A pensions administrator is in charge of the funds deposited by employees into a fund they will be presented with at the end of their employment. He oversees the individual accounts and serves as a liaison among the employees, financial advisers, investors and life insurance companies. His job requires him to keep up to date on laws and statutes that may affect the funds’ growth, availability and tax implications.
Since much of his work involves statistics, percentages and monetary growth and loss projections, good math aptitude is necessary for this job. To best serve his clients’ needs, a pensions administrator needs to have good analytical skills to assess risks and recommend actions to protect or increase pension funds. He should be a competent negotiator to contract deals for his clients that secure or increase the value of their pension accounts.
Setting up pensions fund is the basis of this job. Subsequent to this, a pensions administrator is required to regularly update records to reflect job terminations, retirements, deaths, divorces and changes in beneficiaries requested by clients. Most pensions administrators are required to send out monthly statements to keep their clients apprised of the status of their pension funds. If major changes occur in the fiscal stability of the fund underwriters that impact his clients, they are compelled to advise their clients of the events and how the changes affect their funds. Pension administrators are often required to change plans from monthly payout schedules to lump-sum payments to accommodate customer needs.
If a pensions administrator works for a large insurance company, third party firm or public sector pension provider, his job frequently requires him to travel to different locations to make presentations to employees and answer their questions regarding pension options. Those who oversee in-house pension plans usually remain on-site to address employee inquiries. Professional business attire is generally expected from people in this profession.
Pensions administrators are typically required to have a bachelor’s degree in administration, accounting or actuarial science. Regularly reading industry journals to remain current on trends in pensions fund management and investments is preferred by many employers. Some companies require pensions administrators to attend seminars to keep informed of changes in pension fund administration strategies.
Salary and Advancement Opportunities
Pensions administrators can advance to positions in pensions management and related supervisory positions if they demonstrate skills and proficiency in the field. Taking courses in business or pensions management is often helpful when seeking to advance in the pensions industry. According to Salary.com, the median annual salary for this position in the United States was £31,192 in 2009.
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