Pensions consultant | Prospects.ac.uk

As a pensions consultant, you'll assess an organisation's existing pension arrangements and recommend appropriate options to meet their needs. You may also be involved in designing, setting up and administering occupational pension schemes on behalf of employers. You'll typically advise employers and/or trustees on workplace (occupational) pension provision and scheme governance.

Most pensions consultants work for specialist pensions and employee benefits consultancies, although opportunities also exist within large financial services companies and life assurance companies.

If you'd prefer to advise individuals on personal pensions and wider financial planning, look for financial adviser or independent financial adviser roles.

Responsibilities

As a pensions consultant, you'll need to:

review a client organisation's current pension arrangements and assess whether they meet regulatory, financial and staff needs
research pension scheme structures, investment options and products to identify suitable solutions for employers
develop and present recommendations, explaining complex information clearly to help clients understand their options
support the design and implementation of workplace pension schemes, including scheme structure, investment strategy and benefits packages
analyse and monitor scheme performance, trends, funding levels and investment outcomes, providing insight and advice to clients
prepare reports and briefings for pension managers, trustees and senior stakeholders
work closely with trustees, actuaries, investment managers and other professionals to support effective scheme governance
oversee or coordinate scheme administration carried out by specialist pensions teams, ensuring service standards and regulatory compliance
manage ongoing client relationships, ensuring employers receive timely advice and support
develop new business, both with existing and new clients, through networking and attending relevant events and seminars
stay up to date with changes in pensions legislation, regulation and market developments to ensure advice remains compliant and relevant.

Salary

You'll typically begin in a pensions administrator role with starting salaries of around £23,000 to £30,000. Senior pensions administrators can earn around £30,000 to £40,000.
With experience, you can move into a pensions consultant role. With appropriate qualifications and experience, you can usually earn between £45,000 and £65,000.
Senior pensions consultants with significant experience and relevant qualifications can earn up to £90,000. At director or partner level, salaries can reach more than £180,000 in major firms.

Salaries vary depending on the type of employer you work for, your experience and qualifications, level of responsibility and location. Salaries for those working in London are generally higher.

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 9am to 5pm, Monday to Friday. You may occasionally work longer hours during busy periods or to meet deadlines, and some roles involve travelling to client meetings. Part-time, flexible and hybrid working opportunities may be available.

What to expect

Work is often office-based or hybrid, with time split between the office and home, plus meetings with clients that may take place online or at client sites
Pensions consultants are typically employed by consultancies, pension providers or specialist firms.
Jobs are available in towns and cities throughout the UK. Most jobs are UK-based because of the regulatory nature of providing pensions advice.
The work can be deadline-driven and detail-focused, involving a significant amount of paperwork, reporting and administration. It can also be rewarding, helping clients make informed decisions about long-term financial provision.
You may need to travel outside your local area to visit clients or to attend training events, seminars and conferences.

Qualifications

Although this area of work is open to all graduates, a degree or HND in the following subjects may increase your chances of success:

business management
economics
finance
law
mathematics.

Some large pensions consultancies and specialist firms offer pensions-focused graduate training programmes, while other financial services schemes are usually broader with the option to specialise later. Competition can be strong, and experience in a customer-facing role can be useful, alongside evidence of strong analytical and communication skills.

Entry without a degree may be possible in some cases if you have relevant pensions experience and professional qualifications.

It's also possible to complete an apprenticeship, such as the Level 3 Pensions Administrator apprenticeship. Apprenticeships combine paid work with part-time study and can provide a route into pensions administration and wider pensions careers.

The pensions industry also recruits from elsewhere in the financial services industry, for example, financial planning and advice.

Skills

You'll need to have:

excellent communication and interpersonal skills
strong analytical and research skills
the ability to explain complex information clearly and simply
strong numerical skills and confidence using IT systems (especially spreadsheets/data)
accuracy and attention to detail
organisation and time management skills, including the ability to prioritise workloads and meet deadlines
stakeholder management and relationship-building skills
report writing and presentation skills
commercial awareness, including motivation to meet targets (where applicable)
professionalism and integrity, including an awareness of confidentiality and regulation.

Work experience

You'll need to have:

excellent communication and interpersonal skills
strong analytical and research skills
the ability to explain complex information clearly and simply
strong numerical skills and confidence using IT systems (especially spreadsheets/data)
accuracy and attention to detail
organisation and time management skills, including the ability to prioritise workloads and meet deadlines
stakeholder management and relationship-building skills
report writing and presentation skills
commercial awareness, including motivation to meet targets (where applicable)
professionalism and integrity, including an awareness of confidentiality and regulation.

Employers

Most pensions consultants advising on occupational pension schemes work for specialist pensions and employee benefits consultancies, providing advice to employers and/or trustees on pensions for their staff.

Other employers include:

professional services organisations with pensions/benefits consulting teams
pensions providers (such as life assurance companies and master trust providers), particularly in governance, client management and scheme consultancy roles
pensions administrators and third-party administrators, with opportunities to move into more advisory or consulting work.

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.

Pensions training, events and conferences are also provided by Pensions UK.

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.

Career prospects

There are a range of options available within the pensions industry. With the right mix of experience and professional qualifications, you could move into more senior roles with responsibility for managing a team of pensions consultants.

With the right mix of experience and professional qualifications, there are opportunities to move into more senior roles with responsibility for managing a team of pensions consultants.

At the most senior levels, you'll have strategic responsibility for the delivery of services for the entire client-facing team and will be involved in building and developing long-term client relationships and business growth. You'll also typically manage the department's revenue. For more senior roles, you will often have achieved APMI with the PMI.

There are also opportunities to move into a related role in other areas of the financial services industry, such as:

financial planner or consultant
pensions manager
financial adviser or independent financial adviser
financial manager.