Pension scheme manager : Job description

Pension scheme managers are responsible for ensuring that pension schemes operate effectively and sustainably. Their main function is to manage a pension fund - a large pot of money paid in by companies and individuals over many years to provide benefits in retirement.

Pension scheme managers may coordinate schemes that are managed by a company/employer, a benefits consultancy, a public sector pensions provider or an insurance company. They may also be involved with defining the strategic development of schemes as well as overseeing the day-to-day management of pension funds. Developing new schemes or managing related funds may also be a feature of the work.

Pensions management is an increasingly important area of work due to the shift in government policy away from dependence on the state pension as the main provider of retirement income.

Typical work activities

Work activities vary according to individual companies but may involve:

Strategy:

• Managing financial assets.
• Developing pensions policies and new pension schemes.
• Discussing and agreeing fund strategy with the company board, investment managers and other advisers.
• Reviewing the fund's strategy and structure.
• Making recommendations to board directors, trustees or clients.
• Setting up and monitoring company investment strategies.

Administration:

• Ensuring that schemes operate effectively and meet performance, quality and customer care targets as well as complying with industry standards.
• Preparing relevant paperwork for board meetings and investment committee meetings.
• Reading and absorbing a wide range of complex and detailed information.
• Ensuring regulatory compliance.
• Monitoring changes in the legal situation for pensions providers and developments in pension provision in order to ensure the optimum performance of the fund.
• Recruiting, training and managing staff as well as supervising teams of pension administrators.
• Reviewing and updating IT-based administration systems.
• Ensuring compliance with statutory regulations and keeping up to date with legislative changes.

Communication:

• Managing the relationship between the employer (primarily responsible to shareholders) and trustees (representatives of scheme members).
• Meeting with and encouraging communication between actuaries, fund managers, solicitors and consultants.
• Reporting to trustees and advising them on the efficient management of the scheme's assets.
• Developing information resources, such as leaflets and websites, for scheme members and potential members.
• Giving presentations to senior-level staff.
• Cooperating closely with the scheme's professional advisers.
• Advising the company board on new and emerging financial issues.
• Raising company-wide awareness of pensions-related matters.
• Maintaining confidential communications with scheme members.
• Contributing to annual and other financial reports.
• Improving services in response to member feedback.

Problem solving:

• Resolving complex or controversial issues that may arise with individual pensions claims.
• Undertaking sometimes complex negotiations and discussions during mergers and acquisitions.

The work may also involve developmental activities such as:

• coordinating multiple company schemes if you are working for a group of companies;
• setting up new schemes.