Pension administration roles handle the nitty gritty of the day-to-day running of pensions schemes. These people are crucial when it comes to pensions and life insurance – they are the ones to ensure that scheme members’ money is handled in the correct manner and put in the right place.
The ins and outs of pension administration
Pension administrators will process the contributions into a scheme made by members, keep accurate records of all the figures of each scheme and preparing statements accordingly. They are usually the first port of call for answering questions about the scheme from employers, members and governmental bodies such as The Department of Work and Pensions. Within a pensions consultancy or insurance firm, pensions administrators often also support the work of pensions consultants, such as carrying out research for them or preparing documents.
More on pension administration
As such, pensions administrators have to be highly organised to ensure all contributions, payments and transfers happen smoothly and accurately – without any mistakes! They also have to be sharp communicators, handling client queries efficiently and making sure financial advisors and pensions consultants are in the know about anything which may affect their work.
Entry into pensions administration is possible at either school leaver or graduate level – a degree is not a mandatory requirement for all positions. A pensions advisor position may be the first step for career progression towards a role as a pensions adviser or financial adviser. It’s quite common for people working in this field to accrue qualifications from the Chartered Insurance Institute (CII) or Pensions Management Institute (PMI).
The hours are typically Monday to Friday office hours, and salaries can start at around £15,000 to £18,000.