The number of individuals working in defined benefit (DB) roles has fallen by 4 per cent to 37 per cent over the past five years, according to new research from The Pensions Management Institute (PMI).

This is significantly less than predicted by PMI members when they were surveyed by the institute in 2010, however members still expect the decline to continue, just less dramatically.

The findings, according to the PMI, are an indication of the direction the industry is moving in.

Kevin LeGrand, PMI president said: "Our latest findings are a barometer for all to see how our industry is evolving, how it might look in the future and how the professionals who make up the pensions industry may be impacted."

"While the DB sector has seen an unsurprising amount of change over the past years, the resulting impact on people's careers is not being felt as quickly as many might have predicted."

The survey also revealed that rather than a move to pure DC work (whether contract or trust based) most respondents believe the real growth will be in those working on a combination of DB and DC - up from 42 per cent to 50 per cent by 2018.

This would mean a broader skill sets would be required, with no reduction in the depth of knowledge employed.

LeGrand added: "What we are seeing is that skill sets are being highly utilised as the demand for people who combine both DB and DC experience grows."

The PMI conducted the research, its second Career Development Survey, in November last year, capturing a wide range of views from more than 450 of its members on career development and other wider issues within the retirement savings industry.

It also said the findings from its first Career Development Survey were crucial in helping them to evolve their own qualifications to meet the needs of the industry, such as including separate units for DB and DC in the Advanced Diploma in Retirement Provision, and introducing the Certificate in DC Governance.

"We will endeavour to use the findings from this latest survey to continue to help and support members with a range of services including a qualification for professional trustees and further development of online sources of Continuing Professional Development (CPD)," said LeGrand.

First published 14.04.2016

Lindsay.sharman@wilmingtonplc.com