Pensions Administrator

Xps Group; Portsmouth; On-site; GBP 25,000 - 35,000; Full time

Job summary

A leading consultancy in pensions is seeking a Pension Administrator to join their team in Portsmouth. The role involves handling various pension administration tasks, mentoring junior team members, and ensuring compliance with regulations. Ideal candidates will have at least two years of experience in Defined Benefit schemes, demonstrate strong customer service skills, and possess relevant qualifications. A competitive salary and benefits are offered, promoting a positive work environment where diverse talents can thrive.

Benefits

Competitive salary

Annual discretionary bonus

25 days' holiday with buy/sell flexibility

Pension matching

Healthcare plans

Life assurance

Retailer discounts

Flexible benefits scheme

Employee assistance

Digital GP service

Paid volunteer days

Referral bonuses

Qualifications

• Minimum 2 years' experience in pensions administration, particularly Defined Benefit schemes.
• Knowledge of pensions legislation and regulatory frameworks is essential.
• Experience in mentoring and checking work of junior staff is desirable.

Responsibilities

• Adhere to best practice in pensions administration.
• Participate in annual projects and handle data processing tasks.
• Ensure standard documentation is scheme-specific.
• Mentor junior team members and handle client queries.
• Run automated calculations and perform manual benefits calculations.

Skills

Pensions administration

Customer service

Mentoring

Numerical aptitude

Data processing

Education

A Level or Degree or equivalent standard

Minimum grade C in Maths and English GCSE or equivalent

Tools

Microsoft Office Suite (Word, Excel, Outlook)

Job description

Our teams of pension administrators provide services to a wide range of trust-based company pension schemes, including defined benefit, defined contribution, career average revalued earnings, and hybrid schemes. Our administrative approach is scheme-based; one team is responsible for every aspect of each client's service, enabling us to build the best possible relationships and provide the clarity of focus each scheme deserves. Ultimately, pension schemes are there for their members; we place just as much emphasis on delivering excellent customer service as we do on technical proficiency and quality control.,

• Adhering to best practice procedures in all aspects of pensions administration related tasks as defined by the Company.
• Participating in annual projects such as renewals, benefit statements, life assurance, PHI and pension increases. Handling any data processing and administration tasks, ensuring projects are fully monitored and completed in line with customer and legislation requirements.
• Ensuring standard documentation is scheme specific and incorporating them into existing procedures.
• Monitoring on going procedural developments and implementing changes to procedures where required.
• First level checking of work completed by more junior staff. In addition, final checking of non-financial work e.g., change of address.
• Informal training and mentoring of more junior members of the team.
• Receiving and handling internal and external telephone queries and where applicable becoming first point of contact for clients.
• Running automated systems calculations.
• Performing manual benefits calculations.
• Developing intermediate knowledge and awareness of their clients and associated schemes.
• Taking responsibility for ad-hoc projects and exercises.
• Assisting the team with project related work e.g. bulk mailshots to scheme members.
• Updating relevant pension administration databases and systems.
• Dealing with more complex pensions queries.
• Handling both Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) queries.
• Assisting in non-client related work such as technical committees, training and events.
• Working closely with other departments/teams both internal and external to the Company to provide a total service to our clients. E.g., Pensions Accounts, Payroll, Administration Support and ITM (3rd party IT software provider).
• Ensuring the accurate updating of time recording system (Virtual Office) for both chargeable and non- chargeable activities and meeting required utilisation targets.
• Able to demonstrate a fundamental knowledge of pensions administration activities and can apply this knowledge to any scheme.
• Previous pensions administration experience of Defined Benefit (DB) schemes (including leavers, retirements, deaths, transfers in, transfers out, monthly processing and investment, benefit statements, renewals, and pension increases. This role is likely to appeal to individuals with a minimum of 2 years' experience although not exclusive as all applications will be considered on an individual basis.
• Experience of current pensions legislation and framework is essential, especially the regulatory requirements of the various Pensions and Finance Acts which impact on pensions administration.
• Experience of checking and mentoring more junior members of staff would be desirable.
• Third party pensions administration experience preferred, although strong all-round experience within an in-house pensions department, which is not purely process driven will be considered.
• Able to demonstrate a numerical aptitude evidenced by work related experience or academic achievements as listed below.
• IT proficient, Microsoft Word, Excel & Outlook, Educated to a minimum of A Level or Degree or equivalent standard.
• Ideally a minimum of three C grades or above at A Level or equivalent qualification.
• Strong Maths and English GCSE or equivalent qualification - minimum grade C.
• Desirable: Studying for or a willingness to study for a relevant pension's qualification e.g., CPC/QPA/DPC/RPC/APMI.
• Experience of involvement in informal mentoring and management of more junior staff.
• XPS Group is a prominent UK consultancy and administration firm within the pensions and insurance sectors. As a FTSE 250 company with over 2000 employees, we leverage expertise alongside advanced technology to serve over 1,400 pension schemes and their sponsors. Our goal is to foster a workplace where diverse talents thrive.
• Enjoy a competitive salary, annual discretionary bonus, and 25 days' holiday with buy/sell flexibility. Benefits include pension matching, healthcare plans, life assurance, and retailer discounts. We support our team with a flexible benefits scheme, employee assistance, and digital GP service. Participating in volunteering events is encouraged with paid volunteer days available. Referral bonuses are offered for introducing suitable candidates to XPS.