Pension administrator
Legal, finance and accounting
Level 3 -
Providing information on pensions schemes for an organisation's employees or clients.
Reference: OCC0187
Status:
SOC 2020 sub unit groups:
- 4132/03 Pensions administrators
- 2422/02 Financial advisers and planners
- 4122/02 Payroll officers and wages clerks
Technical Education Products
Employers involved in creating the standard:
Barnett Waddingham, WTW, Mercer, PPF, Royal Mail, Cheshire and Chester Local Government, XPS
Summary
The pensions administrator is found in organisations of all shapes and sizes that operate or oversee pension schemes or plans.
The broad purpose of the pensions administrator is to provide support when selecting and running pension schemes or plans.
Pensions administrators play a critical role in managing the day-to-day operation of pension schemes or plans. They are likely to be involved in a variety of tasks supporting more senior administrators.
A pensions administrator will be involved in producing quotations and setting up benefits for members or plan holders. These may include retirement, death and leaving service before retirement. They will also administer transfers into or out of the pension scheme or plan. As part of their administrative role the pensions administrator will also undertake financial tasks. These may include maintaining pension scheme cash books; reconciling bank statements and preparing cash-flow forecasts. They will ensure that customers receive accurate data on their pension position by collating data and drafting Administration Reports for clients . As part of providing an excellent customer service the pensions administrator maintains and updates member records. These could include salary data, changes of address or marital status. They respond to pension scheme or plan specific enquiries from members or plan holders, including fund valuation requests and data on investment options. They will clarify the benefits payable under the pension scheme or plan and interpret relevant pension scheme or plan data and benefits payable.
A pensions administrator will work with multi-grade teams and will typically work under supervision by a more senior administrator. They will be responsible for managing their own workloads but will not manage others.
Employers involved in creating the standard:
Barnett Waddingham, WTW, Mercer, PPF, Royal Mail, Cheshire and Chester Local Government, XPS
Typical job titles include:
Keywords:
Knowledge, skills and behaviours (KSBs)
Duties
Duty D1
Provide customer service to pension scheme members or plan holders, in line with organisation standards and Service Level Agreements; treating each person fairly and providing a courteous, friendly, efficient, consistent and compliant service.
Duty D2
Communicate routine information to customers or pension scheme members or plan holders using various communication channels. Identify when a member requires an alternative or additional service and refer them through to the appropriate area.
Duty D3
Resolve pension queries and requests using standard letters and reference to procedures and develop knowledge of customers’ pension schemes or plans to support delivery.
Duty D4
Recognise and escalate potential problems or potential complaint cases in line with organisational procedures.
Duty D5
Calculate and process members’ benefits based on their entitlements under the rules of the pension scheme or plan and applicable regulations.
Duty D6
Ensure that all organisational procedures are followed when undertaking work for customers to ensure that processes are carried out effectively and efficiently
Duty D7
Contribute to continuous improvement activity within organisation to identify any areas where the service to customers, or internal procedures could be improved
Duty D8
Undertake, under supervision, elements of specialised technical and administrative pensions processes and procedures which require interpretation and judgement to achieve satisfactory and required outcomes.
Duty D9
Use digital systems to deliver accurate and efficient pensions administration activities safely and securely.
Duty D10
Manage customer, member and pension scheme or plan data and information safely and securely.
Duty D11
Monitor personal performance and workload to ensure compliance with team targets and support others within the organisation to ensure the Service Level Agreements (SLAs) are met. For example, ensure that cases are followed up on a timely basis and issues identified and resolved quickly especially where there is a risk that financial, or customer service standards may be breached.
Duty D12
Take responsibility for personal and professional development in line with organisational expectations.
Duty D13
Ensure communications are accurate, compliant with data legislation and secure, professional, and courteous and that complex technical issues are explained in clear, non-technical language.
Duty D14
Liaise with key stakeholders, for example Department of Work and Pensions, HMRC, The Pensions Regulator and the Information Commissioner.
Occupational Progression
This occupational progression map shows technical occupations that have transferable knowledge and skills.
In this map, the focused occupation is highlighted in yellow. The arrows indicate where transferable knowledge and skills exist between two occupations. This map shows some of the strongest progression links between the focused occupation and other occupations.
It is anticipated that individuals would be required to undertake further learning or training to progress to and from occupations. To find out more about an occupation featured in the progression map, including the learning options available, click the occupation.
Progression decisions have been reached by comparing the knowledge and skills statements between occupational standards, combined with individualised learner movement data.
Legal, finance and accounting