UK - Average salary increases for pension staff fell from 8.5% in 2002 to 5.9% this year, a survey by Remuneration Economics shows.
And comparative pay levels between men and women were found to show a disparity even at many of the more junior level positions where females are in the majority.
The report – The Survey of Pensions Managers, Consultants and Administrators 2003 – found median total earnings for a senior function head now stand at £92,310 for men and £91,345 for women.
On a more junior level, total earnings for a trainee now stand at £14,001 for men and £14,250 for women.
The survey also found that although women are represented strongly in the pensions industry, few reach the very senior posts – only 24.1% of senior function heads were female.
Resignation rates among pension staff fell from 14% in 2002 to 7.7% this year. The number of companies reporting retention problems also fell dramatically.
Recruitment firm Branwell Ford Associates believes there are several reasons why the rate of salary increases is falling and retention rates are rising.
Director Christine Brannigan said there had been an influx of staff over the past year – including some pensions review staff who have often been retrained to fill junior to mid pensions administration positions.
And she added that firms were tightening their control on hiring pensions staff so, with fewer positions available, staff retention was improving.
The Remuneration Economics survey of pension managers, consultants and administrators is based on data of 2699 individuals, employed within 53 companies.
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