Wednesday, 22nd November 2017
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PENSIONS SCHEME MANAGER

Pensions are like little pots of money which are paid into, on a regular basis, by companies and individuals to provide funds and benefits in retirement. Pension scheme managers are responsible for ensuring pension schemes operate effectively and sustainably, managing pension funds and coordinating the different schemes.

Pension scheme managers coordinate the pension schemes run by employers, benefits consultancies, pensions providers or insurance companies, and can be employed by any of these types of business.

Their role covers a lot of responsibilities that can be divided up into the following areas:

  • Strategy – managing financial assets, developing new policies and schemes and monitoring investment strategies
  • Administration – ensuring that schemes operate efficiently and according to relevant legislation and statutory requirements. This involves reading a lot of complex and detailed information and keeping updated on changes to legal terms for pensions providers.
  • Communications – handling the relationship between the employer and the policy holder/trustee; advising trustees on efficient financial management of their scheme’s assets; cooperating closely with the scheme’s professional advisors
  • Problem solving - dealing with any issues that may arise from individual pensions claims and sometimes having to undertake complex negotiations, during mergers and acquisitions.

Essentially, your role will be all about making sure the pension schemes under your control provide customers with a quality service and are administered correctly. There is a lot of financial analysis involved as well as a lot of strategic planning.

Most roles also incorporate consultancy, with the pension scheme manager acting as the communication point between the different. Some pension scheme managers may also be involved in developing new pension schemes.