Talks over a planned merger between the National Association of Pension Funds (NAPF) and the Pensions Management Institute (PMI) have ended unsuccessfully, both parties have confirmed.
The two organisations announced plans to assess in detail the possibility a merger in October last year. In a joint statement at the time, they said the new combined organisation would create “a stronger voice for pensions and retirement benefits in the workplace; bringing together the NAPF’s ability to influence and engage with Government and regulators with the PMI’s comprehensive and innovative qualifications network”.
However, while the NAPF remained keen to pursue the merger, the PMI became less enthusiastic.
PMI president Paul Couchman 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. 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.”
NAPF chairman Ruston Smith added: “It is with disappointment that we make today’s announcement. We must, however, respect the PMI’s decision not to pursue this opportunity.”
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