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Key Responsibilities and Required Skills for Pension Officer

💰 $45,000 - $65,000

FinanceHuman ResourcesAdministrationPensions

🎯 Role Definition

A Pension Officer is a specialized administrative professional responsible for the day-to-day management and administration of company or public sector pension schemes. This role serves as a critical link between the organization, its employees (scheme members), and external bodies like pension providers and regulatory authorities. The Pension Officer ensures that all pension-related activities are executed accurately, efficiently, and in full compliance with scheme rules and government legislation. They handle sensitive personal and financial data, provide crucial support to members throughout their employment lifecycle—from joining the scheme to retirement—and play a key part in safeguarding the financial well-being of future retirees.

📈 Career Progression

Typical Career Path

Entry Point From:

  • HR Administrator or Coordinator
  • Payroll Administrator
  • Finance or Accounts Assistant

Advancement To:

  • Senior Pension Officer / Senior Pensions Administrator
  • Pension Team Leader or Supervisor
  • Assistant Pension Manager / Pensions Manager

Lateral Moves:

  • Benefits Analyst or Specialist
  • HR Generalist (with a focus on compensation & benefits)
  • Compliance Officer

Core Responsibilities

Primary Functions

  • Accurately process and manage the full lifecycle of pension scheme members, including new entrants, job movers, leavers, transfers-in, transfers-out, and retirements.
  • Perform complex and precise manual calculations for a wide range of pension benefits, such as early/late retirement quotations, death-in-service benefits, and divorce settlements.
  • Serve as a primary point of contact for scheme members, providing clear, empathetic, and accurate information in response to a high volume of queries via phone, email, and post.
  • Meticulously maintain and update member records on the pension administration system, ensuring the highest standards of data integrity and confidentiality.
  • Administer both Defined Benefit (DB) and Defined Contribution (DC) schemes, demonstrating a solid understanding of the different rules and legislative requirements for each.
  • Ensure all administrative tasks are completed in strict accordance with pension legislation, scheme rules, and service level agreements (SLAs).
  • Liaise effectively with third parties, including independent financial advisors (IFAs), actuaries, investment managers, and government bodies like HMRC and The Pensions Regulator.
  • Process monthly contribution schedules, reconciling payments between payroll data and pension provider records to resolve any discrepancies promptly.
  • Prepare, check, and issue annual benefit statements and other statutory member communications, ensuring they are clear, accurate, and distributed on time.
  • Manage the process for members opting out of the pension scheme and handle the associated refund of contributions where applicable.
  • Assist in the preparation of data and reports for scheme trustees, auditors, and management, providing clear insights into scheme activity.
  • Handle sensitive and complex cases with professionalism, including ill-health retirement applications, death claims, and expressions of wish.
  • Review and peer-check the work of other team members to ensure accuracy and consistency, fostering a culture of quality within the team.
  • Participate in and support key annual projects, such as pension renewals, GMP reconciliation, and data cleansing initiatives.
  • Interpret complex scheme rules and prevailing legislation to address non-standard queries and provide guidance to members and internal stakeholders.
  • Process investment and fund switches for DC scheme members in a timely and accurate manner according to their instructions.
  • Assist in the management of the pensioner payroll process, ensuring retirees are paid correctly and on time each month.
  • Identify and escalate potential issues, errors, or breaches to senior management, contributing to risk mitigation.
  • Keep abreast of changes in pension legislation and industry best practices to ensure personal knowledge remains current and relevant.
  • Contribute to the testing of pension administration system updates and process improvements to enhance efficiency and accuracy.

Secondary Functions

  • Support senior management with ad-hoc reporting requests and undertake detailed data analysis for scheme management and valuation purposes.
  • Contribute to the continuous improvement of pension administration processes by identifying inefficiencies and suggesting practical solutions.
  • Collaborate with HR, Payroll, and Finance departments to ensure seamless data flow between systems and proactively resolve inter-departmental queries.
  • Participate actively in departmental meetings, training sessions, and team-wide projects, contributing to overall team objectives and a positive work environment.

Required Skills & Competencies

Hard Skills (Technical)

  • Pension Scheme Knowledge: In-depth understanding of the principles and administration of both Defined Benefit (DB) and Defined Contribution (DC) schemes.
  • Calculation Proficiency: Strong numerical aptitude with the proven ability to perform complex manual pension calculations accurately.
  • Legislative Acumen: Solid working knowledge of UK pension legislation, including auto-enrolment, tax relief, and disclosure requirements.
  • System Proficiency: Experience using dedicated pension administration software (e.g., Civica UPM, Profund, Altair) and HRIS systems.
  • Advanced Excel Skills: High level of proficiency in Microsoft Excel, including VLOOKUPs, pivot tables, and complex formulas for data manipulation and reconciliation.
  • Data Management: Meticulous approach to maintaining and reconciling large and complex datasets with a high degree of accuracy.

Soft Skills

  • Communication: Excellent written and verbal communication skills, with the ability to explain complex pension information clearly and concisely to a non-technical audience.
  • Attention to Detail: An exceptional eye for detail and a commitment to accuracy in all aspects of work, particularly when handling financial data and calculations.
  • Problem-Solving: Strong analytical and problem-solving skills to investigate discrepancies, research issues, and identify effective solutions.
  • Empathy & Customer Focus: A patient, empathetic, and professional demeanor when dealing with sensitive member queries and life events.
  • Time Management: Outstanding organizational and time management skills, with the ability to prioritize a high-volume workload and meet strict deadlines.
  • Discretion: The ability to handle highly confidential and sensitive information with the utmost integrity and discretion.

Education & Experience

Educational Background

Minimum Education:

  • A-Levels or equivalent, with strong passes in Mathematics and English.

Preferred Education:

  • Actively studying for or having completed professional qualifications from the Pensions Management Institute (PMI), such as the Certificate in Pension Administration or Diploma in Employee Benefits.

Relevant Fields of Study:

  • Finance
  • Business Administration
  • Mathematics

Experience Requirements

Typical Experience Range:

2-5 years of direct, hands-on experience in a dedicated pensions administration role.

Preferred:

  • Experience gained within a fast-paced environment, such as a Third-Party Administrator (TPA), large in-house pension team, or benefits consultancy.
  • Demonstrable track record of performing complex 'cradle-to-grave' pension administration and manual benefit calculations.
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