Pensions adviser : Job description

Pensions advisers provide advice and information on pensions provision for individuals and organisations. This can include both potential and existing customers. Pensions advisers may work for large financial services companies, organisations with their own pensions provision, pensions providers within the public sector or specialist pensions consultancy firms.

Supporting individuals and organisations to provide for their future financial security requires a combination of up-to-date knowledge of the financial services sector and an understanding of pensions legislation.

The role also demands a good understanding of:

• investments;
• tax;
• the social security system;
• different pension schemes and pension products.

Typical work activities

Specific activities will vary according to the role, differing, for example, between jobs in the public sector and those in the private sector. There will also be differences if a job has a sales focus or is more centred on providing advice for existing customers. The latter may want to amend their pension provision or they may be near to retirement or already in receipt of a pension.

Pensions consultants offer pensions provision to other organisations and advise, therefore, on the best form of pensions provision for the organisation as a whole to provide to their employees.

Tasks may typically involve:

• advising members of the public or employees of an organisation on a range of pensions and investments suitable for their future retirement;
• preparing information in advance and arranging meetings with employers to advise companies on the pensions needs of their employees;
• explaining complex information to clients to make them aware of their options and to help them assess the relative merits of different schemes;
• keeping up to date with developments in pensions legislation;
• analysing and interpreting complex financial information and making reasoned decisions based on a range of data;
• keeping clients regularly updated about their pensions and investment products;
• liaising with existing scheme members to gain additional information, carry out a review of provision and recommend alterations as appropriate;
• negotiating with other professionals such as staff at HM Revenue & Customs (HMRC) , the solicitors of pensions funds, trustees and employee representatives;
• working as part of a team in a sales-driven environment,
• seeking further contacts for additional business;
• contributing to pension scheme design;
• performing complex calculations, such as transfer values and fund valuations, with attention to detail.

The role may also involve advising on other areas, such as mortgages, life insurance and employee benefits, under the more general job title of financial adviser.