Employers are failing to specify suitability or cyber security skills when hiring new pension managers according to analysis by Independent Governance Group.
The professional pensions trustees analysed the relevant skills and experience employers seek when advertising pensions manager positions across the private public and third sectors.
Its analysis found that across the 40 advertised roles more than 158 skill requirements were listed. It says these requirements break down into nine key areas to make up the ideal in-house hire. Not surprisingly pensions, human resources and benefits experience was the most widely sought requirement, but this was followed by communication and interpersonal skills — ahead of financial expertise, technical proficiently and legal and compliance skills.
However, IGG’s findings also uncovered a number of surprising blind spots in the positioning of job opportunities.
Across all these roles studies, not one vacancy referenced ESG or sustainability as a priority or consideration for candidates. Only one advertised role, for an employer in the energy sector, included any mention of sustainable business practices.
This comes at a time when sustainability is high on the agenda of regulators. TPR recently issued the first climate change reporting fine for a scheme which failed to publish a report on management and governance of climate-related risks and opportunities, owing to an administrative error.
Only two roles mentioned cyber security while three mentioned data protection. This comes despite high profile warnings from The Pensions Regulator (TPR) that schemes must have robust cyber security and business continuity policies in place.
While fostering inclusivity was among the most common skill requirements listed, only one advertisement – from a public service provider – mentioned the employer’s own commitment to equality, diversity and inclusion in the workplace.
IGG head of outsourced governance services Clare Kember says: “Our skills audit shines a light on the varied skills and capabilities that are required of the modern pensions manager.
“A capable and high-performing pensions manager is central to the success of any well-run scheme – ensuring it operates efficiently with high standards of governance and effective communications between companies and trustees.”
She adds: “At the same time, in-house employees are expected to juggle a multitude of tasks in a highly complex landscape. The last six months have shown regulatory change and reporting requirements are liable to come from multiple directions at once.
“It is vital firms keep up with emerging requirements for specialist skillsets in areas such as sustainability and cyber-security. Employers also have to ensure the people tasked with these responsibilities have sufficient support and bandwidth to prioritise their responsibilities to their pension scheme.”
