Pension scheme manager : Career development

Career development routes within pensions vary widely. The changing nature of the industry means that pensions professionals are likely to need an increasingly broad set of personal and technical skills in order to develop their careers. Keeping up-to-date with changes in pensions bills, regulations and financial products is essential to career development.

As well as gaining relevant professional qualifications as you progress, it is also useful to stay in touch with the industry through the Pensions Management Institute (PMI)  and The National Association of Pension Funds (NAPF) . These organisations offer regional and national events, which can also provide valuable networking opportunities.

Graduate trainee roles, whether with in-house schemes or consultancies/insurance companies, provide exposure to many elements of scheme management. Some trainees in insurance companies, for example, follow a rotation for the first two years and only then make a decision to specialise in pensions or other parts of the business.

However, many graduates enter the pensions industry through other routes besides graduate trainee programmes. Some find work as a pensions administrator. This role involves administration of pension schemes and focuses on the processes and details of the scheme. The role involves working with data and systems management, answering individual personal queries and working within a team. From this role, it may be possible to move into a team leader position. Progress will depend on how keen you are and which aspect of the work you most enjoy. Undertaking further training and qualifications is a key element in developing a career in this way.

As pensions departments within companies are often small, it is fairly common to change employer in order to progress.