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Job description: Pensions and Life Assurance
When you work in pensions and life assurance, you could work at a range of levels, including manager, advisor and administrator.
As a manager, you'll work for a company making sure their pension schemes are run effectively. Your work will include managing a team, handling claims and settling disputes, planning new pension schemes, investing your company's funds, marketing, preparing annual reports and making sure you meet the standards of the Financial Services Authority (FSA).
As a pensions administrator, you'll handle the day-to-day administration of pension schemes and life assurance policies. You would deal with enquiries from new and existing scheme members and customers, financial advisers, employers and the Department of Work and Pensions.
As a pensions adviser, you would help people to plan for their retirement. Your job might involve helping individuals to choose an appropriate pension plan, or setting up and administering pension schemes for companies that do not have their own scheme. There are two main types of pensions adviser - pension scheme advisers for pension consultancies, and personal pensions advisers.
Hours and Environment
As a manager, your standard working hours are likely to be 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 colleagues etc.
As an independent financial advisor (IFA), you could work from home, but would have some evening work seeing clients. If you were a 'tied' advisor, ie. working in a contact centre, or an administrator, you may also work evenings but could work flexitime or part-time.
Skills and Interests
In pensions and life assurance you'll need:
- The ability to interpret complex information and explain it clearly
- Good mathematical and business skills
- Strong spoken and written communication skills
- Confident decision making ability
- Accuracy and attention to detail
- An organised and methodical approach
- The ability to lead and motivate a team.
- Customer focus
- Teamworking skills
Entry
To become a pensions manager, you will need a background in pensions or finance work, and preferably a qualification in pensions, insurance or accountancy that meets FSA standards.
You could start as a pensions administrator and work your way up to a management position. 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. Contact the PMI and CII for more information about their qualifications.
Alternatively, you may be able to join a company directly as a trainee pensions manager. Entry requirements for this vary - some employers ask for A levels or an equivalent, others may prefer you to be a graduate in business, law or finance.
To become a pensions administrator, you'll need at least four GCSEs (A-C) including English and maths, or equivalent qualifications. You will find it useful to have previous experience in customer service, accounts or office work and pensions computer systems. You may be able to get in through an Apprenticeship scheme. Visit www.apprenticeships.org.uk for details.
There are no fixed entry requirements for becoming a pensions adviser. Some employers ask for GCSEs (A-C) including maths and English, others may prefer you to have A levels or similar qualifications. Some consider 'people skills' and a strong financial or sales background to be more important than formal qualifications. Again, you could start as a pensions administrator or as a customer service adviser in an insurance company, and work your way up. It may help your chances of promotion to take a pensions administration. See the PMI and CII websites for more information.
If you are not already working in financial services, you can take a qualification for trainee financial advisers (such as the CII Certificate in Financial Planning). You could also join one of the larger insurance or pensions companies through a graduate training scheme, if you have a BTEC HND or degree.
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. This covers all aspects of pensions management and administration, plus general management skills. 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.
If you're an advisor, your training will usually be a mixture of practical experience and study for qualifications in pension planning. If you are a tied adviser for a bank, you will also receive training in your company's pension products.
As a trainee pensions adviser, you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as the Chartered Insurance Institute (CII) Certificate in Financial Planning or IFS School of Finance Certificate for Financial Advisers (CeFA).
You are also allowed to give pensions advice if you are an Associate member of the Pensions Management Institute (APMI). See the PMI website for more details.
Employers will normally support your training and pay for exams. You can study flexibly, by distance learning, or at colleges or private training centres.
You should continue to develop your skills and knowledge throughout your career. You may help your career by taking more advanced qualifications in financial advice, such as the CII Diploma and Advanced Diploma in Financial Planning
If you start as an administrator your employer will train you in their pension products and computer system. You will also usually study for pensions administration qualifications from either the Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII).
Opportunities
You could work for any organisation that runs its own pension scheme, or for investment management companies and consultancies that run pensions schemes on behalf of other companies.
Jobs are advertised in the local press, in industry magazines and by financial recruitment agencies.
With experience, you could progress from administrator to team leader, supervisor then manager. Mangers can move on to manage large schemes, or into other areas like insurance.
With further study, you could qualify as a financial adviser. Or you could choose to become a self-employed pensions consultant.
Annual Income
Figures are a guide only.
- Starting salaries are between £12,000 and £18,000 a year.
- Team leaders can earn £18,000 to £28,000 a year.
- Experienced pensions managers earn from £25,000 to £40,000.
- Senior pensions managers earn between £40,000 and £80,000 a year.
- Pension scheme advisers or consultants usually earn from £25,000 to £50,000 a year plus benefits.
- Some experienced consultants can earn up to £80,000 a year.
- Salary packages may include insurance, pension benefits and bonuses based on personal or company performance.
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