Providing information on pensions schemes for an organization’s employees or clients.
Occupational Profile
This standard contains 2 roles in a core and options structure. Either role could be providing information in relation to in house pension schemes or externally to pension clients of the organization. Neither role will provide financial advice.
Workplace Pensions Administrators play a critical role in managing the day to day operation of workplace pension schemes. A Workplace Pensions Administrator is likely to be involved in a variety of tasks supporting more senior administrators. This may include, but not be limited to:
- Producing quotations and setting up benefits for members including retirement, death and leaving service before retirement, transfers into or out of the workplace pension scheme
- Maintaining workplace pension scheme cash books; reconciling bank statements; preparing cash-flow forecasts
- Collating information and drafting Administration Reports for clients
- Maintaining and updating member records for example revised salary data, changes of address or marital status
- Responding to workplace pension scheme specific enquiries from members, including fund valuation requests, information on investment options; clarification of the benefits payable under the workplace pension scheme
Organizations of all shapes and sizes require specialist support when selecting and running workplace pension schemes and this is often provided by Workplace Pensions Consultants. A Workplace Pensions Consultant is likely to be involved in a variety of client support activities including governance, strategy and management, working in a team supporting more experienced colleagues. Tasks may include, but not be limited to:
- Assisting / advising pension scheme sponsors and Trustees as subject matter experts, pulling together the many complex and interrelated areas of pensions regulation, strategy, implementation and governance of the scheme.
- Inputting into and setting the agenda for Trustee meetings, working in collaboration with appointed legal advisers, actuaries, investment advisers, auditors and regulatory bodies.
- Assisting in communications to pension scheme members, complaints management, project management and negotiations with sponsoring employers.
- Assisting in the governance of a pension scheme – this may include the maintenance of a risk register, business plan, member nominated trustee election process, dispute resolution process and Trustee knowledge and understanding.
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