Pension administration needs to be more widely promoted as a career choice

The Society of Pension Professionals (SPP) this week held an event on the capacity challenges within pension administration where attendees were asked, “What should be the priority in addressing pensions administration capacity challenges?”

The largest number of attendees chose “Wider promotion of pensions administration as a career” as the top priority, with more than a third (39%) doing so.

35% chose “consistency and streamlining of data and documentation” whilst 16% opted for “more use of technology” as their priority. 8% opted for the better prioritisation of key processes and a mere 2% opted for more offshoring.

Expert speakers from Aptia, Muse Advisory, Capita Pension Solutions and Law Debenture explained how administration capacity challenges are likely to impact all pension professionals, discussed how trustees and consultants can help drive solutions to these challenges and explored future operating models for more sustainable pensions administration – including the promotion of pension administration as an attractive career choice.

Jane Beverley, SPP member and Head of Trusteeship, Law Debenture, who chaired the panel event, said; “It’s pleasing to see that the wider promotion of pensions administration is seen as a key priority amongst pension professionals. There is an increasing recognition of the vital importance of pensions administration and so it makes sense for it to be promoted as a worthwhile, standalone career choice both for young people and career switchers.”