Legal, finance and accounting
Pension administrator
Providing information on pensions schemes for an organisation's employees or clients.
Summary
The pensions administrator is found in organisations of all shapes and sizes that operate or oversee pension schemes or plans.
The broad purpose of the pensions administrator is to provide support when selecting and running pension schemes or plans.
Pensions administrators play a critical role in managing the day-to-day operation of pension schemes or plans. They are likely to be involved in a variety of tasks supporting more senior administrators.
A pensions administrator will be involved in producing quotations and setting up benefits for members or plan holders. These may include retirement, death and leaving service before retirement. They will also administer transfers into or out of the pension scheme or plan. As part of their administrative role the pensions administrator will also undertake financial tasks. These may include maintaining pension scheme cash books; reconciling bank statements and preparing cash-flow forecasts. They will ensure that customers receive accurate data on their pension position by collating data and drafting Administration Reports for clients . As part of providing an excellent customer service the pensions administrator maintains and updates member records. These could include salary data, changes of address or marital status. They respond to pension scheme or plan specific enquiries from members or plan holders, including fund valuation requests and data on investment options. They will clarify the benefits payable under the pension scheme or plan and interpret relevant pension scheme or plan data and benefits payable.
A pensions administrator will work with multi-grade teams and will typically work under supervision by a more senior administrator. They will be responsible for managing their own workloads but will not manage others.
Typical job titles include
- Finance worker | Pensions administrator | Workplace pensions administrator
Knowledge, skills and behaviours (KSBs)
K1:
Key principles of pension schemes or plans including the structure of pensions schemes or plans and the different roles involved in running a scheme or plan.
K2:
An awareness of the Regulatory and Compliance landscape for pensions and the impact of this on the role of pensions administrator.
K3:
The difference between providing information, guidance and advice in regard to pensions.
K4:
Organisational business strategy, culture and how the role of the pensions administrator fits within this.
K5:
Their organisation's place within the pensions industry.
K6:
Principles of pensions processes and procedures used to administer pensions including quality and compliance standards applicable to the role.
K7:
Principles of scheme or plan benefits including interpreting relevant pension scheme or plan information and benefits payable including interpretation of scheme or plan documentation, performance of pension calculations and checks for reasonableness.
K8:
Awareness of the roles and responsibilities of Trustees including how Trustee boards are comprised and run.
K9:
Complaints procedures and processes including identification of complaints and options for resolution.
K10:
Principles of software packages to administer pensions and provide performance data.
K11:
Approaches to keeping data secure.
K12:
Principles of working safely and securely online including awareness of cyber-security and specific vulnerabilities to cyber-attack for financial sector organisations.
K13:
Communication styles including the risks and benefits between different communication channels for example online collaborative tools, instant messaging, email and phone.
K14:
Principles of continuous improvement within the organisation.
K15:
Fundamentals of Responsible Investment (RI) and Environment, Social and Governance (ESG) matters, including climate change, their organisations approach to and polices for managing these issues.
K16:
Fundamentals of equity, diversity and inclusion in the workplace for example wider services that are available to support customers with specific needs such as those who are non-English speaking, non-verbal or profoundly deaf.
Technical Educational Products
- ST0187: Pensions administrator (Level 3) Approved for delivery
- Reference:
- OCC0187
- Status:
Approved occupation
- Average (median) salary:
- £26,040 per year
- SOC 2020 code:
- 4132 Pensions and insurance clerks and assistants
- SOC 2020 sub unit groups:
- 4132/03 Pensions administrators
- 4132/99
S1:
Deliver expected customer service establishing customer needs, in line with the service standards and the regulatory framework.
S2:
Deliver pensions administrative tasks that meet required the quality standards as set out by the organisation.
S3:
Tailor the use of interpersonal skills and communication channels to meet the needs of stakeholders.
S4:
Work in a team and collaborate to support colleagues to achieve results such as meeting or exceeding service standards and organisational goals.
S5:
Plan, manage and prioritise own workload effectively.
S6:
Identify pension problems, identify the appropriate course of action and suggest or support solutions.
S7:
Use digital systems to carry out pensions administrative tasks and generate key metrics such as performance information.
S8:
Use digital systems and applications safely and securely, in accordance with data security policies.
S9:
Calculate member benefits accurately and apply the terms of the relevant pension scheme or plan.
S10:
Maintain robust and accurate schedules, records and systems of pension administrative activities.
Technical Educational Products
- ST0187: Pensions administrator (Level 3) Approved for delivery
Technical education progression
- Reference:
- OCC0187
- Status:
- Approved occupation
- Average (median) salary:
- £26,040 per year
- SOC 2020 code:
- 4132 Pensions and insurance clerks and assistants
- SOC 2020 sub unit groups:
- 4132/03 Pensions administrators
- 4132/99
B1:
Professional - Acts in a professional manner with integrity and confidentiality.
B2:
Accountability - Has accountability and ownership of their tasks and workload.
B3:
Commitment and Enthusiasm - Demonstrates enthusiasm and dedication. Willing to suggest or share new ideas and opportunities for change. For example, volunteers for additional ad hoc tasks or projects.
B4:
Adaptability - Works flexibly and adapts to circumstances, proactively responding to changes when necessary.
B5:
Collaborative - Works collaboratively with stakeholders and colleagues across the organisation.
B6:
Personal Effectiveness - Deals with challenges and meets targets. Takes responsibility, shows initiative and is organised.
B7:
Personal Development - Seeks learning opportunities and continuous professional development.
B8:
Efficient - Ensures resources are used sustainably. For example use of targeted electronic communications to reduce carbon footprint.
Technical Educational Products
- ST0187: Pensions administrator (Level 3) Approved for delivery Technical education progression
- Reference:
- OCC0187
- Status:
- Approved occupation
- Average (median) salary:
- £26,040 per year
- SOC 2020 code:
- 4132 Pensions and insurance clerks and assistants
- SOC 2020 sub unit groups:
- 4132/03 Pensions administrators
- 4132/99
