The UK’s National Association of Pension Funds (NAPF) has seen its talks to merge with the Pensions Management Institute (PMI), the professional body supporting the development of trustees, collapse.
In a statement, PMI president Paul Couchman said the discussions had been “extremely positive” and explored the potential value to be gained by merging the two organisations.
“However, after careful review by the PMI Board and its Council, we have decided PMI is best placed to pursue its strategic objectives as an independent organisation,” Couchman said.
NAPF chairman Ruston Smith said the organisation was disappointed by the decision but had no choice but to respect it.
He added: “The NAPF continues to fulfil the needs of our members by providing them with the high-quality services they require, including education and policy solutions.”
The organisations announced in October last year that they were exploring the possibility of a merger, with Couchman at the time praising the “complementary areas of expertise”.