A pension consultant could work for a placement agent like First Avenue is a person who is able to provide advice and information to companies and organizations to ensure that the retirement benefits they provide their employees are optimum. They are able to review the pension provisions currently provided by an organization and appraise these relative to the organization’s expectations, and then put forward proposals and recommendations for consideration.
A pension consultant would need to understand pension legislation very well and have a thorough knowledge of the various instruments available in the financial services world, and give advice on which the best forms of retirement provision are with a candid comparison of these options.
Thereafter, a pension consultant may well be involved in the implementation of pension plans and act as an intermediary between the organization and the pension provider.
Group benefits consultancies and pension specialist companies would employ Pension Consultants, but alternatively many could work for Life Insurance Companies and other financial services providers. The position carries a great deal of responsibility as large numbers of employees and their families future financial security could depend on the judgement and expertise of a pension consultant.
A Pension Consultants activities would typically include many of the following:
Doing research in financial markets to be able to give advice on best products and the performance of investment funds.
Providing a client with recommended options and choices to implement.
Explaining the complexities of the different schemes and helping to assess their relative merits.
Overseeing the day-to-day administration of an implemented pension scheme.
Reviewing from time to time the rules of pension funds in order to ensure that they meet the current needs of the client organization.
Submitting regular reports to directors and pension managers on the performance of investment products and funds.
Providing a conduit of information between fund managers, employee representatives, accountants, actuaries and other professionals.
Making sure that individual members of schemes receive regular statements of their benefits.
Helping a client employer communicate with employees to promote the benefits of the retirement plan and ensure that they are perceived as valuable.
Study changes in pension legislation, stay abreast of the latest developments and maintain continual communication with clients in respect of any changes that become appropriate.
Ensure that fees and commissions received by the consultant do not at any time, provide a conflict of interests and prejudice the clients in any way.
A Pensions Consultant will also often be required to give advice to individual employees in an organization and they would need to be able to give individual help with decisions on mortgages, employee benefits and life assurance.
A Pension Consultant has the responsibility of a fiduciary and must at all times be seen as providing best practices and upholding the highest standards on behalf of the client.