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Professional Trustee Accreditation – a must have!
7 June 2021

Professional Trustee Accreditation – a must have!

Having been in the consulting business for over 30 years, it was a natural switch to join the ranks of Professional Trustees. However, it was clear to me that whilst being a Fellow of the PMI (FPMI) felt like it should be enough, the world had moved on and the role involved taking responsibility directly for real people’s incomes in retirement. It seemed, therefore, entirely logical to look at what additional publicly acknowledged qualification would support me in my new world.

I decided that the PMI offered the best and most appropriate approach for me, and, after promising myself 30 years ago I would never do another exam, I found myself way outside my comfort zone, not only doing an exam but doing it on line!

How was it for you?

Being honest, whilst the worry level was high, fortunately the reality was that my general knowledge was wide, and I was able to complete the first exam reasonably comfortably. It was multiple choice and factual so, having been an advisor who liked the techy detail too, it was a test, but not an unduly hard one.

The second exam was a bit more challenging as it was more situational and, therefore, subjective. I quickly decided that trying to ‘second guess’ what others might do was the wrong approach and I settled into just answering the questions based on what I believed I would do in practice. This relaxed me and I felt the exam was fine.

I received my ‘results’ - pass or fail are the only results – fortunately I passed. It would have been nice to have had the actual mark and I have never quite understood why this cannot be provided. I did ask the question – and if I am honest , was not convinced on the rationale – so will follow this up in my role on the Advisory Council.

What happens next?

Having passed, you then move to accreditation. This is not as easy as you might expect as there are a number of moving parts, but that is as it should be. Having collated all the materials, including Disclosure and Barring Service (DBS), the Trustee Knowledge and Understanding (TKU) pass certificate etc. this was all submitted. I am pleased to say I was accredited very efficiently and so I’m looking forward to using this as a support to demonstrate my ability to carry out the role of a Professional Independent Trustee.

Overview

I think that having a qualification should be a requirement to put yourself out there as a Professional Trustee. It does not mean you have seen it all but it does give a minimum standard. We are the guardians of people’s benefits and should never forget that whilst the member probably is not that fussed we exist, they do have a right to have professionally qualified guardians of their pensions.

Notes/Sources

This article was featured in Pensions Aspects magazine June 2021 edition.

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Last update: 3 June 2021

Raymonde Nathan FPMI PTPMI
Raymonde Nathan FPMI PTPMI
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