Pension Administrators are a key component for any company handling Pension Schemes. Primarily, Pension Administrators will work for insurance companies, large financial services provider or directly with large organisations that have their own Pension Schemes, i.e. Public-Sector Bodies.
The Pension Administrator will act as the link between the company and the pension scheme members, brokers, and regulatory bodies. They can handle a variety of schemes from corporate pension schemes such as Defined Contribution or Defined Benefit schemes, SSAS’s to personal pensions, PRSA’s.
Excellent attention to detail and customer service are two of the key components of a good Pension Administrator as they will have responsibility for handling member requests including fund switches, transfers, retirements and payments. Depending on the company structure and level of the position, the Pension Administrator will be required to calculate the Annual Benefits of the members and ensure correct statements are issued.
The salaries for a Pension Administrator are varied, again depending on the company and years’ experience, but starting salaries in Ireland start around the €25,000 range or €30,000 in Dublin and, depending on experience, companies are paying upwards of €50,000 plus. These salaries will only increase for Pension Administrators who move into Team Leader or Management positions.