Anyone wishing to kickstart a career as a Pensions Administrator should be heartened to learn there are no hard and fast entry requirements.
Just ask Granny Ina. She’s perfectly happy administrating not only her own pension but also Grampa Jack’s – he’s allowed extra pocket money on Fridays and at family get-togethers.
Although a good working knowledge of mathematics and IT will be a huge bonus for new starts, most employers will be focussing their attention on your skills in customer services and accounting or experience in office admin work.
You can also enter this career through an apprenticeship.
So what can you expect on your first day in the chair?
Essentially, you’ll be doing what it says on the tin – looking after the day-to-day administration of pension schemes.
Dealing with customers mostly often over the phone or by email – this is where your excellent communication and customer service skills come in handy – you’ll make sure their policies are bang up to date and performing just the way they should be.
When it comes to the nitty gritty this means calculating the amount of money people are set to receive, processing funds paid into a pension and sometimes transferring benefits from one pension to another.
This work is incredibly important – people like Granny Ina and Grampa Jack are relying on you, especially Grampa Jack – so you must be a stickler for accuracy.
And keeping right up to date with pension and tax laws will be a huge part of your ongoing learning.
There are opportunities for pensions administrators with insurance and life assurance companies, as well as benefits consultancies, all over Scotland.
You can also find rewarding positions in local and national government bodies, where there are often huge pension schemes that need to be managed.
If all of this seems exciting but a bit daunting, don’t worry. The good news is, even as a newbie, you should never feel overwhelmed.
This is because you’re likely to be working as part of a team, all of whom will be operating under the guidance of the senior administrator or pensions manager.
Starting salaries are normally in the region of £15,000 but further your career with experience and extra qualifications and you could soon be earning £30,000 or more.
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