The two had been in discussion about the possibility of amalgamating since October last year. However, at the last minute the PMI decided not to go ahead with the deal.
PMI president Paul Couchman stressed that nothing untoward had been discovered during the detailed discussions which were “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.”
He added that the institute would be announcing some exciting new initiatives in the new future.
When they announced they intended to explore a merger, the two bodies said that pooling their resources and experience “to deal with the seismic shifts in the pensions landscape” made good sense.
It was the PMI’s decision to call the merger off, as NAPF chairman, Ruston Smith, made clear. “It is with disappointment that we make today’s announcement,” he said. “We must, however, respect the PMI’s decision not to pursue this opportunity.”
The 6,500-strong PMI is a professional body dedicated to supporting and developing pensions experts, while the NAPF represents more than 1,300 workplace pension schemes that provide benefits for some 17m people and have more than £900m assets under management.