The institute has today unveiled the initiative as part of a fresh approach to become more “agile” and “future-focused”.
The Global Innovation Centre will focus on providing “best examples, solutions and ideas” for the UK pensions industry, reflecting the pace of change and the increasing use of new technologies.
The PMI also intends to expand its reach beyond pure retirement provision to include other forms of lifetime savings. It has already begun work on this, establishing the Lifetime Savings Initiative in partnership with Schroders.
The institute said its new approach would involve “strengthening its core offering around three guiding principles: always being forward-thinking, responding quickly to a changing world, and maintaining a steadfast commitment to its members’ success”.
Ruston Smith, chair of the PMI, said: “We have a clear strategy where, with the support of our members and the wider industry, we will continue our mission to develop a skilled, innovative, and agile pensions workforce that will aim to deliver improved long-term retirement outcomes.
“The pace of change and how we learn continues to accelerate, particularly with the choices available to members that have been created through the use of technology. Our members’ preferences of what they learn and how they choose to learn are changing.
“It is essential that the PMI, as an institution, continues to adapt in a constructive but agile way, to continue to create and support our industry leaders of today and tomorrow.”
As well as the Global Innovation Centre, the PMI will continue to support education and high standards in the industry though PMI Pathways, a streamlined programme for training new pension professionals.
