Marvin OnumonuStandard Life marked the one-year anniversary of its ‘Trustee Accelerator Programme’ and has said it plans to roll it out across the pensions industry.
The scheme, which started with 12 trainees, aims to bring new people into trustee roles and help them learn the ropes through formal training with the Pensions Management Institute (PMI), mentoring and shadowing board members.
Standard Life said trainees have so far completed three introductory pensions modules, around half of the formal modules with the PMI, and a range of tailored training sessions and webinars.
The programme is backed by organisations including the PMI, Nest, USS, SAUL, Standard Life’s Master Trust Board and Independent Governance Committee, and clients such as Amey.
Donna Walsh, trustee accelerator programme sponsor and head of master trust and IGC at Standard Life, said: “Reaching the halfway point with our first intake of trustee trainees is a considerable milestone.
“In 12 short months we have proven that there is an industry-wide desire to develop and diversify the make-up of pension boards to ensure they are more reflective of the pension scheme members they represent.
“Some of the biggest names in pension provision from Nest to USS have come on board to support the Programme and this has undoubtedly contributed to its overwhelming success.”
Walsh added: “With momentum building month-on-month, we are pleased to reveal that we are working with the PMI and other industry groups to extend the Trustee Accelerator Programme across the industry, at scale, to create even further opportunity and inclusivity in the make-up of pension boards in the future.”
So far, one trainee, Dean Dennis, has been appointed as chair of the London leadership board for Business in the Community London.
Helen Forrest Hall, chief strategy officer at the PMI, said: “The Trustee Accelerator Programme is an incredible initiative that has driven real-world impact, bringing non-pensions people into the sector and giving them the tools and knowledge to progress in their careers.
“We have been delighted with how it has been received across the industry too, and to be working with Standard Life on ways to evolve the Programme even further to address the growing need for skilled, knowledgeable, and diverse pensions professionals across the pension sector and beyond.”
Dennis said: “The Trustee Accelerator Programme offered me an exceptional opportunity to learn firsthand from the USS Pensions committee, shaping my understanding of the complexity of the pensions landscape and of the role of the Trustee in managing positive outcomes for the members.
“Working with my mentors has also enabled me to gain a deep understanding of both the positive impact of the pensions sector and the challenges in terms of ensuring that more people are planning their financial futures adequately.
“Based on my experience, expanding the Programme further is a must.”
