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Pension scheme manager : Salary and conditions

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  1. Job description
  2. Salary and conditions
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Case studies

  • Range of typical starting salaries for administrators: £16,000 - £28,000. Salaries can rise rapidly once you has proved your ability and gained professional qualifications. Some employers offer fast-track schemes for talented and ambitious graduates.
  • Range of typical salaries for pensions managers and deputy pensions managers with experience (qualified with the Pensions Management Institute (PMI) ): £60,000 - £120,000 plus benefits.
  • Salaries vary according to experience, scheme size, level of responsibility and geographical location. Professionals with qualification in pensions administration (QPA) or part/full associate membership of the PMI generally earn higher salaries.
  • Working hours and conditions are usually consistent with office-based roles. The hours are normally nine to five, but some flexibility is required. Some sectors may require attendance at evening meetings.
  • Self-employment is not possible for in-house schemes, but there are opportunities for more experienced pensions professionals to work on a consultancy basis.
  • The male/female ratio is fairly evenly balanced, but there are more men than women at more senior levels. 
  • There are fairly strong levels of competition for jobs, but balancing this with the shortage of pensions professionals means that there is a range of opportunities throughout the UK and, increasingly, abroad.
  • The high level of responsibility in this type of role as well as the demands of working at a high-profile level and the need to adapt to a fast-developing industry mean that this job can be challenging.
  • The pensions industry is currently undergoing significant change, which will demand an increase in the range of skills and personal qualities of employees.
  • If your company has numerous locations throughout the country, periodic travel may be required.
 
AGCAS
Written by Annette Millar, University of Plymouth
Date: 
September 2009
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