National Occupational Standards for Pensions

The FSSC, in conjunction with employers, trade associations and awarding bodies, has developed National Occupational Standards for those working in pensions.

The following suites have now been approved and may be downloaded here.

• Providing advice on savings for retirement
• Pension scheme administration
• Pension trustee board secretaryship
• Trustees of pension funds

Providing advice on savings for retirement

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All Units
SFR 1 - Engage with the customer and establish reasons for seeking advice on savings for retirement
SFR 2 - Establish the customer’s key savings for retirement needs
SFR 3 - Identify ways of meeting savings for retirement needs for the customer to consider
SFR 4 - Identify and agree priorities and options for the customer to enable informed pension choices
SFR 5 - Review and present information to provide advice on savings for retirement
SFR 6 - Refer the customer to further information or advice on savings for retirement

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Pension scheme administration

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All Units
PSA 1 - Collate pension scheme new entrant records
PSA 2 - Process pension scheme new entrant records
PSA 3 - Process pension scheme transfers in
PSA 4 - Process applications for pension scheme additional voluntary contributions
PSA 5 - Process pension scheme early leavers notifications
PSA 6 - Process applications for pension scheme transfers out
PSA 7 - Quote on defined benefit pension scheme retirement benefits
PSA 8 - Process defined benefit pension scheme retirement benefits
PSA 9 - Quote on defined contribution pension scheme retirement benefits
PSA 10 - Process defined contribution pension scheme retirement benefits
PSA 11 - Process pension scheme death benefits
PSA 12 - Process pension sharing and earmarking on divorce
PSA 13 - Dealing with pension scheme complaints and disputes
PSA 14 - Provide information on request from a pension scheme member or member’s representative
PSA 15 - Maintain pension scheme records using periodic updating processes
PSA 16 - Provide periodic pension scheme information to relevant parties
PSA 17 - Respond to pension scheme enquiries
PSA 18 - Maintaining Employee Records (AOSG 71)
PSA 19 - Managing the Payroll Function (AOSG 74)
PSA 20 - Process customers’ financial transactions (FSSC CP1)
PSA 21 - Assess and use financial information to reconcile accounts (FSSC CP2)
PSA 22 - Operate credit control procedures (FSSC CP3)
PSA 23 - Prepare and pursue statements of account for financial products and services (FSSC CP4)
PSA 24 - Operate payment by direct debit (FSSC CP5)
PSA 25 - Provide customers with information about products and services in a financial services environment (FSSC CS1)
PSA 26 - Deliver reliable customer service (ICS 21 and FSSC CS2)
PSA 27 - Resolve customer service problems (ICS 31 and FSSC CS3)
PSA 28 - Organise the delivery of reliable customer service (ICS 25 and FSSC CS4)
PSA 29 - Plan, organise and control customer service operations (ICS 28 and FSSC CS5)
PSA 30 - Provide callers with specialised assistance in a financial services environment (FSSC CS6)
PSA 31 - Improve the customer relationship (ICS 26 and FSSC CS7)
PSA 32 - Allocate and monitor progress and quality of work in your area of responsibility (MSC D6 and FSSC LM4)
PSA 33 - Deal with customers by telephone (ICS 17 and FSSC CS9)
PSA 34 - Develop yourself to improve and maintain workplace competence in a financial services environment (FSSC CC1)
PSA 35 - Plan and organise your work in a financial services environment (FSSC CC2)
PSA 36 - Develop productive working relationships in a financial services environment (FSSC CC3)
PSA 37 - Ensure your own compliance with financial services regulation (FSSC CC4)
PSA 38 - Prepare and present investment market information to investors (FSSC IA1)
PSA 39 - Measure the performance of investments (FSSC IA6)
PSA 40 - Supervise investment administration systems and processes (FSSC IA8)
PSA 41 - Provide learning opportunities for colleagues (MSC D7 and FSSC LM1)
PSA 42 - Provide leadership for your team (MSC B5 and FSSC LM2)
PSA 43 - Manage finance for your area of responsibility (MSC E2 and FSSC LM3)
PSA 44 - Recruit, select and retain colleagues (MSC D3 and FSSC LM5)
PSA 45 - Provide leadership in your area of responsibility (MSC B6 and FSSC LM6)
PSA 46 - Ensure compliance with legal, regulatory, ethical and social requirements (MSC B8 and FSSC LM7)

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Pension trustee board secretaryship

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All Units
PTS 1 - Contribute to the effective functioning of the Board of Trustees
PTS 2 - Contribute to the pension fund’s strategy and structure
PTS 3 - Provide secretarial services at Trustee meetings
PTS 4 - Draft and maintain a Trustee manual
PTS 5 - Co-ordinate communication and liaison between relevant parties
PTS 6 - Manage and monitor contracts
PTS 7 - Advise Trustees

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Trustees of pension funds

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All Units
PST 1 - Stewardship and oversight – meetings and decisions
PST 2 - Stewardship and oversight – administration and control
PST 3 - Stewardship and oversight – relations with sponsoring employer
PST 4 - Stewardship and oversight – professional advice
PST 5 - Stewardship and oversight – communication with members
PST 6 - Integrity and care – act with integrity
PST 7 - Integrity and care – act with care and apply personal strengths and skills to the role
PST 8 - Integrity and care – responsibility for personal development
PST 9 - Funding for Defined Benefit schemes – setting a framework
PST 10 - Funding for Defined Benefit schemes – funding considerations
PST 11 - Funding for Defined Benefit schemes – additional considerations relating specifically to statutory valuation
PST 12 - Funding for Defined Benefit schemes – responding to exceptional circumstances
PST 13 - Investment strategy for both Defined Benefit and Defined Contribution schemes
PST 14 - Investment selection and delegation to fund managers for both Defined Benefit and Defined Contribution schemes
PST 15 - Investment in alternative asset classes Defined Benefit schemes
PST 16 - Investment aspects of Defined Contribution arrangements
PST 17 - Acting as chair of the board or of a sub-committee
PST 18 - Acting as chair of the board or of a sub-committee – relations with sponsors and professional advisers

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