The Pensions Management Institute (PMI) is pleased to confirm that the Workplace Pensions Trailblazer Apprenticeship Standard, a specialist apprenticeship designed to find and train the pensions administrators and consultants of the future, has received ministerial approval.
The Workplace Pensions Trailblazer Apprenticeships will allow participants to follow two important career pathways within the industry, either as an administrator or as a consultant. Over the last twelve months the PMI, together with the 11 strong employer group, chaired by Towers Watson, have developed the Apprenticeship Standard. The PMI has also accepted the opportunity to provide relevant professional qualifications within this apprenticeship.
Speaking on the apprenticeship scheme Vince Linnane, Chief Executive of the PMI, said: “The Trailblazer initiative that the Government has set up has already proven to be successful across a wide range of different industries and we believe there is no reason why we cannot repeat that success in pensions. Although some apprenticeships are available in our industry, we are not currently using them in a significant way - and the natural entry route for many pensions roles continues to be a university qualification. However, as the costs of higher education have risen, professional qualifications and onthe-job training have become much more attractive for many. We are hopeful that the first Workplace Pensions Trailblazer Apprentices will be recruited later this year.”
The Government’s Trailblazer initiative, launched in 2014, aims to lead the way in carrying out changes to apprenticeships throughout the UK and helping to design world-leading standards and assessment approaches.