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)
Explains the policy conditions of various insurance contracts and products.
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Level 2 Behaviors
(Light Experience)
Provides prompt responses to clients’ insurance-related questions and concerns.
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Level 3 Behaviors
(Moderate Experience)
Reviews and analyzes claim applications to determine coverage eligibility and rates.
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Level 4 Behaviors
(Extensive Experience)
Monitors market trends in insurance services to deliver improved business impacts.
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Level 5 Behaviors
(Mastery)
Establishes and enforces standards for handling claims to maximize insurance workflow efficiency.
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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)
Discusses the importance of insurance regulations in protecting clients' financial security and assets.
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Level 2 Behaviors
(Light Experience)
Gathers and interprets policy contracts to understand insurance legal and regulatory standards.
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Level 3 Behaviors
(Moderate Experience)
Maintains financial and market regulation to validate insurance's accounting methods and procedures.
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Level 4 Behaviors
(Extensive Experience)
Sets guidelines to promote fairness and transparency in financial markets in providing insurance products.
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Level 5 Behaviors
(Mastery)
Develops compliance and risk management standards to manage overall insurance legal and regulatory environment.
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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)
Explains the process of creating and maintaining customer relationships.
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Level 2 Behaviors
(Light Experience)
Selects appropriate resources to understand customer behavior and create good relations.
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Level 3 Behaviors
(Moderate Experience)
Maintains a high level of engagement with key customers to grow our customer base.
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Level 4 Behaviors
(Extensive Experience)
Plans customer engagement activities to create value in all interactions and increase loyalty.
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Level 5 Behaviors
(Mastery)
Forecasts trends in customer relationship management to adapt our strategies with customer behaviors.
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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)
Explains the basic concepts and major terminology of accounting.
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Level 2 Behaviors
(Light Experience)
Gathers accounting data and information required to generate various department reports.
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Level 3 Behaviors
(Moderate Experience)
Maintains consistency of accounts payable functions with sound accounting principles.
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Level 4 Behaviors
(Extensive Experience)
Leads the development of an accounting system to manage financial records and other information.
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Level 5 Behaviors
(Mastery)
Improves accounting procedures by analyzing current processes and adopting advanced methods.
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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)
Identifies our internal and external sources for the SOPs we need.
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Level 2 Behaviors
(Light Experience)
Participates in the implementation of new SOPs and enhancement of existing ones.
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Level 3 Behaviors
(Moderate Experience)
Maintains the accuracy of SOPs to provide consistent guidance in our workplace.
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Level 4 Behaviors
(Extensive Experience)
Leverages the use of SOPs to solve business and operation problems.
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Level 5 Behaviors
(Mastery)
Keeps abreast of industry regulation and its effect on our internal 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)
Uses checklists to ensure that information goes out error-free.
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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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