More than half of organisations in the pensions industry run apprenticeship programmes, according to the Society of Pension Professionals (SPP).
A poll of SPP corporate membership, which spans actuaries, lawyers, investment consultants, administrators, trustees and covenant assessors, revealed that 52 percent of firms in the sector offer apprenticeships.
Among firms with formal apprenticeship schemes, the most frequently cited benefit was the opportunity to diversify their workforce (56 percent). Employers pointed to further advantages such as increased productivity, reduced staff turnover and effective use of the Apprenticeship Levy.
Of the 48 percent that do not offer apprenticeships, 27 percent said they planned to introduce them in the future. However, 73 percent have no plans for future schemes. Employers in the latter group said it was because there is no immediate recruitment need or that the firm’s focus is on graduate schemes.
The SPP said apprenticeship opportunities within the sector cover a wide range of roles, from IT, finance and legal positions to actuarial, administrative and governance-focused roles. The programmes available ranged from Level 3 (A-level equivalent) to Level 7 (master’s degree equivalent).
Ian McQuade, SPP member and chief executive at Muse Advisory, said: “I didn’t follow the traditional university route and now lead a firm that has supported pension schemes responsible for more than 10 million members, and over £800bn in assets. I am pleased to see the majority of organisations in the pensions industry now offer an apprenticeship programme and don’t doubt that many of those who take this route will go on to become future leaders too.
“For employers not yet offering such schemes, this evidence highlights the many advantages of apprenticeships, from increased productivity and lower staff turnover to a more diverse workforce, better representing society and our customer base. For individuals, the benefits of earning whilst learning and getting practical, real world experience are obvious, the avoidance of student debt will also be a big attraction for many but I think the biggest factor is being able to work in a diverse, thriving, welcoming and exciting industry.”
SPP represents 88 corporate members employing more than 15,000 professionals.
