Most commonly reported Work Activities

• Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
• Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
• Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
• Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
• Communicating with Persons Outside Organisation Communicating with people outside the organisation, representing the organisation to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
• Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
• Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
• Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
• Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

The Work

People who want to have a pension in retirement (as well as the one provided by the State) regularly pay sums of money, known as contributions, into a pension fund or scheme. Employers may make additional contributions. The total amount is invested, and the profits made eventually provide the money to pay out the pension. Pension fund managers establish and manage such pension schemes for private and public sector employees. Managing a fund involves investing the contributions in the best way possible to ensure that when employees retire, the money required to provide pension payments is available.  
 
The overall responsibility for the fund is the pension fund manager's, but an investment manager usually deals with the actual mechanics of investment. The managers can either be part of the same organisation or be hired as consultants. Pension fund managers are responsible for maintaining close liaison with these specialists.  
 
Pension fund managers oversee portfolios of investments and are responsible for deciding the combination of shares, government stock and property to be bought. Since such large sums are involved, fund managers' decisions can have implications for the economy.  
 
Managing a pension fund involves making sure that legal and taxation requirements are met. Pension fund managers should also ensure employers and employees know about the benefits and obligations of the scheme. They also see that the collection of contributions and payment of benefits operates smoothly.  
 
Pension fund managers have an important policy-making role in helping to set up a company pension fund and the employee benefit package. They spend much of their time liaising with stockbrokers, analysts, tax inspectors, personnel managers, trade union representatives, lawyers and government officials.

Most commonly reported Work Tasks

• Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
• Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
• Manage client portfolios, keeping client plans up-to-date.
• Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.
• Analyse financial information obtained from clients to determine strategies for meeting clients' financial objectives.
• Answer clients' questions about the purposes and details of financial plans and strategies.
• Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
• Contact clients periodically to determine any changes in their financial status.
• Investigate available investment opportunities to determine compatibility with client financial plans.
• Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.

This occupation is typically suited for people with the following Career Interests:

Enterprising

Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.

Administrative

Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.

They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.

Many people who start training as pension fund managers are graduates. People develop their skill,knowledge and qualifications to apply for registion with the Irish Institute of Pensions Managers (IIPM).  
 
Pension fund managers often work towards the examinations of the IIPM (run in association with the Pensions Management Institute). Subjects studied include the different kinds of pension scheme, taxation and investment. Developing the skills to advise on Pensions, Life Assurance, & Savings & Investments.  

Training & Development Pathways

Training can also help you progress and there are both undergraduate and postgraduate courses in business and management which can support you in your career.

FET Centre Traineeship: Business Admin, Customer service, Management in centres around Ireland NFQ Level 5-6 Search FET Courses

FET PLC Courses: Business Management, Sales, Marketing, Commerce, Law, and Accounting courses around Ireland at NFQ Levels 5-6 Search FET PLC Courses

Apprenticeship: Accounting, Financial services, Insurance Apprenticeships at NFQ levels 6-8 Search Apprenticeships

Higher Education CAO Entry: Business, Commerce, Economics, Maths & Statistics, Law, Accounts & Finance at NFQ Levels 6-8 Search CAO courses

Professional Organisations Training or networking events:

Postgraduate Study Options Sales, Business, Accounts, Management, Financial advice NFQ level 9

International Financial Services Skillnet Network 

Irish Institute of Pensions Managers (IIPM)

Financial Services Union

The 30% club: Growth Through Diversity 

Last Updated: April, 2023

Salary Range (thousands per year)* €45k - €90k

Salaries vary based on employer, location, experience, duties, and role.

Data Source(s):
CPL/ Morgan McKinley / Sigmar/ Lincoln/ Indeed

Last Updated: July, 2024

* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.

View Salary information from Indeed.ie
Note: data not aways available

This information has been derived from the Solas National Skills Bulletin (2023).

Financial administration roles accounted for the largest occupation in this group. Employment declined marginally between 2021 and 2022, although the annual average employment growth rate over the five-year period was slightly above the national average. Despite the fall in employment, there was a high volume of recent job hires indicating that job churn is a feature of this occupation. Almost three quarters of those employed in these roles were female, and 62% held third-level qualifications.

Approximately two-fifths of persons employed were in the financial sector, with the remainder spread across most other sectors. The number of online job adverts grew strongly (nearly 12%) in 2022 driven entirely by increases for book-keepers/payroll managers etc. Difficult-to-fill vacancies (noted in the Recruitment Agency Survey and the Skills for Growth data) related to accounts administration (payable/receivable) staff, fund accountants, and credit controllers (some with languages) and payroll administration; skills in particular demand included digital skills and knowledge of accounting systems. For such a large occupation, and with a high level of job churn, demand for these roles is likely to continue in the short to medium term.

• Irish Association of Pension Funds

  • Suite 2, Slane House, 25 Lower Mount St., Dublin 2.
  • (01) 6612427
  • [email protected]
  • Click Here

• Irish Institute of Pensions Managers

  • Insurance House, 39 Molesworth St, Dublin 2
  • 01 645 6600
  • [email protected]
  • Click Here