The Role of the Pensions Profession

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To manage pensions-related knowledge to add value to an organisation by delivering its strategic objectives and operational requirements. To identify examples of best practice, assess emerging developments in business thinking and be able to present realistic plans for the introduction of new and innovative ways of working. To optimise operational effectiveness whilst ensuring compliance with key legislation and ensuring that the organisation responds and adapts to its changing needs.

This functional area comprises the following technical competences:

Sector knowledge
Information and Knowledge Management

Sector knowledge

Support

Explains the roles, responsibilities, accountabilities and lines of communication within an organisation of those involved in managing pensions

Defines a range of pensions-related services offered by organisations and how these can contribute to improvements in the working environment

Identifies career pathways within the pensions industry

Relevant qualifications:

Award in Pension Essentials

Supervisor

Explains the contribution of pensions to the achievement of an organisation’s business objectives

Identifies the interface between pensions and other functions within an organisation

Explains the features of different pensions service delivery models and their importance to an organisation

Relevant qualifications:

Manager

Characterises the scope and context of pensions and its associated services within a wider environment

Analyses the nature and significance of the relationships with clients and other stakeholders of those managing pensions

Analyses the features and effect of different organisational cultures, structures and processes on the delivery of pensions

Relevant qualifications:

Senior

Quantifies the contribution of pensions to an organisation’s success in changing contexts and identifies new opportunities for markets and services

Evaluates the interaction and interdependencies of functions within an organisation and the quality of service delivery to identify areas for improvement

Evaluates the advantages, disadvantages, likely costs and potential savings of different models of pensions service delivery and innovative ways of working

Relevant qualifications:

Diploma in Retirement Provision

Strategic

Evaluates the effectiveness of organisational culture, structure and processes in delivering the pensions strategy and compliance with legal and ethical requirements

Evaluates the impact of internal and external influences on an organisation’s or scheme’s ability to deliver the pensions strategy in a dynamic environment

Uses personal influence and connections to promote the role and economic value of pensions nationally and internationally

Relevant qualifications:

Advanced Diploma in Retirement Provision

Information and Knowledge Management

Support

Identifies pensions knowledge management systems and procedures

Appreciates the importance of effective knowledge management

Collects accurate pensions-related information on time

Relevant qualifications:

Award in Pension Essentials

Supervisor

Identifies the scope of pensions-related information needed by a business

Identifies the requirements of a range of pensions-related data sources, collection methods and analytical techniques

Manages the collection of information in accordance with pensions knowledge management protocols

Relevant qualifications:

Manager

Uses a range of pensions-related data sources, collection methods and analytical techniques to make sound business decisions

Manages the flow of pensions-related information and knowledge to meet business needs within legislative requirements

Uses hardware and software to source and use pensions-related information for an organisation’s benefit

Relevant qualifications:

Senior

Specifies systems and processes for the effective management of pensions-related information

Oversees the management of pensions-related information collection and analysis to ensure its capacity to measure business performance

Makes recommendations for improvements to strategy and business performance based on analyses of pensions-related business information

Relevant qualifications:

Diploma in Retirement Provision

Strategic

Applies knowledge and information management theory to the development of a pensions knowledge management strategy

Evaluates the effectiveness of information systems to support an organisation’s strategic pensions vision

Evaluates the capacity of integrated systems to manage the actual and anticipated use of pensions-related information

Relevant qualifications:

Advanced Diploma in Retirement Provision

Functional areas

The role of the pension profession

Sector Knowledge
Information and Knowledge Management

Pensions Strategy
Pensions Policy

People Management
Change Management

Product and Service innovation
Managing Product and Service delivery
Benefit Calculation and Delivery
Regulated Retirement Advice
Investment Portfolio Management

Governance and Compliance
Risk Management
Corporate Social Responsibility
Ethics
Sustainability in Pensions

Quality Management
Client Relationship Management (CRM)

Trusteeship

What are technical competences?

The technical competences have been developed in consultation with the industry to reflect the needs and requirements of the profession.

This document sets out the standards; explains how they can be used and by whom and directs readers to sources of information, learning materials and qualifications.

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