Operational Management

To evaluate trends and developments in the market, identify future needs and use this information to innovate and promote the added value of an organisations pensions offering. To identify, implement and maintain products and services in accordance with the standards set out in service level agreements. To assess continually the quality and value for money of the products and services provided. To calculate pensions accurately and provide impartial and appropriate advice to clients. To manage an investment portfolio that optimises its assets in line with the relevant scheme’s objectives and agreed risk parameters and, where possible and/or necessary, with regard to responsible investment principles.

This functional area comprises the following technical competences:

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

Product and Service Innovation

Support

Identifies opportunities for continuous improvement

Implements improvements as directed

Carries out preliminary analyses of the effectiveness of improvements to pensions products, services and working practices

Relevant qualifications:

Award in Pension Essentials

Supervisor

Collects stakeholder feedback and ideas for improvement

Identifies opportunities to improve pensions products, services and work practices in line with client expectations

Makes recommendations about areas of pensions products and services and business practices that could be more efficient

Relevant qualifications:

Manager

Identifies areas for improvement to pensions products and services that meet strategic objectives

Assesses the suitability of new opportunities that are capable of adding value to operational effectiveness, product and service delivery and scope

Promotes enhanced pensions products and services to stakeholders

Relevant qualifications:

Diploma in Pension Administration
Certificate in Pension Calculations

Senior

Analyses trends in pensions, their contexts, key drivers and their impact on the direction of pensions

Creates value by identifying new pensions markets opportunities and/or improving the efficiency of pensions products and services

Evaluates the relevance and application of latest developments in pensions to enhance product and service provision

Relevant qualifications:

Strategic

Forecasts pensions trends that align with strategic objectives and priorities and evaluates their impact nationally and internationally

Evaluates the extent to which a culture of innovation is embedded within pensions products and services and its impact

Motivates and empowers individuals to innovate and optimise opportunities for enhancing pensions products, services and relationships

Relevant qualifications:

Diploma in Regulated Retirement Advice
Advanced Diploma in Retirement Provision
Certificate in Pension Trusteeship

Managing Product and Service Delivery

Support

Explains various ways of providing pensions support services

Follows working practices and organisational procedures in the delivery of pensions support services and makes practical suggestions for improvement

Keeps to schedules, specifications and quality standards in the delivery of pensions products and services

Relevant qualifications:

Award in Pension Essentials

Supervisor

Supervises the delivery of pensions operational performance objectives

Monitors and reports on operational performance within budgetary constraints

Explains the cost-effectiveness of different methods of delivering pensions products and services

Relevant qualifications:

Manager

Manages the delivery of pensions support services

Analyses the efficiency of the delivery of pensions support services

Recommends actions for improvements to the delivery of pensions support services

Relevant qualifications:

Senior

Evaluates and reports on the efficiency, effectiveness and value for money of pensions support services operations and budgets

Develops operational plans for the delivery of pensions support services

Identifies resource requirements for the delivery of pensions support services by different methods

Relevant qualifications:

Strategic

Develops pensions product and service delivery strategies

Evaluates the effectiveness of alternative pensions product and service delivery models measured against resourcing implications

Identifies opportunities for new and alternative models of pensions products and services that meet strategic objectives

Relevant qualifications:

Benefit Calculation

Support

Processes pensions-related applications in accordance with procedures and makes practical suggestions for improvement

Resolves discrepancies in information provided in accordance with procedures

Creates and maintains accurate records in accordance with organisational and legislative requirements

Relevant qualifications:

Award in Pension Essentials

Supervisor

Makes accurate calculations, taking all relevant factors into account to quote benefits and make payments accurately in a range of circumstances

Authorizes calculations made by others and resolves inconsistencies and discrepancies

Supervises workflows and ensures that helpdesk services are delivered to agreed standards

Relevant qualifications:

Manager

Specifies unequivocally mutual obligations, services, costs, constraints, performance and reporting requirements

Manages workflows and monitors controls to agreed standards and takes appropriate action

Provides proportionate reports against critical service metrics on the value delivered to stakeholders

Relevant qualifications:

Senior

Assesses the adequacy of scheme governance arrangements and proposes improvements that meet overall organisational governance requirements

Evaluates the scope and effectiveness of an organisation’s pensions offering, its pensions administration system and processes

Assesses the implications of changes to an organisation’s pensions and administration system and processes

Relevant qualifications:

Strategic

Evaluates the actual and potential scope and contribution of pensions to national and international financial markets

Anticipates cutting edge thinking and developments in pensions and formulates strategies for optimizing their potential

Influences national and international developments in pensions

Relevant qualifications:

Regulated Retirement Advice

Support

Gathers and collates information as directed

Resolves discrepancies in information in accordance with procedures

Creates and maintains accurate records in accordance with organisational and legislative requirements

Relevant qualifications:

Certificate in Pension Scheme Member Guidance

Supervisor

Carries out analyses of information in accordance with accepted industry and regulatory practice

Shortlists products and services that match clients’ specified requirements

Ensures that all information to be provided to clients meets regulatory compliance requirements

Relevant qualifications:

Certificate in Pension Scheme Member Guidance
Diploma in Professional Financial Advice

Manager

Ensures that everyone involved in the collection, collation and analysis of information complies with organisational and legislative requirements

Provides training and support to ensure that all staff meet organisational and legislative requirements

Provides proportionate internal reports against critical service metrics on the value delivered to stakeholders

Relevant qualifications:

Diploma in Professional Financial Advice

Senior

Validates the conclusions drawn from the analysis of information provided

Recommends to clients the products and services that best meet their retirement objectives

Provides objective advice on pensions-related products and services

Relevant qualifications:

Diploma in Regulated Retirement Advice
Certificate in Pension Trusteeship

Strategic

Evaluates the performance and interdependencies of a wide range of assets and validates the conclusions drawn from the analysis of information provided on high net worth and corporate clients

Recommends to high net worth and corporate clients the products and services that best meet their retirement objectives

Provides objective advice on pensions-related products and services in context of high net worth and corporate clients’ portfolio

Relevant qualifications:

Investment Portfolio Management

Support

Gathers and collates information as directed

Explains the legislative, statutory and regulatory requirements relating to an investment portfolio

Creates and maintains accurate records in accordance with organisational and legislative requirements

Relevant qualifications:

Certificate in Pension Scheme Member Guidance

Supervisor

Carries out analyses of information in accordance with required and/or accepted industry and regulatory practice

Provides accurate and timely investment-related information to management and clients

Authorizes financial transactions for the purchase and disposal of assets in accordance with investment management agreements

Relevant qualifications:

Certificate in Pension Scheme Member Guidance

Manager

Prepares investment portfolios that meets clients’ objectives, needs and priorities from accurate risk profiles of individual investments

Monitors and reports on the performance of an investment portfolio

Analyses the performance of and re-structures or re-balances an investment portfolio that better optimises clients’ assets

Relevant qualifications:

Diploma in Professional Financial Advice

Senior

Implements an investment strategy in a way that optimises all assets with due regard to applicable risk parameters

Evaluates the performance of an investment strategy

Implements changes to an investment strategy that optimise the potential benefits of the performance of a fund

Relevant qualifications:

Strategic

Set strategic objectives for an investment strategy that meet agreed investment criteria set out in the applicable mandate for that appointment

Influences the development of an investment strategy to ensure its fitness for purpose, coherence with strategic objectives and legislative requirements

Evaluates the impact of macro and micro economic policies on an investment strategy and implements changes as necessary in line with the mandate

Relevant qualifications:

Diploma in Regulated Retirement Advice
Advanced Diploma in Retirement Provision
Certificate in Pension Trusteeship

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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