Pensions consultants provide advice and information on retirement provision to organisations. They are involved in reviewing an organisation's current pension provision for staff members and recommending a range of options for consideration. They may then be involved in setting up and running schemes on behalf of companies. Supporting 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.
Pensions consultants may work for large financial services companies, organisations with their own pensions provision, pensions providers within the public sector or specialist pensions consultancy firms.
Alternatively, it is possible to work as a personal pensions adviser or independent financial adviser, selling pensions and saving plans to individual clients.
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. Personal pensions advisers advise on a range of products suitable to the needs of their individual clients and ensure that they receive regular updates about their pension and investments.
Specific activities will vary according to the role but typically involve:
Those working as independent financial advisers may also be involved in advising on other areas such as mortgages, life insurance and employee benefits.
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