pensions administrator

The work

Pensions administrators deal with the administration involved in pension schemes and life insurance policies. They look after new and existing pension schemes and policies, and deal with enquiries from scheme members, financial advisers, employers and the Department of Work and Pensions.

Their duties include:

• answering enquiries by telephone, in writing or by e-mail
• using a computer system to look up information and update records
• calculating projections and preparing statements
• processing contributions
• handling transfers
• arranging for pensions and lump sums to be paid
• keeping accurate records
• keeping up to date with pension and tax laws.

As their responsibilities grow, they may analyse more complex situations, or specialise in a particular type of pension.

Pensions provision is regulated by the Financial Services Authority (FSA). Pensions administrators cannot give pensions advice, but they can direct clients to other sources of information such as qualified pensions or financial advisers.

Hours and Environment

Pensions administrators usually work between 9am and 5pm Monday to Friday. Advisers working in insurance call centres may work shifts including evenings and weekends.

Most work is based within an office at a workstation with a telephone and a computer.

Skills and Interests

To be a pensions administrator you should:

• have good spoken and written communication skills
• be customer-focused and able to explain complex information clearly and simply
• have good numeracy and computer skills
• be able to analyse data
• work accurately and pay attention to detail
• be highly organised and able to manage your own workload
• be able to work as part of a team.

Entry

You do not need specific qualifications to become a pensions administrator, as the entry requirements can vary depending on your employer. However, many employers ask for at least four GCSEs (A-C)/S grades (1-3) or equivalent, usually including English and maths.

Some employers may prefer you to have experience of particular pensions systems, but this is not always essential. You will find it useful to have previous experience in customer service, accounts or office work. You should also have good telephone and computer skills.

If necessary, you must be willing to study for a pensions administration qualification that meets FSA standards.

You may be able to get into this job through an apprenticeship scheme. Funding for apprenticeships is available for 16-24 year olds and some over 25s. To find out more, visit www.apprenticeships.org.uk. For information about apprenticeships in other parts of the UK, see Scotland, Wales and Northern Ireland.

Training

You will usually be trained on the job in pension products and software, by learning from experienced staff and attending in-house training courses.

You will also usually study for pensions administration qualifications from either the Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII). These include:

• PMI Retirement Provision Certificate (RPC) - an introductory course
• PMI Qualification in Public Sector Pensions Administration (QPSPA) - NVQ/SVQ Level 3
• PMI Level 4 Diploma in Pensions Calculation (DPC)
• PMI Qualification in Pensions Administration (QPA) - NVQ/SVQ Level 4
• CII Certificate in Financial Administration (FA2 - Pensions Administration).

If you already have certain finance, insurance or accountancy qualifications, you may be exempt from some exams or assessments – please contact the PMI or CII for advice.

Many employers will expect you to reach QPA standard. It takes two to four years to complete, and is considered a more advanced qualification than the DPC.

After at least three years’ experience in a pensions environment and passing Associateship (APMI) exams, you can become an Associate member of the PMI. This can help you further your career into pensions management. See the Pensions Manager profile for more information.

You could also take further examinations to qualify as a financial adviser – see the Financial Adviser profile for more information.

The Financial Services Authority (FSA) regulates the life and pensions market, and you may need to meet FSA training and competency standards. Please see the Financial Services Skills Council for a full list of FSA appropriate examinations. For more information about financial regulation, contact the Financial Services Authority.

Opportunities

Pensions administrators can work in the pensions department of an insurance company, in the public sector or for a pensions consultancy.

Pensions provision is changing fast, and opportunities for pensions administrators are growing because several recent changes to the laws on pension schemes. Contact the Financial Services Skills Council for details of approved qualifications and skills shortages.

Pensions administrators can progress to being a team leader, supervisor or pensions manager (see Pensions Manager profile). With relevant experience and qualifications, administrators could become pensions consultants or financial advisers (see Pensions Adviser and Financial Adviser profiles).

Annual Income

Figures are intended as a guideline only.

Pensions administrators can start on £11,000 to £18,000 a year.
Administrators with around three years’ experience can earn £14,000 to £26,000.
Senior administrators and team leaders can earn £18,000 to £30,000.

Salary packages may also include insurance, pension benefits and bonuses based on personal or company performance.

Further information

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000
20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464
PMI House
4-10 Artillery Lane
London
E1 7LS
Tel: 020 7392 7400
51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

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