators working in either defined benefit (DB) or defined contribution (DC) schemes, or both. Designed to demonstrate a learner s competence in the calculating and quoting of benefits of defined benefit and defined contribution schemes. Suitable for more experienced pension scheme administrators working in either defined benefit (DB) or defined contribution (DC) schemes, or both. Designed to allow organisations and their pensions administrators to select and construct a competence based qualification that reflects their normal working activities. This qualification comprises seven compulsory units. Full details on the content of the qualification can be found on our website. This qualification comprises 16 units, of which 10 must be completed in order to complete the qualification. Unit one is mandatory. March and September March and September All seven units are assessed through open book case study examinations. The qualification is delivered via PMI approved centres. Units 1-9 are assessed through work-based assessment where evidence is drawn from the day to day activities carried out by the learner. Units are assessed through open book case study examinations. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship. The qualification is delivered via PMI approved centres. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship

8 Retirement Provision Certificate Certificate in DC Governance PMI Certificate level 100 hours Certificate hours Certificate (CertPMI) Online study manual, revision courses Certificate (CertPMI) Online study manual, revision courses To provide a broad introduction to pensions and other related benefits in the UK that is ideal for employees new to pensions, support staff and those professionals working in related fields. It has been designed to meet the needs of a wide range of people, not just pension professionals; for example it could include: n those who are starting out on a career in pensions or a related area. n those whose work involves one particular aspect of retirement provision, such as investment, legal or accounting. n those whose job requires an overview of the principles underpinning retirement provision. To provide an understanding of the requirements and standards of governance relating to defined contribution workplace pension schemes. It is suitable for those running, advising on or governing workplace pension schemes. A single compulsory unit must be passed in order to complete the qualification. March and September A single compulsory unit must be passed in order to complete the qualification. 90 minute examination made up of 60 multiple choice questions. UK: March and September Overseas: April and October Two hour examination in the form of a 80 question multiple choice exam paper. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship

9 Certificate in Pension Scheme Member Guidance Diploma in Retirement Provision RQF level hours RQF level hours Certificate (CertPMI) Online study manual, online course assessment, revision courses Diploma (DipPMI) Online study manual, online assignments, revision courses This qualification is designed to meet the needs of pensions staff who regularly liaise with members selecting options from a pension scheme. It is concerned with improving member outcomes and providing guidance on benefit options. As this guidance is in the area of non-regulated advice the qualification provides an overview of the distinction between regulated and non-regulated advice, the different types of pension scheme and the factors that need to be considered in making decisions in regard to benefits. It covers various options and situations, including: joining, leaving, transferring, retirements, commutation, death, and divorce. This qualification rewards and acknowledges the completion of core pension technical units that form part of the Advanced Diploma in Retirement Provision. This can be taken as a standalone qualification or as part of the Advanced Diploma This qualification comprises six units, of which five must be passed in order to complete the qualification. There are four core units plus a choice of specialist optional units (DB or DC). April and October A single compulsory unit must be passed in order to complete the qualification. Each unit is assessed by examination. Telephone based oral assessment

10 Diploma in Employee Benefits and Retirement Savings Diploma Diploma (DipPMI) hours Online study manual, online assignments, revision courses This qualification is ideal for those working at the margins of pensions who need to understand pensions in the wider savings and employee benefits context. Diploma in International Benefits Diploma Diploma (DipPMI) 440 hours Online study manual, online assignments, revision courses To identify aspects of benefit provision which those involved in international employee benefits are most likely to encounter in dealing with expatriates, internationally mobile employees and local employees. The aim of this Diploma is to provide holders with a comprehensive background to employee benefits and savings in the UK. It demonstrates that the holder has an in depth understanding of issues surrounding retirement provision. This will equip them for work in pensions and allied areas and can lead to further study in these areas or toward completion of the Advanced Diploma. This qualification comprises two compulsory units. International 1: October International 2: April This qualification comprises three compulsory units. Both units are assessed by examination, which can be sat at centres worldwide. A full list of examination centres and the entry form are available on the IEBA or PMI websites. April and October Each unit is assessed by examination

11 Diploma in Regulated Retirement Advice Advanced Diploma in Retirement Provision RQF level hours Associate hours Diploma (DipPMI) Online study manual, online assignments, revision courses Associate (APMI) Online study manual, online assignments, revision courses To meet the Financial Conduct Authority s (FCAs) appropriate examination standards for Retail Investment Advisers. In particular, these include those for the FCA regulated activities; advising on packaged products and acting as a pension transfer specialist. As such it provides an overview of pensions and retirement planning in the retail and individual context. It covers financial services advice, regulation, taxation, financial protection and investment. A comprehensive and in depth qualification for retirement benefit professionals. The overall aim of the Advanced Diploma examinations is to provide the required professional knowledge, skills and understanding for an individual to undertake, after sufficient experience, a position as a pensions specialist within a self-administered scheme, a third party administrator, a life assurance company, or the consulting and advisory services. This qualification comprises two compulsory units. This qualification comprises 12 units. Eight out of the 12 units must be passed in order to complete the qualification. April and October April and October Both units are assessed via a three hour examination. Assessment method varies depending on unit sat. n Apprenticeship This qualification can be used as part of the Workplace Pensions Apprenticeship

12 Award in Pension Trusteeship (Defined Contribution and Defined Benefit Schemes) RQF level 3 Trustee Group Membership (until the end of the calendar year) 60 hours PMI Trustee Seminars To provide formal recognition of a trustee s knowledge and understanding (TKU) in-line with the requirements of the Pensions Act This qualification comprises three compulsory units. March and September 90 minute examination in the form of a 60 question multiple choice examination

13 Apprenticeships The PMI has worked in collaboration with a number of employers and other professional bodies to create two apprenticeships, designed for participants who wish to follow a career either as a pensions administrator or consultant. As well as being the awarding organisation for a number of qualifications within the apprenticeships, we have also been approved as the end-point assessment organisation for the workplace pensions apprenticeship. Apprenticeships put employers at the forefront of the design of the standards to ensure they are as relevant as possible. They are delivered by organisations that are approved by the Education and Skills Funding Agency (ESFA) and offer subsided training costs for approved companies. For more information please visit or

14 Entry Level 3 Workplace Pensions Apprenticeship n Level 3 Dependent on qualifications n Structure and assessment n Duration months n Overview An entry level apprenticeship standard for workplace pensions consultants or administrators. On-programme assessment Qualifications and any employer specific knowledge tests that are required. End-point assessment The PMI is the approved end-point assessment organisation for the workplace pensions apprenticeship. Higher Level 6 Financial Services Professional Apprenticeship n Level 6 Associate (APMI) n Structure and assessment n Duration months n Overview This apprenticeship includes a broad range of occupations within financial services and workplace pensions is one of 6 options. This is a Core and Options model, where the shared knowledge, skills and behaviours are covered in the core, with the specific technical knowledge and skills required for each role being covered in the single chosen option. n Qualifications End point Assessment contains two components: n A Portfolio from the final months of the apprenticeship. n A Reflective Discussion that focuses on the softer skills of the Standard. The apprentice will complete at least one or more of the following PMI qualifications: Award in Pensions Essentials; Retirement Provision Certificate; Certificate in Pension Scheme Member Guidance; Certificate in Pensions Essentials (4 units); Certificate in Pensions Administration (4 units); Certificate in Pension Calculations (4 units); Diploma in Pensions Administration (4 units); Advanced Diploma in Retirement Provision (2 units) n Qualifications n Funding Apprentices undertaking the Workplace Pensions option will be required to take the Advanced Diploma in Retirement Provision. Employers are able to access funding to cover some of the costs of delivering apprenticeships. Further details can be found on n Funding Employers are able to access funding to cover some of the costs of delivering apprenticeships. Further details can be found on

15 Accreditation of prior learning We are prepared to consider granting credits towards some of our qualifications to holders of other professional qualifications or degrees. You can find out more details and which qualifications this may apply to on our website. Continuing professional development CPD has become a core element of what it means to be professional, particularly for those working in the constantly evolving area of pensions and retirement provision. CPD is mandatory for most of our membership levels, ensuring members knowledge and skills are kept up-to-date. We offer a CPD recording facility for all members via our website. Study support Study Support Partner Programme The PMI has joined forces with a number of leading companies and firms operating in managing or advising UK pension schemes to provide the Study Support Partner (SSP) Programme. The Programme, available across a number of our qualifications, offers students enhanced study support services and helps prepare individuals for particular roles by providing quality materials at the appropriate level. Online learning The PMI Learning Gateway in association with offers members a wide-range of educational resources designed to support professional development and training needs. Revision courses Revision courses are available for a number of our qualifications, as set out earlier in the brochure and on our website. How to enrol Learners must be a member of the PMI to undertake any of our qualifications. You can apply to be a member and enrol on any of our courses via our website

16 Contact Study Support Partners If you cannot find the information you are looking for on our website or have any questions, please do not hesitate to get in touch. Thank you to all of our Study Support Partners. Qualifications T E qualifications@pensions-pmi.org.uk Membership T E membership@pensions-pmi.org 28 29

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