Pension Scheme Management

Pension scheme management is all about making the most of the contributions made into a pensions fund by its members. They ensure their fund money is invested in the smartest way possible to generate the best pay outs for them when they reach retirement.

Pension scheme managers may work on behalf of individuals with private pension schemes, or organisations of all sizes providing workplace pensions for their employees. They may work as a consultant, specialising in areas such as investment or benefits.

The lowdown on pension scheme management

A role in pension scheme management will tend to involve an amalgamation of the following: research into investment opportunities of the fund and financial market developments, generation and development of fund strategy to suit client, consultancy services, preparation and delivery of reports on the fund, sourcing of potential new clients and business opportunities; and client relationship management.

Pension scheme managers need to have impeccable communication skills, commercial awareness and be able to think logically and solve problems in the development and tweaking of strategies of funds.

They work closely with client representatives on pension scheme management committees, as some clients wish to take an active role in pension scheme management rather than leave it solely to a pensions, insurance or benefits consultancy. Pension scheme managers or pensions advisors will attend management committee meeting if required to provide reports and insight into how the current scheme and fund is performing, make them aware of any potential risks, and how best to manage them.

Mixing with the top

Pension scheme managers often mix with very senior representatives of their clients; it’s not unusual for them to be involved in discussions at Board level. It’s also their responsibility to liaise with trustees (representatives of pension scheme members). Internally, they will work with other financial advisers and pensions advisers and pensions administrators to oversee sound management of these funds.

Pension scheme management roles usually require a degree. Business-orientated disciplines are often advantageous, but opportunities are generally open to all backgrounds. In the job career development opportunities such as Pensions Management Institute or Chartered Insurance Institute qualifications. It’s not unheard of to work up the ladder from administrator level, which doesn’t tend to specify a degree as an entry requirement.