Pensions and Life Assurance
If you choose a career in pensions and life assurance, you could work at a range of levels, including administrator, advisor and manager.
If you choose to work as a pension’s manager, you’ll work for a company ensuring that their pension schemes are run effectively. Your tasks will include managing a team, processing claims and settling disputes, investing your company’s funds, planning new pension schemes, marketing, preparing annual reports and making sure that the standards of the Financial Services Authority (FSA) are met.
If you choose to work as a pension’s administrator, you’ll manage the day-to-day administration of pension schemes and life assurance policies. You’ll deal with enquiries from new and existing scheme members and customers, employers, financial advisers and the Department of Work and Pensions.
If you choose to work as a pension’s adviser, your main job is to help people plan for retirement. Your job might involve helping individuals to choose an appropriate pension scheme, or starting up and managing pension schemes for companies that do not have their own scheme currently set up. There are two main types of pension’s adviser – personal pension’s advisers and pension scheme advisers for pension consultancies.
Working Hours
Training
The standard working hours are typically 9am to 5pm, Monday to Friday. You may need to work extra hours at busy times such as the end of the tax year.
As an independent financial advisor (IFA), you could work from home, but would have some evening work seeing clients
Entry
If you want to be a pension’s manager, you will need a background in pensions or finance work, and preferably a qualification in pensions, insurance or accountancy that meets FSA standards.
You could start your career as a pensions administrator and work your way up to pension manager position. If you wanted to be one step ahead you could increase your chances of promotion by taking Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII) qualifications while you are working as a pension’s administrator.
You will need at least four GCSE’s (A-C) including English and Math’s or equivalent qualifications if pensions administrator is your chosen route. Previous experience in customer service, accounts or general office work would also be desirable.
There are no specific requirements needed if you want to be a pension’s adviser. Some employers may ask for GCSEs (A-C) including math’s and English, others may prefer it if you have A levels or equivalent qualifications. Some employers may prefer ‘people skills’ accompanied with a strong background in the financial or sales industries to be more important than formal qualifications.
If you are not currently working in the financial industry, you can take a qualification for trainee financial advisers (i.e., CII Certificate in Financial Planning). You could also join one of the larger insurance or pensions companies through a graduate training scheme, if you have a BTEC HND or degree.
If you are a pension’s advisor, your training will normally be a mixture of practical on the job experience and study for qualifications in pension planning.
As a trainee pension’s adviser, you will be expected to take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as the Chartered Insurance Institute (CII), IFS School of Finance Certificate for Financial Advisers (CeFA) or the Certificate in Financial Planning.
Employers tend to support your training and will normally pay for exams. You are able to study flexibly, by distance learning, training centre’s and colleges.
It is a good idea to carry on developing your skills and knowledge throughout your career. You could take more advanced qualifications in financial advice, such as the CII Diploma and Advanced Diploma in Financial Planning.
If you start your career as a pension’s administrator, your employer would train you on their pension products and computer systems. You will also usually study for pensions administration qualifications from either the Chartered Insurance Institute (CII) or Pensions Management Institute (PMI)
Annual Income
Figures are a guide only.
Starting salaries are between £12,000 and £18,000 a year.
Team leaders can earn in the region of £18,000 to £28,000 a year.
Experienced pensions managers can earn in the region of £25,000 to £40,000 a year.
Senior pensions managers can earn between £40,000 and £80,000 a year.
Pension scheme advisers or consultants usually earn in the region of £25,000 to £50,000 a year plus benefits.
Some experienced consultants can earn up to £80,000 a year.
Jobs
Browse all HR Jobs
Why not browse our current Pensions Jobs
Related posts:
