Two influential pension fund trade bodies in the U.K. are set to discuss a possible merger.
The National Association of Pension Funds, which represents pension funds with more than £900 billion ($1.4 trillion) of assets, and the Pensions Management Institute, whose members have £1 trillion in pension assets, have had some “very initial discussions,” said a spokeswoman for the NAPF. She said the announcement Friday marks the start of a six- to nine-month process to “assess the possibility of a merger in detail.”
The NAPF works to influence and engage with government and regulators on the U.K. corporate pension sector’s behalf, while the PMI helps support pension fund executives.
“Never has the pace of change in the pensions industry been as rapid as it has been over the past year,” said Paul Couchman, president of the PMI, in a news release issued by the NAPF. “Our initial discussions have shown that pooling the resources and experience of our two organizations to deal with the seismic shifts in the pensions landscape seems to make good sense.”
The spokeswoman said it is important for both organizations to engage their membership in the process.