Pensions Administrator Apprenticeship – level 3
An entry-level apprenticeship standard for workplace pensions consultants or administrators – the standard has a core and options format allowing you to select the specialist requirements for either Administrators or Consultants. The full details of the standard can be found here. This page also contains a link to the assessment plan for the standard, which provides further detail on how the apprentice will be assessed.
Actuarial Technician Apprenticeship – level 4
The broad purpose of the Actuarial Technician is to provide analysis to assist with the management of uncertainty and risk to help clients, both internal and external, meet their objectives. Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients – full details of the standard can be found here
Financial Services Professional Apprenticeship - level 6
This is a core and options apprenticeship that covers a broad range of occupations within financial services, and workplace pensions is one of 6 specialist options. The Pension option aligns to such roles as Pensions Consultants, Senior Administrators or Pensions Managers. The full details of the standard can be found here.
What PMI qualifications/assessment methods are included as part of these apprenticeships?
These (financial services) apprenticeship standards include the following PMI qualifications (or parts thereof):
The Level 3 Pensions Administrator Apprenticeship no longer contains a qualification as part of the assessment methodology. This has now been changed to an internal multiple choice test. Within this Apprenticeship there is still the EPA Professional Discussion with an Independent Assessor (based on the contains of a portfolio of evidence).
The Level 4 Actuarial Technician Apprenticeship contains a project/assignment rather than a qualification and then again the EPA Professional Discussion with an Independent Assessor (based on the contains of a portfolio of evidence)
The Level 6 Financial Services Professional apprenticeship standards include completion of professional qualification (for the PMI then this is the Advanced Diploma in Retirement Provision) plus a pre agreed work based project followed by a Professional Discussion with an Independent Assessor (based on the contains of a portfolio of evidence).
Broader apprenticeships opportunities
Whilst the Pensions industry specific standards will be of keen interest to firms, there are also a wide range of other apprenticeships on offer. When considering your business’ requirements and ‘hotspots’ discussed above, you should look right across your organisation, from entry-level roles to senior positions (with apprenticeships spanning from level 2, right the way up to level 7 which is equivalent to a masters). This should include non-core areas of the business - for example there are apprenticeships in HR, Marketing, IT, Finance and Internal Audit, plus generic leadership and management apprenticeships that could span all of those business areas.
A full list of apprenticeship standards are available on the Institute for Apprenticeships website, where you can search by occupational area, key word and level.