Pensions administrators manage records and communicate information about pension schemes. They use pensions administration software to transfer data from sources such as payroll departments, and make fund calculations.
Administrators deal with a wide range of enquiries from scheme members, employers, financial advisers, lawyers and investment managers. They need to communicate meaningful and relevant information on request, or produce in-depth reports. Their administrative duties include:
Pensions provision is a rapidly changing and regulated environment; administrators often need to adapt their processes to reflect this. As their responsibilities grow, they may analyse more complex situations, communicate with trustees or work on specific projects for clients.
Pensions administrators usually work 9am to 5pm, Monday to Friday. Some weekend work may be required at busy times. Part-time and flexi-time may be available.
Most work is based within an office at a workstation with a telephone and a computer.
To be a pensions administrator you should:
Pensions administrators can work in the pensions department of an insurance company, in the public sector or for a pensions consultancy. They may specialise in a particular type of pension such as a Money Purchase, Defined Contribution or Defined Benefits schemes.
The changes in the nature of pension schemes have increased the number of opportunities for pensions administrators. Contact the Financial Services Skills Council for details of approved qualifications and skills shortages.
Starting as an administrator, it may be possible to move up to being a team leader, supervisor or pensions manager. See Pensions Manager for further details. With relevant experience and qualifications, administrators could become pensions consultants or financial advisors.
Employers are often keen to train employees towards relevant administration or professional qualifications.
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