Pensions managers make sure that pension schemes are run effectively and meet industry standards.

The work of a pensions manager can include:

• making sure that the schemes and the administrative systems meet auditing and regulatory standards
• managing a team of pensions administrators and advisers
• handling complex pension claims and settling disputes
• planning new pension schemes and developing existing schemes
• investing the company's funds to bring the best return
• reporting on the scheme’s financial performance
• liaising with actuaries, solicitors, auditors, investment consultants and trustees
• being responsible for marketing and communicating about pension schemes
• preparing annual financial reports.

Pensions managers also need to make sure that their staff and products meet the standards of the Financial Services Authority (FSA), which regulates the pensions industry.

Hours and Environment

As a pensions manager you will usually work 9am to 5pm, Monday to Friday. You may need to work extra hours at busy times such as the end of the tax year.

You will be mainly office-based, but may need to travel to visit scheme members, employers and trustees.

Skills and Interests

To be a pensions manager you need:

• the ability to interpret complex information
• good mathematical and business skills
• strong spoken and written communication skills
• confidence in decision making
• accuracy and attention to detail
• good organisational skills
• the ability to lead and motivate a team.

Entry

There are no set qualifications for becoming a pensions manager, but in practice, you will usually need a background in pensions work and a qualification in pensions, insurance, business or accountancy that meets FSA standards.

You may be able to start as a trainee pensions manager through a company’s management training scheme. Entry requirements can vary – some employers may ask for A levels/Highers or an equivalent like a BTEC National Diploma in Business, others may ask for a business, law or finance-related degree.

You could also start as a pensions administrator, and work your way up to a management position. (See the Pensions Administrator profile for more details about starting at this level). You may help your chances of promotion by taking Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII) qualifications while you are working as a pensions administrator. Relevant qualifications include:

• PMI Diploma in Pensions Calculation (DPC)
• PMI Qualification in Pensions Administration (QPA)
• PMI Qualification in Public Sector Pensions Administration (QPSPA)
• CII Certificate in Financial Administration (Pensions Administration).

Contact the PMI and CII for more information about their qualifications.

Training

If you oversee pensions or life assurance activities, you must meet the FSA’s training and competence standards. As a pensions manager you will usually work towards Associate membership of the Pensions Management Institute (APMI), which meets FSA standards.

The APMI covers all aspects of pensions management and administration, plus general management skills. You will study law, tax, designing pension schemes, investing assets, and social security. You can study for all PMI exams by distance learning.

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

To achieve full APMI status, you must pass all the exams and also have at least three years' relevant work experience in the pensions industry. Contact the PMI for more details.

Please see the Financial Services Skills Council website for a full list of FSA appropriate exams.

Opportunities

As a pensions manager you could work for any large company or organisation that runs its own pension scheme. You could also work for an investment management company or insurance company that runs pensions on behalf of other companies or individuals.

Jobs are advertised in the local press, in financial industry publications like Pensions Management and Pensions World, on the PMI website, and through financial recruitment agencies.

Changes to laws about investments and pensions mean that opportunities for pensions managers are growing. Contact the Financial Services Skills Council for advice about skills shortages in the finance industry.

With experience, you could progress to manage larger pension departments or schemes, or you move into another area like insurance or general management. You could also choose to become a self-employed pensions consultant.

Annual Income

Figures are intended as a guideline only.

Team leaders with up to five years' experience can earn £18,000 to £28,000 a year.
Experienced pensions managers usually earn from £25,000 to £40,000 a year.
Senior pensions managers earn between £40,000 and £80,000 a year.

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

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772 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