Pensions Administrator
Job Description:Pensions administrators handle the day-to-day running of pension schemes and life insurance policies.
Job Category:What you will do:
In this role you could:
- answer queries by phone, letter and email
- use a computer system to check and update records
- calculate the amount of money people will receive
- process money paid towards a person’s pension
- transfer benefits from one pension to another
- arrange the payment of pensions
- keep up to date with pension and tax laws
Skills:
You’ll need:
- the ability to sell products and services
- customer service skills
- to be able to use a computer and the main software packages competently
As well as:
- to be thorough and pay attention to detail
- the ability to use your initiative (leadership skills)
- the ability to accept criticism and work well under pressure
- persistence and determination (ambition/drive)
- patience and the ability to remain calm in stressful situations
- excellent verbal communication skills
Entry Requirements:
To become a Pensions Administrator, specific subjects are not typically required. However, having a strong educational foundation in certain subjects can be beneficial for developing the skills and knowledge necessary for this career. Pensions Administrators manage and administer pension schemes for organisations, ensuring that employees’ retirement benefits are accurately calculated and distributed.
While specific subjects are not mandatory, here are some subjects and skills that can be helpful:
- Mathematics: Strong mathematical skills are essential for calculating pension benefits, contributions, and understanding actuarial concepts related to pensions.
- English Language: Effective communication skills, including written and verbal communication, are important for documenting pension transactions and communicating with pension scheme members and stakeholders.
- Business Studies or Accounting (optional): Courses related to business principles, accounting, and finance can provide a foundational understanding of financial concepts and pension administration.
- ICT (Information and Communication Technology): Proficiency in using computer software for data management, record-keeping, and pension administration software is crucial.
- Legal Studies (optional): Familiarity with pension and employment laws and regulations can be beneficial when ensuring compliance with pension-related laws.
Post School
You can get into this job through:
- a college course
- an apprenticeship
- working towards this role
- applying directly
College
You could do a college course, which would teach you some of the skills and knowledge you need in this job. Relevant subjects include:
- Level 2 or 3 Diploma in Business and Administration
- T Level in Finance
Apprenticeship
You may be able to do an advanced apprenticeship as a workplace pension administrator or a financial services administrator.
Work
You could start as an assistant administrator and do training on the job with official organisations.
Direct Application
You can apply directly for vacancies. Employers will expect you to be good with numbers, know how to use common office software and be able to communicate well, both verbally and in writing.
Previous experience in customer service, accounts or office work would also be helpful.
Working Hours and Environment:
Typically you could work 37 to 39 hours a week, occasionally including evenings or weekends.
You could work in a contact centre or in an office.
Career Path & Progression:
You could further your career with a qualification in pensions administration or calculations.
With experience, you could become a team leader, supervisor or pensions manager. With further study, you could qualify as a financial adviser.