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Qualification Level 3 - Award in Pension Trusteeship (APT)

Course details  Strengthen your skills as a trustee

A recognised qualification aligned with The Pensions Regulator’s standards

Award in Pension Trusteeship

The Award in Pension Trusteeship (APT) is designed for trustees and those interested in becoming an professional or lay accredited trustee. It follows The Pensions Regulator’s indicative syllabus and provides formal recognition of your Trustee Knowledge and Understanding (TKU), as required under the Pensions Act 2004. This qualification is also referred to as CPT Unit 1.

Overview

Who is this course for?

  • Aspiring accredited trustees working towards PMI accreditation
  • New trustees looking to build a strong foundation in pension scheme governance and responsibilities
  • Pension professionals involved in scheme management, administration, law or consultancy who want to deepen their understanding of trusteeship

Learning support

We recommend learners work through the e-learning programme of The Trustee toolkit, which has been developed by The Pensions Regulator to meet their Trustee Knowledge and Understanding (TKU) requirements.

Reading list

We provide a list which contains several items which will be of assistance to those preparing for these examinations, download it from Useful Resources.

PMI Members are entitled to a 15% discount for core reading list item Spotlight on Pensions which is written by a past PMI president, Kevin LeGrand, and which is available on the Perspective platform with its unrivalled functionality.

The Pension Trustee's handbook is ideal for learners sitting the Award in Pension Trusteeship exam.

Robin Ellison is one of the leading experts on Trustee law and trustee requirements. Robin has written a number of books, including the predecessor of the Handbook. Robin has now produced a new and updated version called The Trustee Handbook and has offered the PMI the opportunity to partner with him and offer his book to our members.

The PENSION TRUSTEE’S Handbook

Unlock the complexities of pension fund management with the Pension Trustee’s Handbook, the ultimate guide for trustees and pension professionals. Written by Robin Ellison, a renowned expert in pensions law, this book is essential for both new and experienced trustees who want to excel in their role.

Key resource: A must-have for anyone pursuing the Award in Pension Trusteeship exam, the PMI Trustee Pathway qualification or involved in pension scheme management.

Who Should Read This Book?

  • New trustees: Get a solid foundation in pension fund management and trusteeship.
  • Experienced trustees: Deepen your knowledge with advanced topics in investment governance, legal compliance, and member engagement.
  • Pension professionals: An invaluable resource for those working in pension fund administration, law, or consultancy.

You can purchase the Pensions Trustee handbook via The Great British Bookshop here.

  

Assessment method

This trustee qualification is assessed by a 90 minute 60 question multiple choice exam paper.

The exam results are sent to the learner via a 'Pass' or 'Fail' email, which will also include the learner's raw score and percentage achieved in their exam. No further breakdown is provided and the exam is not valid for 'appeal', as the paper will have already been reviewed and sign-off by our expert Committee, making it 'fit for purpose'. 

The nominal pass mark is 75%.

Study time

95 hours

The qualifications comprises a single compulsory unit.

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 exam, no separate membership application is required.

Description Cost
Qualification Package (Non-Student Member) £617
Qualification Package (Current Student Member) £330
Final certificate: Free of charge
Physical certificate: £85
Final Fee £617
Annual student membership fee £287

Useful Resources

Important Information

Study recourses 

 

The PMI provides a dedicated study skills website designed to support learners at every stage of their qualification journey. The site offers practical guidance on how to prepare effectively for exams, along with tips and insights into the specific exam formats you may be taking. You can access the study skills website here.

Assessment support
We are committed to fair and consistent assessment processes. Special consideration may be granted where a learner has been temporarily affected by circumstances beyond their control which may have impacted exam performance such as:

  • Illness
  • Injury
  • Issues at the exam centre (for example, noise or disruption) 

Further information on special consideration and the PMI’s approach to examinations, verification and assessment is available on the here.

Exams

Public Examination Sittings

There will be three public exam sittings for 2026:

18 March 
15 July
17 November


Private Examination Sittings

It is possible to arrange a private examination sitting.

Each question on the exam paper scores one mark. All questions should be attempted there is no difference in marking between a wrong answer and one left unanswered

Learners will receive either a 'Pass' or 'Fail' email from the PMI when receiving their grade, which will include their raw score and percentage achieved.

The nominal pass mark is 75%

Successful candidates receive a Qualification Certificate.

It is a condition of acceptance of an examination entry that learners carefully read the examination regulations and agree to abide by them. Exam instructions will be sent to each learner ahead of their exam.

It is possible to arrange ad hoc private sittings of the examination at dates and times to suit specific groups of candidates. This facility is provided by the PMI to make the APT examinations as widely and as flexibly available as possible. Should an organisation wish to use this facility it allows them to select a date and time to suit their requirements. Examinations can be taken on any working day during the hours of 9am to 5pm.

NOTE: We will not hold private sittings for less than 10 individuals. If you would like to hold a private sitting with less than 10 individuals, you will be charged a cost of £5500.

10 people = £5500

11-15 people = £8000

16-20 people= £10,500

NOTE: An absolute minimum of one calendar months notice is required to request a private sitting.

Private sittings are taken online only

 

How to apply to run a private examination

To apply, please contact James Cumine PMIqualifications@pensions-pmi.org.uk

In the event of the examination being cancelled less than two weeks prior to the examination date, 10% of the standard fee will be charged, or deducted from any refunded fees.

Sample questions

These are samples of previously used questions and may not reflect current legislation.

Each either poses a question or makes a statement which requires completion, and is followed by four possible responses lettered 'a', 'b', 'c' and 'd'. Only ONE is correct.

Please note we do not publish past papers.

1. What is a corporate trustee?

A. A trustee appointed by the court.

B. An individual trustee appointed by the sponsoring company.

C. A company which acts as a trustee.

D. The sponsoring employer.

 

2. If the sponsoring employer of a defined benefit scheme becomes insolvent who is responsible for exercising all trust discretions in the company pension scheme?

A. The Pensions Regulator.

B. The Insolvency Practitioner.

C. Pension Protection Fund.

D. The person specified in the Trust Deed and Rules.

 

3. Meetings of trustees must be held..

A. at least twice a year.

B. following the actuarial valuation.

C. in the way as stipulated in the trust deed and rules.

D. as required under the Pension Schemes Act 1993.

 

4. Under statutory requirements, the decisions of the trustees may be taken by a majority unless...

A. there are less than 12 members.

B. the trustees agree otherwise.

C. the scheme's trust deed and rules provides otherwise.

D. there are less than one hundred members.

 

5. The trustees are ultimately responsible for the collection of contributions....

A. only if Additional Voluntary Contributions are paid by members.

B. at all times.

C. if instructed to do so by the employer.

D. if the trust deed permits.

 

6. It is a legal requirement that the trustees' Annual Report must be available...

A. at the end of the scheme year.

B. within 7 months of the end of the scheme year.

C. within 12 months of the end of the scheme year.

D. within 18 months of the end of the scheme year.

 

7. Which one of the following does NOT have to be included in the trustees' annual report?

A. Details of changes to the trustees.

B. Details of discretionary pension increases made in the scheme year.

C. Details of any self investment.

D. Home addresses of trustees.

 

8. Investments should generally be stated in the audited accounts of a pension scheme at...

A. cost.

B. fair value.

C. book value.

D. the value used by the insurance company.

 

9. In general in-house investment managers...

A. specialise only in UK equity investment.

B. are independent companies that frequently attend in-house meetings.

C. are employed by the company sponsoring the pension scheme or another company within the same group.

D. have few restrictions placed upon them by the Financial Services and Markets Act 2000.

 

10. If a fund manager has purchased a financial future to buy stock it will have...

A. a future option to buy at a fixed price.

B. a guaranteed profit.

C. an obligation to buy at a fixed price in the future.

D. an option to buy at a negotiable price in the future.

 

1. What is a corporate trustee?

A. Wrong

B. Wrong

C. Right

D. Wrong

 

2. If the sponsoring employer of a defined benefit scheme becomes insolvent who is responsible for exercising all trust discretions in the company pension scheme?

A. Wrong

B. Wrong

C. Wrong

D. Right

 

3. Meetings of trustees must be held..

A. Wrong

B. Wrong

C. Right

D. Wrong

 

4. Under statutory requirements, the decisions of the trustees may be taken by a majority unless...

A. Wrong

B. Wrong

C. Right

D. Wrong

 

5. The trustees are ultimately responsible for the collection of contributions....

A. Wrong

B. Right

C. Wrong

D. Wrong

 

6. It is a legal requirement that the trustees' Annual Report must be available...

A. Wrong

B. Right

C. Wrong

D. Wrong

 

7. Which one of the following does NOT have to be included in the trustees' annual report?

A. Wrong

B. Wrong

C. Wrong

D. Right

 

8. Investments should generally be stated in the audited accounts of a pension scheme at...

A. Wrong

B. Right

C. Wrong

D. Wrong

 

9. In general in-house investment managers...

A. Wrong

B. Wrong

C. Right

D. Wrong

 

10. If a fund manager has purchased a financial future to buy stock it will have...

A. Wrong

B. Wrong

C. Right

D. Wrong

Trustee training

A number of providers run trustee training courses combined with sittings of the APT examinations.

If you run trustee training courses and would like to combine a course with a sitting of the APT examination please contact the PMI team.

PMI does not run trustee training courses, neither does it recommend or endorse any particular training courses. The list of providers is assembled as an aid to those seeking training for trustees.

Please note, because PMI are not affiliated with any of these companies listed, we cannot guarantee when they will offer revision sessions throughout the year or their requirements to enroll onto their session. However, we aim to keep information as up to date as we possibly can. We encourage you to get in touch with the company contact directly to enquire further

 

Capita

Capita Employee Benefits is one of the leading employee benefits consultancies in the UK; a multi award-winning organisation serving over 1,600 clients and more than 4 million company employees and pension scheme members. We are part of Capita plc, a FTSE 100 company.

 

By listening and engaging closely with our clients we deliver carefully designed administration services and unrivalled consultancy solutions through our employee benefits specialists, using market leading, creative and innovative technology solutions.

 

We have a long established history of providing Trustees of pension schemes with training on all aspects of the operation of occupational pension schemes in order that they may undertake their duties effectively and with confidence.

 

The following courses are offered:

 

Introductory Trustee Training – A one day, introductory seminar giving an overview of legal responsibilities and dealing with actuarial, investment and administrative issues. This course is suitable for recently appointed trustees of defined benefit or defined contribution schemes and non-trustees who perhaps work on administration issues.

 

Focused  Training for Trustees of Defined Benefit Schemes – A two-day seminar giving a detailed look at investment and funding issues for defined benefit schemes, essential in view of the major changes brought about by the Pension Act 2004. This  course is designed for trustees (or anyone involved with running defined benefit schemes) who have a basic understanding but want to know more about developing an asset allocation strategy appropriate to a scheme’s liabilities and the trustees investment objectives and appetite for risk.

 

Although this course is designed to help trustees to meet The Pension Regulator’s expectations regarding funding and investment, because of the specific nature of some of the strategies that are covered, further bespoke training would be required before the full scope of The Pension Regulator’s requirements are met.

 

PMI Award in Pension Trusteeship – The Pensions Management Institute (PMI) Award in Pension Trusteeship (Defined Benefit and Defined Contribution) examination gives formal recognition of a trustee's knowledge and understanding of pension fundamentals.

 

This two-day training course is aimed specifically at trustees (and others) who wish to sit the PMI Award examination and covers the full (Defined Benefit and Defined Contribution) syllabus including:

 

Unit One – Law and Pensions overview

 

Unit Two – Investment and Funding issues

 

Unit Three – Scheme Management issues

 

We also aim to provide candidates with an understanding of the techniques associated with passing this examination.

 

If you have any queries please contact Paul Tabrett on 0207 709 4864 or at paul.tabrett@capita.co.uk

 

Squire Patton Boggs

Squire Patton Boggs is a full-service global law firm. Our top ranked, award winning pensions team provides legal advice from across its UK offices in London, Birmingham, Leeds and Manchester.

Our pensions team offers comprehensive trustee training on a wide range of matters, communicating complex issues in an understandable and engaging way. Our imaginative and interactive sessions stimulate audience participation and understanding, including formats such as case studies, role-plays and quizzes. Our deep industry insights span both legal and trustee perspectives. Please visit our Pensions Thought Leadership Library to access our publications, including materials from recent UK Pensions campaigns such as #AttentionPensions, #How2DoPensions and #PensionsTensions.

We offer the following courses:

  • Revision and exam training sessions for the PMI Certificate in Pension Trusteeship (Unit 1: DB/DC)
  • Bespoke courses on any legal issues relating to occupational pension schemes
  • Hot topics sessions
  • Scheme conversance training

Training can be delivered at our UK offices or at your premises.

Matthew Giles, Head of Pensions, Squire Patton Boggs, Rutland House, 148 Edmund Street, Birmingham B3 2JR

Email: matthew.giles@squirepb.com Telephone 07974 836515

Catherine McKenna, Partner, Squire Patton Boggs, 6 Wellington Place, Leeds LS1 4AP

Email: catherine.mckenna@squirepb.com Telephone 0113 284 7045

 

Study

The PMI have recently launched the 'study skills' website, which will help learners understand how best to prepare for their exams, as well as gives tips and information regarding the specific style of exams you may be taking.

The study skills website can be found here.

PMI Pathways

Pensions Trusteeship

PMI Pathways give you the flexibility to choose the direction of your career and identify the PMI qualifications that will help you reach your goals. When you join a Pathway, you also gain PMI membership, proving your expertise in workplace retirement and unlocking exclusive PMI benefits, resources, and networking opportunities.

Whether you’re starting your career or already have experience, every Pathway is designed to support you at any stage with the end goal of becoming a Fellow. If you’ve already started an exam, you can easily be added to the relevant Pathway, ensuring your progress counts towards your chosen career direction.

Book your exam

Bookings for exams

Ready to take the next step in your qualification journey? PMI exam units are available throughout the year, giving you the flexibility to plan your studies and sit exams when the timing is right for you. Choose the units you’re ready for and progress at a pace that suits your professional commitments.

The Award in Pension Trusteeship is a qualification for Trustees or those interested in Trusteeship, based on The Pensions Regulator’s indicative syllabus. It provides formal recognition of a Trustee’s knowledge and understanding (TKU) in line with the requirements of the Pensions Act 2004.

The APT is otherwise known as CPT unit 1.

17 November 2026:
Apply by 14 September 2026 
Book here

To sit this qualification, you must be a PMI student member

Any required student membership fee will be automatically added at checkout when you register for the exam, no separate membership application is needed.

Already a PMI student member?

If you’re already a PMI member, you can register for your exam directly through your MyPMI portal.

Our dedicated team are here to help  Start your journey with the PMI

Build your professional capabilities

Got a question?  Frequently asked questions

Which qualification is right for trustees?    

Where do you hold your exams?

Do I need to be a PMI member to take the APT exam?

What is the format of the APT exam and how is it assessed?

What study resources are recommended for this qualification?

What qualifications does the Pensions Management Institute (PMI) offer?

Are PMI qualifications recognised in the industry?

Do I need experience to study with the PMI?

How do PMI qualifications compare to others?

How do I register for a qualification or exam?

What study resources are available? 

Can I study online or part-time?

What if I fail an exam?

Where is my qualification certificate? 

Can I order a replacement certificate? 

Where should I start if I’m new to pensions?  

Do I need to be a PMI member to study?  

What are the entry requirements?

How many CPD hours will I earn with PMI qualifications?

What are the fees and is there member pricing?

How do I take an online exam? 

Are there any pre-requisites to sit for a PMI exam/qualification?

How do I decide which qualification or module would work best for me?

What type of questions can be asked in an online exam? 

What should I do if I miss my exam? 

Can I retake an exam at a reduced price if I fail? 

Is there a sample paper that I can view prior to the examination? 

Do I need to download any software onto my computer to take the examination? 

Am I eligible for extra time during the exam? 

What happens if my internet connection fails during an online exam? 

When results of my online exam will be issued? 

Will I need ID for my exam? 

Do I have to stay for the whole duration of the exam even if I have finished?

Are there any minimum system requirements to take the examination? 

How is an online proctored exam different to an exam taken in a test centre? 

What happens during the environment checks for remote invigilated exams? 

Can I take a break during my exam? 

Can I eat or drink during my exam? 

In short written answer exams what functionality is there in the exam environment while writing the  answer? 

Why do I need to confirm that I agree to the PMI Terms and Conditions before I can enter the 
examination? 

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