Passing 10,000 members is a milestone for the PMI, and shows industry is determined to raise standards

By Gareth Tancred, Chief Executive Officer at the PMI 

Reaching 10,000 members for the first time is a fantastic milestone for the Pensions Management Institute as we celebrate our 50th anniversary.  

It is also a clear statement of intent from across the pensions industry. 

Today, nearly 10,200 professionals have chosen to be part of the PMI. That growth has not happened by accident. The latest Memcom State of the Sector Survey report (2025/26), shows that 25% of membership associations that took part saw a decrease in membership in 2024, compared to 17% in 2023. We are bucking that trend. Why?   

I believe our increase in members reflects a sector that is actively stepping up:  strengthening standards, investing in capability and preparing for what comes next.   

And what comes next is becoming clearer.  

Government expectations around trustee capability and governance are rising. The recent consultation on strengthening trust‑based pension schemes and the new Pension Schemes Act signal a firm direction of travel – higher standards, better value, greater accountability and better outcomes for savers.   

Against that backdrop, our membership growth tells an important story. The industry is not waiting to be told what to do. It is getting ahead. 

Raising standards – by choice, not by default 

One of the most encouraging aspects of this growth is where it is coming from. Increasingly, organisations are not simply meeting minimum requirements. They are investing in professional development because they recognise it is essential.  

Through initiatives like the Trustee Accelerator Programme and our Development Partnership model, we are seeing a step change in how firms approach capability. Employers are opening up access to learning, qualifications and professional recognition across their workforce – not just for a small group, but at scale.  

That matters. Because better trained trustees, administrators and pensions professionals make better decisions. And better decisions deliver better outcomes for members. 

At its core, this is what raising professional standards looks like in practice. It is not about compliance alone. It is about confidence, competence and consistency across the system. 

Development Partnerships – accelerating momentum 

Our Development Partnership initiative has played a significant role in driving this growth. By enabling organisations to provide structured access to PMI membership, qualifications and learning, it has created a pathway for thousands more professionals to engage with the institute. 

What is particularly striking is that many partners are only just beginning to unlock the full potential of these arrangements. Early adoption has already delivered strong growth, but there is more to come as access expands further across organisations.  

This reinforces an important point. The appetite is there. Employers want to invest in their people. Individuals want to develop their careers. And together, that is translating into stronger capability across the sector.  

Development Partnerships are not just a membership model. They are a mechanism for raising standards at pace. 

Building the talent pipeline the system needs 

If we are serious about improving outcomes for savers, we must also be serious about building a sustainable pipeline of talent.  

That means putting education at the centre of our approach.  

We are expanding our qualifications framework, enhancing digital learning and creating more flexible routes for progression. More exam sittings, clearer pathways and stronger employer support are helping learners move forward with confidence. 

This is about more than numbers. It is about ensuring the pensions system has the skills, knowledge and professionalism it needs for the long term.  

A stronger pipeline leads to stronger governance. And stronger governance leads to better retirement security. 

Shaping a system that is fit for the future 

As standards rise, the design of the system itself matters just as much as the people within it.  

We are continuing to work closely with government and regulators to shape a pensions landscape that is transparent, effective and future ready. That includes contributing practitioner insight, sharing evidence from our members and championing governance models that improve decision making.  

The direction of travel is clear. Expectations will increase. Oversight will strengthen. The focus on outcomes will intensify.  

But again, the story we are seeing through our membership growth is a positive one. The industry is engaging, not resisting. It is evolving, not standing still. 

A milestone that points forward 

Crossing 10,000 members is something we are proud of. I am thrilled the PMI is continuing to grow while other associations contract, but the real significance lies in what it represents for the pensions industry.   

It shows an industry that recognises its responsibility. An industry that is investing in its people. And an industry that is preparing now for a future where higher standards are not optional, but essential.  

At the PMI, our role is to support that ambition. To provide the framework, the qualifications and the community that enable professionals to thrive.  

Because ultimately, this is not about membership numbers. It is about delivering better outcomes for savers.