Skills & Competencies for Pension Administrator

Pension Administrator job profile

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JOB SUMMARY for Pension Administrator

Responsible for the administration of retirement plans.

JOB RESPONSIBILITIES for Pension Administrator

Maintains plan records and ensures compliance with federal regulations. Communicates with customers and assists with plan design and benefit distributions.

Pension Administrator SALARY RANGE

BASE 50%
$65,702
TOTAL 50%
$67,795
Job Level
P02
Job Code
FA06000574
Education/Degree
Bachelor's Degree
Reports To
Manager

Pension Administrator Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Pension Administrator skill and competencie below to view definitions.
INDUSTRY COMPETENCIES JOB FAMILY COMPETENCIES CORE COMPETENCIES
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6 hard skills or competencies (industry competencies) for Pension Administrator

1 Industry Competency – Insurance Industry
Proficiency Level -2
Skill definition-Applying knowledge of the insurance industry to provide risk management services and protection to various individuals from financial loss.
Level 1 Behaviors
(General Familiarity)
Cites different types of insurance policies and describes the advantages and disadvantages of each.
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Level 2 Behaviors
(Light Experience)
Compiles insurance quotes based on customer information and rates for insurance policies.
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Level 3 Behaviors
(Moderate Experience)
Applies risk management techniques to minimize financial impacts in insurance services.
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Level 4 Behaviors
(Extensive Experience)
Contributes to the development of insurance risk mitigation strategies to drive process improvements.
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Level 5 Behaviors
(Mastery)
Builds claim roadmaps and substantiation plans in compliance with insurance risk management practices.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -2
Skill definition-Creating, executing, and adhering to state and federal laws governing insurance operations to ensure financial security and consumer protection.
Level 1 Behaviors
(General Familiarity)
Cites examples of the legal principles of insurance applicable to multiple types of insurance products.
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Level 2 Behaviors
(Light Experience)
Assists in assessing regulatory risks to ensure insurance operations meet compliance and regulatory obligations.
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Level 3 Behaviors
(Moderate Experience)
Adopts legal and regulatory initiatives to assess possible risks and maintain insurance solvency.
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Level 4 Behaviors
(Extensive Experience)
Directs the regulation of insurance products to ensure insurance policy provisions comply with state laws.
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Level 5 Behaviors
(Mastery)
Builds policy and regulatory tools to monitor and assess compliance levels with insurance laws and regulations.
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3 Pension Administrator - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Pension Administrator
Proficiency Level - 4
5 Competency for - Pension Administrator
Proficiency Level - 5

3 general skills or competencies (Job family competencies) for Pension Administrator

1 Job Family Competencies – Customer Relations
Proficiency Level -2
Skill definition-Creating mutually beneficial relationships with customers to improve their overall experience.
Level 1 Behaviors
(General Familiarity)
Cites examples of advantages and disadvantages of customer relationships.
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Level 2 Behaviors
(Light Experience)
Assists in creating customer loyalty programs that fosters customer relations.
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Level 3 Behaviors
(Moderate Experience)
Aligns our values with the customer relationship management framework to create positive interactions.
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Level 4 Behaviors
(Extensive Experience)
Designs and manages programs that promote and maintain collaborative relationships with customers.
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Level 5 Behaviors
(Mastery)
Builds strategic action plans to improve the overall process of customer relationship management.
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2 Job Family Competencies – Accounting
Proficiency Level -2
Skill definition-Creating financial statements and reports based on the summary of financial and business transactions.
Level 1 Behaviors
(General Familiarity)
Assigns accounting documents to proper accounts to ensure accurate financial recordkeeping.
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Level 2 Behaviors
(Light Experience)
Collects forms from new vendors and inputs information into the accounting system.
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Level 3 Behaviors
(Moderate Experience)
Analyzes data to ensure proper accounting procedures have been followed.
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Level 4 Behaviors
(Extensive Experience)
Develops recommendations based on analysis related to the adoption of new accounting standards.
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Level 5 Behaviors
(Mastery)
Builds strong working relationships with business unit accounting teams.
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3 Pension Administrator - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Pension Administrator
Proficiency Level - 4
5 Competency for - Pension Administrator
Proficiency Level - 5

7 soft skills or competencies (core competencies) for Pension Administrator

1 Core Competencies – Standard Operating Procedures (SOP)
Proficiency Level -2
Skill definition-A set of written instructions that describes the step-by-step activities to complete tasks in compliance with business standards and industry regulations.
Level 1 Behaviors
(General Familiarity)
Cites examples of SOP practices in our business operations.
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Level 2 Behaviors
(Light Experience)
Assists in the preparation of internal standard operating procedures (SOP).
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Level 3 Behaviors
(Moderate Experience)
Analyses our business and operations to identify room for improvement on the related standard operating procedures.
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Level 4 Behaviors
(Extensive Experience)
Coaches others on the implementation of SOP to reduce errors and improve quality.
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Level 5 Behaviors
(Mastery)
Builds a monitoring system to evaluate the effectiveness of our SOPs.
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2 Core Competencies – Attention to Detail
Proficiency Level -2
Skill definition-Executing and completing a task with a high level of accuracy.
Level 1 Behaviors
(General Familiarity)
Lists best practices and tools to maintain high accuracy and thoroughness in the workplace.
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Level 2 Behaviors
(Light Experience)
Records all appointments on the calendar to easily track daily activities.
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Level 3 Behaviors
(Moderate Experience)
Sets up processes to ensure delivery of high-quality work.
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Level 4 Behaviors
(Extensive Experience)
Employs techniques for motivating personnel to meet or exceed accuracy goals.
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Level 5 Behaviors
(Mastery)
Leads the creation of tools for enhancing and assuring accuracy.
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3 Pension Administrator - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Pension Administrator
Proficiency Level - 4
5 Competency for - Pension Administrator
Proficiency Level - 5

Summary of Pension Administrator skills and competencies

There are 6 hard skills for Pension Administrator, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
3 general skills for Pension Administrator, Customer Relations, Accounting, Retirement Programs.
7 soft skills for Pension Administrator, Standard Operating Procedures (SOP), Attention to Detail, Time Management, etc.
While the list totals 16 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Pension Administrator, he or she needs to be proficient in Standard Operating Procedures (SOP), be proficient in Attention to Detail, and be proficient in Time Management.

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