The Pensions Management Institute (PMI) has closed talks on a merger with the National Association of Pension Funds (NAPF).
Both organisations announced the end of a possible merger today, after the PMI’s board and council decided the body should remain independent.
Paul Couchman, president of the PMI, said: “The discussions with the NAPF have been extremely positive. We have explored many of the complementary areas of expertise that both organisations offer and have looked at the significant value a merged organisation could offer to members.
“The due diligence processes undertaken raised no issues or concerns on either side. However, after careful review by the PMI board and its council, we have decided that PMI is best placed to pursue its strategic objectives as an independent organisation.”
He added: “We remain committed to raising standards by providing our members with the highest quality pensions qualifications and look forward to announcing some exciting new initiatives in the near future.”
Ruston Smith (pictured), chairman of the NAPF, said: “It is with disappointment that we make today’s announcement. We must, however, respect the PMI’s decision not to pursue this opportunity.
“The NAPF continues to fulfil the needs of our members by providing them with the high quality services they require, including education and policy solutions.”
Smith added: “Together with our members we raise standards and improve understanding in the pensions sector, helping our members to provide pensions for over 17 million people by putting to work more than £900bn of assets.”
Today’s announcement marks the close of a collaborative process between the NAPF and the PMI, announced in October last year, to assess in detail the possibility a merger.