Strategy and Policy Development

The PMI is currently undergoing website updates, please be aware that you may encounter brief periods of downtime during this time.

To develop a strategy and policies for the delivery of pensions that are aligned to the strategic objectives of an organisation. To be instrumental in controlling key aspects of an organisation’s policies and their impact on the external environment. To establish and implement policies that demonstrate what is expected of pensions professionals.

This functional area comprises the following technical competences:

Pensions Strategy
Pensions Policy

Pensions Strategy

Support

Explains the use, importance and components of an organisation’s strategy

Explains the relationship between an organisational strategy and a pensions strategy

Explains how their role contributes to the achievement of a strategy

Relevant qualifications:

Award in Pension Essentials

Supervisor

Monitors operational performance in line with the plan and adjusts processes and procedures to achieve optimal efficiency

Manages the allocation of resources according to identified priorities and risks to achieve optimal performance

Reports promptly on strengths and areas for improvement and makes practicable suggestions

Relevant qualifications:

Manager

Develops and implements plans that deliver the strategy and objectives to agreed quality standards within required timescales and budgets

Manages processes to agreed standards and designs monitoring and evaluation processes that are capable of measuring performance, quality and efficiency

Identifies operational strengths and successes and makes recommendations that address identified areas for improvement

Relevant qualifications:

Senior

Articulates the pensions vision, strategy and plan

Develops operational plans, forecasts business requirements and specifies accountabilities to achieve the strategy

Designs business processes and procedures that are capable of delivering the strategy and strategic objectives

Relevant qualifications:

Diploma in Retirement Provision

Strategic

Evaluates the nature of internal and external influences on an organisation that may affect its strategic direction and capacity to achieve its objectives

Develops a strategy that maximises an organisation’s strategic positioning, markets, innovation and future trends and influences national and international developments

Aligns strategy to latest pensions and business thinking, cutting edge practice, management theory and analysis of stakeholder feedback

Relevant qualifications:

Advanced Diploma in Retirement Provision

Pensions Policy

Support

Adheres to pensions policies

Explains the purpose of pensions policies

Makes practical suggestions for improvements to pensions policies

Relevant qualifications:

Award in Pension Essentials

Supervisor

Ensures that team members adhere to pensions policies

Reports on problems, inconsistencies and shortfalls in pensions policies

Makes suggestions for improvements to pensions policies

Relevant qualifications:

Manager

Implements pensions policies to agreed quality standards within required timescales and budgets and addresses identified risks and priorities in line with operational plans

Designs monitoring and evaluation processes that are capable of measuring performance, quality and efficiency

Identifies operational strengths and successes and makes recommendations that address identified areas for improvement

Relevant qualifications:

Senior

Develops pensions policies that align with the strategy and address the future direction of pensions

Manages the implementation of pensions policies, ensuring control of their delivery and supporting activities

Evaluates the robustness of individual pensions policies

Relevant qualifications:

Diploma in Retirement Provision

Strategic

Develops a framework for monitoring, measuring and reporting on the effectiveness of pensions policies

Evaluates the fitness for purpose of pensions policies and the extent to which they meet legislative and competitive requirements

Ensures the coherence of pensions policies and their reflectiveness of organisational values, remuneration policy and strategy

Relevant qualifications:

Advanced Diploma in Retirement Provision

Functional areas

The role of the pension profession

Sector Knowledge
Information and Knowledge Management

Pensions Strategy
Pensions Policy

People Management
Change Management

Product and Service innovation
Managing Product and Service delivery
Benefit Calculation and Delivery
Regulated Retirement Advice
Investment Portfolio Management

Governance and Compliance
Risk Management
Corporate Social Responsibility
Ethics
Sustainability in Pensions

Quality Management
Client Relationship Management (CRM)

Trusteeship

What are technical competences?

The technical competences have been developed in consultation with the industry to reflect the needs and requirements of the profession.

This document sets out the standards; explains how they can be used and by whom and directs readers to sources of information, learning materials and qualifications.

Download