Pension scheme managers coordinate pension schemes in order to provide benefits in retirement to individuals or organisations. They ensure the daily deployment of the pension fund and define the strategic policy for developing new pension packages.
The following job titles also refer to pension scheme manager:
pension services manager
individual pension adviser
pension plans administrator
pensions retirement plan specialist
pension fund manager
Bachelor’s degree is generally required to work as pension scheme manager. However, this requirement may differ in some countries.
ISCO skill level
ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:
- the nature of the work performed in an occupation in relation to the characteristic tasks and duties
- the level of formal education required for competent performance of the tasks and duties involved and
- the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.
Pension scheme manager is a Skill level 4 occupation.
Pension scheme manager career path
These occupations, although different, require a lot of knowledge and skills similar to pension scheme manager.
Long term prospects
These occupations require some skills and knowledge of pension scheme manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of pension scheme manager with a significant experience and/or extensive training.
Essential knowledge and skills
This knowledge should be acquired through learning to fulfill the role of pension scheme manager.
Labour legislation: Legislation, on a national or international level, that governs labour conditions in various fields between labour parties such as the government, employees, employers, and trade unions.
Government social security programmes: The different areas of social security provided by the government, the different rights which citizens have, which benefits are available, the rules which regulate social security and the different situations in which they apply.
Types of pensions: The types of monthly sums paid to someone in retirement, such as employment-based pensions, social and state pensions, disability pensions and private pensions.
Employment law: The law which mediates the relationship between employees and employers. It concerns employees’ rights at work which are binding by the work contract.
Social security law: Legislation concerning the protection of individuals and the provision of aid and benefits, such as health insurance benefits, unemployment benefits, welfare programs and other government-provided social security.
Human resources department processes: The different processes, duties, jargon, role in an organisation, and other specificities of the human resources department within an organisation such as recruitment, pension systems, and personnel development programs.
Essential skills and competences
These skills are necessary for the role of pension scheme manager.
Apply company policies: Apply the principles and rules that govern the activities and processes of an organisation.
Promote gender equality in business contexts: Raise awareness and campaign for the equalisation between the sexes by the assessment of their participation in the position and the activities carried out by companies and businesses at large.
Manage budgets: Plan, monitor and report on the budget.
Organise staff assessment: Organising the overall assessment process of the staff.
Comply with legal regulations: Ensure you are properly informed of the legal regulations that govern a specific activity and adhere to its rules, policies and laws.
Analyse insurance needs: Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
Apply strategic thinking: Apply generation and effective application of business insights and possible opportunities, in order to achieve competitive business advantage on a long-term basis.
Evaluate training: Assess the realisation of the training’s learning outcomes and goals, the quality of teaching, and give transparent feedback to the trainers and trainees.
Communicate with beneficiaries: Communicate with individuals or organisations who are entitled to receive benefits in the form of funds or other rights in order to obtain information on the procedures, to ensure that beneficiaries receive the benefits they are entitled to, and to provide further information.
Monitor legislation developments: Monitor changes in rules, policies and legislation, and identify how they may influence the organisation, existing operations, or a specific case or situation.
Track key performance indicators: Identify the quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their operational and strategic goals, using preset performance indicators.
Develop pension schemes: Develop plans which provide retirement benefits to individuals, taking into account the financial risks for the organisation providing the benefits and the potential difficulties of implementation.
Coordinate operational activities: Synchronise activities and responsibilities of the operational staff to ensure that the resources of an organisation are used most efficiently in pursuit of the specified objectives.
Identify necessary human resources: Determine the number of employees needed for the realisation of a project and their allocation in the creation, production, communication or administration team.
Plan medium to long term objectives: Schedule long term objectives and immediate to short term objectives through effective medium-term planning and reconciliation processes.
Analyse financial risk: Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
Advise on social security benefits: Advise citizens on government-regulated benefits they are eligible for, such as unemployment benefits, family benefits, and other social security benefits.
Develop employee retention programs: Plan, develop, and implement programs aimed at keeping the satisfaction of the employees in the best levels. Consequently, assuring the loyalty of employees.
Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
Identify with the company’s goals: Act for the benefit of the company and for the achievement of its targets.
Optional knowledge and skills
This knowledge is sometimes, but not always, required for the role of pension scheme manager. However, mastering this knowledge allows you to have more opportunities for career development.
Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
Legal research: The methods and procedures of research in legal matters, such as the regulations, and different approaches to analyses and source gathering, and the knowledge on how to adapt the research methodology to a specific case to obtain the required information.
Principles of insurance: Understand the principles of insurance, including third party liability, stock and facilities.
Human resource management: The function in an organisation concerned with the recruitment of employees and the optimisation of employee performance.
Types of insurance: The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.
Optional skills and competences
These skills and competences are sometimes, but not always, required for the role of pension scheme manager. However, mastering these skills and competences allows you to have more opportunities for career development.
Promote social security programmes: Promote government programmes dealing with the provision of aid to individuals in order to gain support for the development and implementation of social security programmes.
Establish collaborative relations: Establish a connection between organisations or individuals which may benefit from communicating with one another in order to facilitate an enduring positive collaborative relationship between both parties.
Manage pension funds: Manage the sums of money which individuals or organisations pay across a timespan of many years which will ensure they acquire many benefits in retirement. Ensure the amounts paid are correct and that detailed records are kept.
Ensure information transparency: Ensure that required or requested information is provided clearly and completely, in a manner which does not explicitly withhold information, to the public or requesting parties.
Develop training programmes: Design programmes where employees or future employees are taught the necessary skills for the job or to improve and expand skills for new activities or tasks. Select or design activities aimed at introducing the work and systems or improving the performance of individuals and groups in organisational settings.
Synthesise financial information: Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.
Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
Monitor company policy: Monitor the company’s policy and propose improvements to the company.
Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
Manage financial risk: Predict and manage financial risks, and identify procedures to avoid or minimise their impact.
Negotiate employment agreements: Find agreements between employers and potential employees on salary, working conditions and non-statutory benefits.
Promote financial products: Inform existing or potential customers about the various financial goods and services that are offered by the company.
Manage payroll: Manage and be responsible for employees receiving their wages, review salaries and benefit plans and advise management on payroll and other employment conditions.
Develop professional network: Reach out to and meet up with people in a professional context. Find common ground and use your contacts for mutual benefit. Keep track of the people in your personal professional network and stay up to date on their activities.
Develop financial products: Take into account the performed financial market research and the organisation’s objectives in order to develop and oversee the implementation, promotion, and lifecycle of financial products, such as insurance, mutual funds, bank accounts, stocks, and bonds.
Negotiate with employment agencies: Establish arrangements with employment agencies to organise recruiting activities. Maintain communication with these agencies in order to ensure efficient and productive recruitment with high potential candidates as an outcome.
Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.
ISCO group and title
1346 – Financial and insurance services branch managers
- Pension scheme manager – ESCO