Pensions consultant: Job description

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.

Typical work activities

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:

• researching the financial market for suitable products and investment funds;
• sourcing appropriate investment funds and designing pension and benefits packages to meet the needs of client companies;
• advising clients on a range of pensions and investments suitable for their future retirement;
• explaining complex information to clients to make them aware of their options and to help them assess the relative merits of different schemes;
• calculating the value and performance of funds;
• reviewing the structure, value and performance of funds;
• overseeing the administration of pension schemes;
• providing regular reports to pension managers and trustees;
• keeping clients regularly updated about their pensions and investment products;
• attending meetings with fund managers, trustees and employee representatives, as well as with other professionals, such as accountants, the solicitors of pensions funds and actuaries;
• issuing regular statements to scheme members;
• helping clients to develop strategies to promote the benefits of their schemes to members;
• managing the relationship with clients to ensure they are happy with the scheme and investments;
• keeping up to date with developments in and changes to pensions legislation;
• working as part of a team in a sales-driven environment;
• seeking and attracting new business.

Those working as independent financial advisers may also be involved in advising on other areas such as mortgages, life insurance and employee benefits.