Pensions & Benefits Salary Survey

Pensions & Benefits

Salary Survey 2012

Welcome to the 2012 edition of Alexander Lloyd’s salary survey for the Pensions and Benefits sector.

2011 was a challenging year for the Pensions industry, seeing fluctuations in the job market from a slow start to the year, to beginning to pick up in the second half as companies began reconsider their stretched resources and increase these to meet the demands of the business.

Whilst demand has fluctuated, salary levels on the other hand have not, remaining relatively stable with little change from the previous year.

We have however, seen an impact from the increasing amount of regulation within the industry as the demand for diploma qualified candidates remains very high. With the RDR fast approaching in 2012, we anticipate that this will only get stronger and have a

knock on effect on the salaries expected by those who are already in possession of the required qualifications.

The increased focus on candidate qualifications is evidence of the more rigorous approach that has been taken by employers over 2011, and shows no sign of declining during 2012. One consequence has been the increase in contract or interim roles, particularly on a temp to perm basis as employers expand their skill sets accordingly. Also evident has been the increasing focus on developing current talent, promoting within and training those people up into the higher level roles. As a result, there has been a noticeable increase in the demand for Pensions Administrators at the mid and junior levels than in previous years, particularly within the London and South East region.

North

Midlands

London

South

Min £ Max £ Min £ Max £ Min £ Max £ Min £ Max £

Pensions Director £55,000 £100,000+ £55,000 £100,000+ £70,000 £100,000+ £60,000 £100,000+ Head of Pensions £50,000 £80,000 £50,000 £85,000 £60,000 £100,000+ £50,000 £100,000+

Pensions Manager £35,000 £55,000 £35,000 £55,000 £45,000 £80,000 £40,000 £60,000

Pensions Project Manager £30,000 £45,000 £30,000 £45,000 £40,000 £55,000 £30,000 £50,000 Pensions Assistant Manager £35,000 £40,000 £35,000 £40,000 £35,000 £50,000 £30,000 £45,000 Senior Pensions Consultant £40,000 £55,000 £40,000 £55,000 £45,000 £80,000 £45,000 £60,000 Pensions Consultant £30,000 £42,000 £30,000 £45,000 £35,000 £50,000 £35,000 £45,000

Pensions Analyst £25,000 £36,000 £25,000 £36,000 £30,000 £45,000 £25,000 £40,000

Pensions Team Leader £30,000 £35,000 £30,000 £35,000 £30,000 £45,000 £38,000 £40,000 Senior Pensions Administrator £23,000 £29,000 £23,000 £30,000 £25,000 £35,000 £24,000 £32,000 Pensions Administrator £17,000 £23,000 £17,000 £23,000 £19,000 £25,000 £18,000 £24,000 Assistant Pensions Administrator £13,000 £17,000 £13,000 £17,000 £16,000 £19,000 £15,000 £18,000

North

Midlands

London

South

Min £ Max £ Min £ Max £ Min £ Max £ Min £ Max £

Group Risk Director £70,000 £100,000+ £70,000 £100,000+ £80,000 £100,000+ £75,000 £100,000+

Head of Group Risk £45,000 £75,000 £45,000 £75,000 £55,000 £95,000 £50,000 £85,000

Goup Risk Manager £35,000 £58,000 £35,000 £58,000 £45,000 £70,000 £40,000 £62,000

Group Risk Analyst £20,000 £35,000 £20,000 £35,000 £25,000 £40,000 £23,000 £38,000

Group Risk Consultant £28,000 £42,000 £28,000 £42,000 £35,000 £55,000 £30,000 £45,000

Group Risk Support £17,000 £28,000 £17,000 £28,000 £20,000 £35,000 £18,000 £30,000

Senior Underwriter £35,000 £55,000 £35,000 £45,000 £45,000 £75,000 £38,000 £60,000 Underwriter £22,000 £37,000 £22,000 £37,000 £30,000 £45,000 £25,000 £40,000 Healthcare Director £70,000 £100,000+ £70,000 £100,000+ £80,000 £100,000+ £75,000 £100,000+ Head of Healthcare £45,000 £75,000 £45,000 £75,000 £55,000 £95,000 £50,000 £85,000 Heathcare Manager £35,000 £58,000 £35,000 £58,000 £45,000 £70,000 £40,000 £62,000 Healthcare Analyst £20,000 £35,000 £20,000 £35,000 £25,000 £40,000 £23,000 £38,000 Healthcare Consultant £28,000 £42,000 £28,000 £42,000 £35,000 £55,000 £30,000 £45,000 Healthcare Support £17,000 £28,000 £17,000 £28,000 £20,000 £35,000 £18,000 £30,000

Whilst the rest of the industry becomes increasingly focused on regulated qualifications, Group Risk has yet to follow in its footsteps. The GR1 is considered advantageous for those who are driving their career forward, but not demanded by employers across the board as product knowledge is considered the paramount skill set.

As a result it tends to have minimal impact on the salaries that are on offer within the market. Whether the GR2 does go ahead still remains to be seen along with any subsequent impact on salary levels. Salary levels for the Benefits sector have remained relatively stable over the previous year. It is anticipated that the industry will see an

increase in salaries during 2012 and on into 2013 as companies begin to feel more confident.

Benefits professionals continue to receive robust all round remuneration packages, consisting of bonuses, primarily provided on a discretionary basis that are directly performance related, alongside pensions, life and flexible packages.

Senior level positions also commonly see the provision of a company car included as part of their package.

North

Midlands

London

South

Min £ Max £ Min £ Max £ Min £ Max £ Min £ Max £

Employee Benefits Director £70,000 £100,000+ £70,000 £100,000+ £80,000 £100,000+ £75,000 £100,000+ Head of Employee Benefits £45,000 £75,000 £45,000 £75,000 £55,000 £95,000 £50,000 £85,000 Employee Benefits Manager £35,000 £58,000 £35,000 £58,000 £45,000 £70,000 £40,000 £62,000 Employee Benefits Analyst £20,000 £35,000 £20,000 £35,000 £25,000 £40,000 £23,000 £38,000 Employee Benefits Consultant £28,000 £42,000 £28,000 £42,000 £35,000 £55,000 £30,000 £45,000 Employee Benefits Support £20,000 £30,000 £20,000 £30,000 £25,000 £30,000 £22,000 £32,000

Flexible Benefits Director £70,000 £100,000+ £70,000 £100,000+ £80,000 £100,000+ £75,000 £100,000+ Head of Flexible Benefits £45,000 £75,000 £45,000 £75,000 £55,000 £95,000 £50,000 £80,000 Flexible Benefits Manager £40,000 £60,000 £40,000 £60,000 £50,000 £70,000 £45,000 £65,000 Flexible Benefits Consultant £30,000 £45,000 £30,000 £45,000 £40,000 £60,000 £35,000 £50,000 Flexible Beneits Analyst £20,000 £35,000 £20,000 £30,000 £25,000 £40,000 £23,000 £38,000 Flexible Benefits Support £20,000 £30,000 £20,000 £30,000 £25,000 £35,000 £22,000 £32,000

[Alexander Lloyd] select the right candidate for the right job.

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Career placement is a people business and that is the essence of Alexander Lloyd’s success.

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They understand my requirements

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North

Midlands

London

South

Min £ Max £ Min £ Max £ Min £ Max £ Min £ Max £

Financial Advisor £35,000 £60,000 £35,000 £60,000 £60,000 £100,000+ £40,000 £100,000+

Paraplanner £26,000 £35,000 £26,000 £35,000 £30,000 £45,000 £30,000 £40,000

Sales Support Manager £30,000 £40,000 £30,000 £40,000 £35,000 £50,000 £32,000 £45,000

Sales Support £17,000 £24,000 £17,000 £24,000 £23,000 £30,000 £18,000 £25,000

There doesn’t appear to have been a drop in the number of Independent Financial Advisors that were recruiting in 2011 and continuing to do so into 2012. So whilst there is demand within the sector, it is becoming increasingly harder to fulfil as the skill gap is felt more acutely thanks to the Diploma deadline later this year.

Consequently, the salaries that are on offer to qualified IFAs are increasing, as are the instances of counter offers as employers seek to retain the talent that they already have. Whilst retaining their qualified IFAs there has also been a big push from employers to put their current unqualified employees through the Diploma, which despite placing strain on

The data presented in this survey has been sourced from the analysis of vacancies placed with Alexander Lloyd during the period of 12 calendar months beginning January 2011 and ending January 2012. A salary range for each role has been stipulated relevant to geographic areas. Additional influencing factors including but not limited to the size of the company and departments have not been accounted for in this data.

To receive tailored advice for your specific business case, contact the expert Pensions and Benefits division on 01293 572900.

IFAs

training budgets in challenging times, many could ill-afford not to do.

Sales Support employees on the other hand have seen little in the way of salary increase over 2011. The previous decline in recruiting sales support staff has picked up to a small degree, but has yet to recover to pre-recession levels, limiting increases.

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About Us

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Alexander Lloyd has an exceptional reputation for providing the highest quality service and placing individuals into the right roles. A specialist niche consultancy, our specialists within the Financial Services markets provide a tailored, personal service for both permanent and interim soutions.

Based in West Sussex, our geographical focus lays primarily in the South East and London, although we do offer national solutions for clients who require a specialised service on a national scale. The people we specialise in providing include:

Pensions: Defined Benefit / Contributions, SIPP, SSAS, Group Personal Pensions, •

Stakeholder, TPA, Provider / Insurance, In-house Consultancy IFA’s: Private, Corporate, Own Client Bank, Self Employed •

Group Risk: CI, IP, PHI, Life Assurance / Group Life •

Healthcare: Private Medical (PMI), Absence Management •

Employee Benefits: GR, Health, Pensions •

Flexible Benefits •

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115 High Street Crawley West Sussex RH10 1FY

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