Pensions manager | Prospects.ac.uk

As a pensions manager, you'll oversee the day-to-day running and governance of a pension scheme (or schemes), making sure they're administered accurately, meet regulatory requirements and provide the right support to members.

You'll coordinate work with internal teams and external providers, such as administrators, actuaries and advisers, and prepare reports for senior stakeholders or trustees.

Pensions managers work across the public, private and not-for-profit sectors, for employers, pension providers, or organisations that run pension schemes and services. You may also lead on projects to improve member communications, controls or scheme management processes.

Responsibilities

As a pensions manager, you'll need to:

oversee day-to-day running of the pension scheme, ensuring accurate administration and good service for members
manage relationships with key parties, such as trustees, the employer, administrators and professional advisers
monitor compliance with pensions law, regulatory guidance and scheme rules, implementing changes when needed
support scheme governance by organising and coordinating meetings, preparing papers, and producing minutes and action points
prepare clear reports and management information for trustees, senior stakeholders and committees
provide expert guidance on complex cases and member queries, including complaints and disputes, bringing in specialists where needed
oversee member communications, ensuring they're clear, accurate and sent on time
manage, support and develop an in-house pensions admin team or oversee outsourced support, making sure work is accurate, on time and good value
lead on projects and change initiatives, such as scheme improvements, provider changes, and process or system upgrades
provide training to colleagues on areas such as scheme changes and pensions legislation.

Salary

You'll usually need relevant pensions experience to become a pensions manager. Salaries often start from around £50,000, depending on the employer, location and the size/complexity of the scheme.
If you're on a graduate scheme (for example, in pensions administration, consulting or governance), salaries are typically in the low-to-mid £30,000s, depending on the employer and location. Salaries may increase as you progress through training and pass professional exams.
Pensions managers can typically earn around £50,000 to £90,000, rising to £100,000+ for senior roles (for example, managing larger schemes, teams or complex change programmes).
Salaries for directors and heads of pensions in major organisations can exceed £200,000.

Salaries vary according to a range of factors, including the type of employer you work for, the scheme size and complexity, your experience and qualifications, level of responsibility and location.

Alongside a company pension scheme, other benefits may include work-related bonuses and a range of other benefits, including a share save scheme and life assurance.

Income data from Sammons Pensions Recruitment. Figures are intended as a guide only.

Working hours

You'll usually work office hours (Monday to Friday). You may occasionally work extra hours, for example to attend meetings or meet deadlines. Part-time, flexible and hybrid working may be available, depending on the employer and role.

What to expect

Work is typically office-based or hybrid, with much of your time spent on emails, reports, online systems and meetings, as well as handling member queries.
Jobs are available in most cities and towns throughout the UK.
Pensions managers are usually employed by an organisation or scheme, though more experienced professionals may work on a contract basis.
The job can be challenging because it's highly regulated and detail-focused, with responsibility for getting decisions, processes and communications right.
You won't usually need to travel or stay away from home overnight, but you may sometimes travel to attend meetings.

Qualifications

Although this area of work is open to all graduates in any subject, a degree in one of the following subjects may improve your chances:

business management
economics
finance
law
mathematics
statistics.

Some large employers offer graduate schemes in pensions, employee benefits or financial services, and you'll often need a 2:1 or above to secure a place. Start researching opportunities at the beginning of your final year of study.

Many pensions managers progress from pensions administration roles. You could start as a pensions administrator and work your way up through a mixture of experience, responsibility and professional pensions qualifications. Relevant qualifications are offered by the Pensions Management Institute (PMI).

It may also be possible to start in pensions administration through a Level 3 Pensions Administrator apprenticeship, and progress from there. Apprenticeships combine paid work with part-time study, so you can train on the job.

Skills

You'll need to have:

excellent interpersonal and stakeholder management skills
effective communication skills, both written and verbal, including the ability to explain complex information clearly
analytical skills and confidence working with data, reports and spreadsheets
strong influencing and negotiation skills
good numeracy and confidence using pensions administration systems and IT tools
the ability to lead, support and motivate a team
good judgement, risk awareness and decision-making skills
organisation, planning and time management skills
meticulous attention to detail
project management skills
professionalism and integrity, including respect for confidentiality and member data.

Work experience

Pensions managers often have previous experience in pensions administration or pensions consultancy. You don't need direct pensions experience to get started, but employers will look for evidence that you can work accurately with data, communicate clearly, meet deadlines and manage confidential information.

While at university, try to gain experience through:

internships or work placements with pensions consultancies, employee benefits teams, insurers, banks or professional services firms
part-time work in customer service, administration, payroll, HR, finance or call centres, where you can develop skills in accuracy, problem solving and handling customer or member queries
volunteering in roles involving budgeting, record-keeping or supporting people with forms and queries, for example, students' union roles, community advice projects or charity administration
positions of responsibility, such as course rep, society treasurer or committee roles, to build organisation, stakeholder management and reporting skills
projects that build your Excel, data management and reporting skills.

If possible, look for opportunities to shadow pensions or benefits teams, or speak to employers at careers events to understand how workplace pension schemes are run.

Find out more about the different kinds of work experience and internships that are available.

Employers

Many pensions managers work for large employers across the public, private and not-for-profit sectors that run workplace pension schemes and need in-house oversight of scheme administration and governance.

Opportunities also exist with pension providers (such as insurance companies) and with specialist organisations that run pension administration and scheme management services for other employers, including third-party administrators and employee benefits firms.

Graduate entry routes are more common in larger organisations and providers, often via trainee or administrator roles, with progression into pensions management. Smaller employers may outsource much of the scheme administration and governance support, meaning fewer in-house pensions management roles are available.

Look for job vacancies at:

Specialist recruitment agencies such as Sammons and Alexander Lloyd also handle vacancies.

Professional development

If you're on a graduate scheme, your employer will normally support your training, pay for professional exams and provide study time to complete qualifications. They will also train you in their processes, tools and computer systems.

Whether or not you're on a graduate scheme, you'll often complete professional qualifications offered by the Pensions Management Institute (PMI). Many pensions managers take the Retirement Provision pathway (focused on workplace pensions). Associate membership of the PMI (APMI) is typically available once you've completed a relevant PMI pathway and built industry experience.

It's essential to undertake continuing professional development (CPD) throughout your career to keep up to date with industry developments, enhance your career prospects and maintain your professional standards and membership. The PMI provides an online CPD recording system to help you track your learning and development activities.

Other relevant qualifications are offered by organisations such as the:

Career prospects

Pensions manager is usually a senior position, and you'll normally work up to it through roles such as pensions administrator, pensions officer or pensions analyst, building technical knowledge and responsibility over time. Career prospects are generally good, although pensions teams can be small and you may need to change employer to progress.

With experience, you could manage larger schemes or teams and move into senior roles, such as deputy head of pensions or pensions lead and then head or director of pensions.

You may also move into related areas such as employee benefits, pensions governance, provider management or specialist roles (for example, member communications, compliance or scheme projects).