Certificate in Pensions Administration

The certificate in pensions administration has been developed with pension practitioners to ensure that it meets the needs of the industry. It provides a clear opportunity for students to develop and demonstrate their knowledge, understanding and application of job roles in the pension industry. 

Given the recent legislative changes impacting on pensions, including automatic enrolment, there is more of a requirement than ever for businesses to ensure that their employees are equipped with the necessary pensions knowledge and practical skills to ensure that this crucial process is carried out accurately and efficiently. 

Errors in pensions administration can be extremely costly, with fines for non-compliance in relation to automatic enrolment being as much as £10,000 a day. By providing payroll and pension staff with the relevant training, businesses can ultimately save themselves a lot of money.

Who is this certificate aimed at?

This certificate is aimed at both the public and the private sector and is an excellent entry level qualification for:

• Payroll professionals who are responsible for administration relating to automatic enrolment
• Pensions administrators who wish to achieve a formal qualification
• Those new to the pensions arena who require training on pension schemes and how to administer them

What will I learn?

• Improved knowledge and confidence in your role
• Greater understanding of how pensions schemes should be administered to comply with legislation
• Reduced risks of compliance penalties, especially in relation to automatic enrolment
• Work-based assignments which will allow you to apply what you are learning in your day to day role, benefitting both you and your organisation

Course content

• The Certificate in Pensions Administration is a nine-month level 3 course.
• There are 6 assignments and 1 exam. Course material will be available online and the recommended study time per week is 8-10 hours. There is one module review day and one revision session per module, these are live sessions conducted online.
• Please be advised you will need to attend an exam centre for your exam.

This certificate is split into seven modules:

Overview of UK pension schemes

• The different schemes available; e.g. occupational pensions schemes, defined benefit schemes, defined contribution schemes
• The role of HMRC, the Department for Work and Pensions and The Pensions Regulator
• Annual reporting requirements

Providing pension scheme information

• Criteria for membership
• Providing information to members where their changing circumstances can impact on their potential pension benefits/rights; e.g. eligible job holders, non-eligible jobholders and entitled workers and the factors which may change which of these an individual belongs to

Creating and maintaining pension scheme member records

• Understanding the scheme rules and organisational procedures
• Completing the new member process within the required dates; the impact of the dates on opting out of the scheme and when to use
• Postponement for automatic enrolment
• Investigating and resolving discrepancies

Transferring into and out of pension schemes

• Understand the regulations and requirements relating to transfers
• Data verification
• Calculating and communicating transfers

Amend pension records to reflect a member’s change of circumstances

• Leaving the scheme before retirement
• Understand when pensions benefits may become payable other than for retirement
• Interpret the scheme and regulatory rules to determine the type of benefit payable in the event of a member’s death:
• In service
• While receiving pension payments
• After a divorce
• Calculating and communicating pensions benefits

Payment of scheme benefits to pensioners

• Understand the scheme and regulatory rules relating to the calculations and processes involved in processing a pensioner payroll
• Determining continued payment of pensions benefits

Working as a member of the pensions team

• Communication skills
• Customer service skills and expectations