Retirement Provision
Gain vital knowledge and skills essential for excelling as a Pensions Specialist in self-administered schemes, third-party administration, life assurance companies, or consulting and advisory services. The comprehensive curriculum covers core units and specialised subjects such as Defined benefit and Defined contribution arrangements, ensuring a well-rounded understanding of retirement provision.
Who is this pathway for?
This pathway is designed for:
- Pension scheme managers
- Retirement consultants, Policy advisors
- Financial planners specialising in pensions
- HR professionals managing pension schemes
Study Time
The exams at PMI take place throughout the year. You are advised to begin studying at least six months before your chosen exam date.
Retirement Provision
Start here
Unit
Core Unit 1A – Understanding Retirement Provision
The aim of the unit is to provide an introductory overview of retirement provision in the UK including an appreciation of:
- How workplace pensions have developed, the different types of workplace provision and how they sit alongside State pension provision
- The key features of automatic enrolment, trust and contract-based provision
- The roles and responsibilities of those involved in running workplace pensions
- Personal savings and the options for retirement saving
- Employee engagement with retirement provision.
Unit
Core Unit 2 – Regulation of Retirement Provision
The aim of this unit is to provide an overview of the regulation of retirement provision in the UK including an appreciation of:
- Legal and taxation aspects
- Compliance with regulation and where administrators need to focus on compliance issues
- The bodies responsible for defining, monitoring and oversight
- How the employee is supported by the financial services industry
- Current issues.
Unit
Core Unit 3 – Running a Workplace Pension Scheme
The aim of his unit is to provide an overview of the requirements of running a workplace pension scheme, including an appreciation of:
- The implications of the tax and regulatory regimes that apply to workplace pensions
- Scheme administration, payroll and financial administration
- The importance of data and data protection
- The calculation and payment of benefits
- The role of technology.
Unit
Core Unit 4 – Financing and Investing for Retirement Provision
The aim of this unit is to provide an overview of how employers and employees pay for workplace pensions and distinguishing between defined benefit and defined contribution arrangements and including an appreciation of:
- The factors which will influence the funding strategy, including the taxation regime
- Risk appreciation and management
- Financial regulation
- Accounting and tax issues
- Investment, investment management, investment strategy and governance.
Unit
Defined Benefit Arrangements
The aim of the unit is to provide an in depth understanding of trust-based defined benefit (DB) arrangements, building on and utilising the knowledge gained in the core units and applying it in a variety of scenarios, recognising the requirements of different stakeholders.
Unit
Defined Contribution Arrangements
The aim of the unit is to provide an in depth understanding of trust and contract-based DC arrangements, building on and utilising the knowledge they have gained in the core units to show that they can apply this in a variety of scenarios and recognising the requirements of different stakeholders.
Unit
Reward and Retirement Provision
The aim of the unit is to provide an understanding of the main employee benefits, their value, cost structures, taxation implications and how they interact with saving for retirement. To include appreciation of:
- The employee and employer perspectives
- Rewards strategies
- Communication and engagement.
Unit
Professionalism and Governance
The aim of the unit is to provide candidates with:
- An understanding of the importance of professionalism and ethics
- The importance of continuing their own professional development
- An appreciation of risk and governance issues as they apply to pension schemes
- The opportunity to demonstrate their ability to apply risk and governance principles in a practical situation
- Evidence that they can communicate their knowledge in a way that is relevant to their audience.
Retirement Provision
Cost
To sit this qualification, you must be a PMI Student member. If applicable, a £287 student membership fee will be automatically added at checkout when you register for the exams currently open for booking, no separate membership application is required. This will provide the membership until 31 Aug 2027.
Core Unit 1A – Understanding Retirement Provision |
£560 |
Core Unit 2 – Regulation of Retirement Provision |
£560 |
Core Unit 3 – Running a Workplace Pension Scheme |
£560 |
Core Unit 4 – Financing and Investing for Retirement Provision |
£560 |
Defined Benefit Arrangements |
£560 |
Defined Contribution Arrangements |
£560 |
Reward and Retirement Provision |
£560 |
Professionalism and Governance |
£560 |
Annual Student Membership* |
£195 |
Transcript |
£25 |
Final Pathway Certificate |
£85 |
Development Partners |
Please contact us for your discount |
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Got a question? Frequently asked questions
What happens if I do not want to undertake one of the 5 new qualifications pathways?
Individuals are not being forced to undertake one of the five new pathways and you are welcome to take a stand-alone qualification by itself if you wish. It is completely up to an individual what route they want to take, and no one will be forced down a particular avenue.
Is the Advanced Diploma in Retirement Provision still an available qualification?
Yes, the ADRP will be available for five more years from the date we launch the new member streams.
I am part-way through the Advanced Diploma Qualification, should I switch to one
of the new pathways?
of the new pathways?
The decision is yours to make. If you feel one of the new pathways is a beneficial route to undertake and suits your educational/career needs, then you are welcome to do so. If you want to continue with the current Advanced Diploma, you will have five years to complete any remaining units (five years from the date of launch).
I think I have finished all of the units within the Retirement Provision stream, what do
I need to do to claim for the certificate?
I need to do to claim for the certificate?
Please note, anything post 2016 can be claimed for with regards to one of the new pathways, but anything pre 2016 would need to be passed again in order to count towards one of the new steams. This is to ensure the qualifications can be matched against the qualifications we currently offer. There will be a fee to claim for the final certificate.
Can I still complete the Advanced Diploma in Retirement Provision without following the new pathways?
Yes, you can! If you prefer not to follow the new pathway model, you can still sit and complete the singular qualification for the Advanced Diploma in Retirement Provision. However, this option will only be available until April 2028.
I’ve passed some units/qualifications before 2016. Will they count towards the new pathways?
No, unfortunately, any units or qualifications passed before 2016 will need to be retaken if you want to qualify for one of the new pathways. However, we will accept passes from units or qualifications achieved post-2016.
How do PMI Pathways affect membership?
PMI Pathways has introduced five career-specific routes to Fellowship. If you were an existing Certificate or Diploma member, in 2023 you were automatically migrated to the new Professional Membership. This means your membership status now aligns with the new structure, providing more opportunities to progress in your career.
I’ve completed qualifications or units that didn’t make me eligible for Certificate or Diploma membership under the old structure. Am I eligible for Professional Membership now?
Yes, under the new pathways, if you’ve completed a PMI qualification or combination of units that didn’t previously make you eligible for Certificate or Diploma membership, you may now qualify for Professional Membership. Contact us to check your eligibility.
What if my Certificate or Diploma membership lapsed?
If you were a lapsed Certificate or Diploma member, you have also been migrated to the new Professional Membership. You can reinstate your PMI membership to take advantage of enhanced member benefits. Reach out to us to discuss reinstatement.
Do I need to retake qualifications to progress towards Associateship?
If you wish to progress towards Associateship, you must retake any qualifications or units completed before 2016. Only qualifications and unit exams taken in 2016 or later will count towards Associateship.
Is there a sample paper that I can view prior to the examination?
Yes, past papers can be viewed here.
Do I need to download any software onto my computer to take the examination?
Yes, you will be required to download the TestReach application to your device (laptop/desktop computer). If you are going to be taking your exam using a work device, we strongly urge you to get in touch with your IT team ASAP, who may need to enable certain permissions for the application to be downloaded and accessed. It is crucial that this is actioned in good time and as early as possible, as all learners are required to schedule themselves onto their exam 72 hours before they are due to sit the exam, to pass all the system checks, to avoid any issues on the day of the exam. A link to download the TestReach application is available on our qualification webpages.
Am I eligible for extra time during the exam?
Yes, if you have any medical conditions that inhibit your ability to complete an exam within the standard timeframe, e.g., dyslexia, or any other medical disorders, then we can offer you an additional 25% extra time on top of the standard exam time. We would need supporting evidence, such as a medical note from your doctor, to be provided to us, which would then be reviewed by a member of the team and a decision then made. If you require extra time, the PMI Qualifications team will get in touch in the run-up to your exam and request it from you in due course.