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Pensions Administrator Profile

Introduction

This Section of the site details information that you might find useful if you are looking to secure employment or require further details regarding working as a Pensions Administrator. This page details the following Information:-

  • Finding Suitable Work as a Pensions Administrator
  • Working Duties Expected
  • Hours and Environment
  • Working Skills Required
  • Training Requirements
  • Salary Expectations
  • Trade Information
  • Other useful Pensions Administrators Work Information


Finding Suitable Work

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Working Duties Expected

Pensions administrators keep accurate records for everyone in a pension scheme - keeping the information up to date, and knowing exactly where to look for their details if they get in touch. This is usually held on a computer database.

Some of the work involves dealing with peoples enquiries either on the phone, in writing, or face to face, answering queries on issues such as: which options are open to someone in a pension scheme; how much pension they are likely to get; whether they can move to another scheme. Although they do not give financial advice, they can give financial information and tell people where they need to go for advice. Administrators may liaise with pension holders, trustees of a pension scheme, employers and the Department of Social Security.

An important part of the administrator''s role is calculating pension contributions, and how much individuals will receive in pensions or cash sums when they retire, if they die, or if they leave the pension scheme. They work these out following the rules for the pension scheme, using set calculations. Most of this is usually done by a computer. They then check that the amounts fit with the legal rules for social security, tax and pensions.

Hours and Environment

Pensions administrators usually work 9am - 5pm, Monday to Friday. Part-time and flexi-time may be available. Most work is based within an office.

Skills and Interests

As a pensions administrator you will need:

  • to be able to deal with all kinds of people
  • to be numerate, and competent using computers and other technology
  • to have good verbal and written communication skills
  • to be able to work alone or as part of a team
  • good organisation and planning skills.


Entry

There are no set entry requirements but you would need to be working within a pensions environment. Most employers will be looking for at least four GCSEs (A-C)/S grades (1-3), or equivalent including English and mathematics. Computer skills are also useful.

For details of qualification equivalents see:

Qualifications and Curriculum Authority (England, Wales and Northern Ireland)
Scottish Qualifications Authority

Training

Pensions administrators must gain one of several qualifications approved by the Financial Services Authority (FSA). Please contact the FSA for further details.

The main qualifications are the Qualification in Pensions Administration (QPA) awarded by the Pensions Management Institute (PMI) and the Financial Administration Foundation Certificate (Pensions) awarded by the Chartered Insurance Institute (CII). The qualifications are based on assessment of your work and written exams and cover topics including keeping records, communicating information about pensions, working out retirement benefits and settling payments.

If you already hold alternative qualifications within finance, it may be possible to be exempt from some parts of the assessment. Please contact the relevant awarding body for further details.

Foundation and Advanced Modern Apprenticeships (MAPPs) may be available for people aged 16-24.
For details see: MAPPs (England); Skillseekers MAPPs (Scotland); National Traineeships MAPPs (Wales); and MAPPs (Northern Ireland).

Opportunities

Pensions administrators may work for a large company or organisation which runs its own pension scheme. They can also work for a pensions consultancy or insurance company, which runs pensions for other companies and individuals.

Starting as an administrator, it may be possible to move up to being a team leader or supervisor. It may be also be possible to move into other roles within finance such as pensions manager or financial advisor.

Annual Income

Figures are intended as a guideline only.

New trainees start on around £12,000.
Experienced pensions administrators earn from £15,000 to £20,000 a year. Additional payments can be made based on personal or company performance.

Further information

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000
www.fsa.gov.uk

Chartered Insurance Institute
20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464
www.cii.co.uk

The Pensions Management Institute
PMI House
4-10 Artillery Lane
London
E1 7LS
Tel: 020 7247 1452
www.pensions-pmi.org.uk

Other Useful Pensions Administrators Work Information

We have a section available at this site on Pensions Administrators job interview tips that you may find of interest should you wish to brush up your skills in this area and we also have number of career articles that may also be of use to you from within our guides and documents section.

Locations where we feature Jobs include:-
Aberdeen, Berkshire, Aberdeen, Bath, Bedfordshire, Berkshire, Birmingham, Bradford, Bristol, Cambridgeshire, Cardiff, Central London, Cheltenham, Cornwall, Coventry, Derby, Devon, Docklands, Dorset, Dundee, Durham, East Midlands, East Sussex, Edinburgh, Essex, Glasgow, Gloucester, Hampshire, Hertfordshire, Kent, Lancashire, Leeds, Leicester, Leicestershire, Lincolnshire, Liverpool, London, Manchester, Middlesbrough, Midlands and in various parts of the West Midlands

Details of other Pensions Administrators Jobs can also be found in other UK wide areas including:-
Milton Keynes, Newcastle, Newcastle Upon Tyne, Norfolk, North London, North Midlands, Northampton, Northamptonshire, Northern Ireland, Northumberland, Norwich, Nottingham, Nottinghamshire, Oxford, Oxfordshire, Plymouth, Salisbury, Scotland, Sheffield, Shropshire, Somerset, South East, South London, South Midlands, Southampton, Staffordshire Surrey, Swansea, Swindon, Telford, Wales, Warwickshire, West End, West London, West Midlands, Worcestershire, York and throughout Yorkshire.

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