As we’re covering financial careers we thought it was a good time to tell you about the new workplace pensions apprenticeship
Most companies now are enrolling their employees onto workplace pension schemes. This means that they need more staff to deal with the administration work involved and to support workers so that they understand the scheme.
The workplace pensions administrator apprenticeship is a Level 3 programme that lasts between 18 and 24 months. Individual employers will set their own entry requirements but you will usually need to have Five GCSEs including English and maths at grade 9 – 4 (A* – C in old money).
If you have not yet achieved your GCSEs in maths and English when you are employed as an apprentice, your employer must make sure that you complete these before you finish your apprenticeship.
What does a pensions administrator do?
Workplace pensions administrators help to manage the day-to-day operation of pension schemes within companies.
As a workplace pensions administrator you would not provide any financial advice but you would produce quotations, sort out transfers into and out of the pension scheme, maintain cash books, reconcile bank statements, update records, help to prepare reports and respond to enquiries from members of the pension scheme.
What you would learn on your apprenticeship
You would develop your knowledge of workplace pension schemes and also the different roles involved. You would also develop an understanding of the important rules and regulations surrounding working in this area.
The skills that you would develop
The skills that you would develop include service delivery skills, communication, collaboration, and planning as well as learning about and how to meet quality standards and targets.
The qualification that you would get
There are several qualifications associated with this apprenticeship and which one that you study for will be decided by your employer. You would study for at least one of the following qualifications:
Award in Pensions Essentials, Retirement Provision Certificate, Certificate in Pension Scheme Member Guidance, Certificate in Pensions Essentials, Certificate in Pensions Administration, Certificate in Pension Calculations, Diploma in Pensions Administration, Advanced Diploma in Retirement Provision, Award in Financial Administration (Pensions option), Certificate in Financial Services, Certificate in Life and Pensions, Certificate in Pensions Administration.