UK - Demand for senior pension management staff is falling as dire economic conditions eat into company budgets.
And salaries for pension professionals in corporate schemes are static with few people seeing any of the big increases that were achieved just one or two years ago, recruitment specialists say.
Branwell Ford Associates director Helen Caldwell points out there are more quality candidates on the market than there are vacancies. “It has definitely shifted away from a candidate-driven market.”
She added: “Clients are not recruiting on mass as much as they were – certainly on the administration side. Now it is more specific and more targeted skills they are looking for.”
Darwin Rhodes life and pensions director Michael Lixenberg blamed the “stagnation in the stock market” for the downturn in jobs for senior pensions staff.
“The market has certainly tightened significantly because of general economic climate and the well reported pensions crisis.” He said this had caused many firms to reevaluate the running of their pensions departments.
Lixenberg also said many schemes and employees were putting decisions off until after the government’s proposals on pensions reform have been clarified.
Lixenberg added that salaries were falling among semi-experienced administration staff.
“Not so long ago corporate pensions administrators with one or two years’ experience were earning salaries beyond £20,000 – that is certainly not the case at the moment.”
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.