Pensions Awareness Week: Is the Industry Doing Enough to Attract Its Next Generation of Talent?

Pensions Awareness Week is an opportunity to consider how the industry can attract, develop and retain the next generation of pensions professionals.

Pensions Awareness Week is traditionally focused on helping people understand their retirement savings and plan for the future. It encourages individuals to take a closer look at their pensions, understand their options and consider whether they are on track for retirement.

However, there is another important conversation for the pensions industry to have: how do we attract the next generation of talent needed to support the future of retirement provision?

The pensions sector depends on skilled professionals to administer schemes, advise employers and trustees, manage risk, interpret legislation, improve technology and communicate with members. Without the right people and expertise, the industry cannot continue to meet the changing needs of savers and retirees.

For many people outside the industry, pensions may not immediately appear to offer a wide range of career opportunities. The sector can sometimes be associated with technical administration, financial services or complex regulations.

In reality, pensions is a broad and evolving industry.

Career opportunities can include:

• Pensions administration and operations
• Defined benefit and defined contribution consultancy
• Actuarial and actuarial support roles
• Governance, risk and compliance
• Investment and fiduciary management
• Data analysis and technology
• Project and change management
• Client relationship management
• Member communications and engagement

This variety should be part of the conversation when attracting early-career professionals.

The industry offers opportunities for people with analytical, technical, commercial, organisational and communication skills. It also provides the chance to work in a sector with a clear social purpose: helping people prepare for later life.

One of the biggest opportunities for employers is to communicate the purpose behind the work.

Pensions professionals are not simply processing transactions or interpreting legislation. They are helping individuals, employers and trustees navigate decisions that can have a long-term impact on financial wellbeing.

That purpose can be particularly important when engaging younger generations of talent.

People entering the workplace increasingly want to understand how their work contributes to wider society. Employers that can clearly explain the impact of their work may find it easier to create interest in careers that are not always well understood outside the sector.

Pensions Awareness Week provides a natural opportunity to tell those stories.

Attracting future talent also means considering how people enter the profession.

Traditional recruitment routes will remain important, but employers can also look at apprenticeships, graduate programmes, internships, return-to-work opportunities and transferable skills from other industries.

Someone with experience in customer service may have strong communication skills suited to member-facing pensions work. A project coordinator may bring valuable organisational and stakeholder-management experience. A data analyst from another financial services environment may have skills that can be developed further within pensions.

Recruiting for potential, as well as experience, can help widen the talent pool.

Clearer explanations of entry requirements, training opportunities and career progression can also make the industry feel more accessible to people who have not previously considered it.

Attracting new talent is only part of the challenge. Employers also need to create environments where people want to build their careers.

Professional development, mentoring, technical training and opportunities to take on new responsibilities can all contribute to long-term retention.

This is especially important in a specialist industry, where knowledge and experience take time to develop. Experienced professionals hold valuable institutional knowledge, while newer employees bring fresh perspectives, digital skills and different expectations of the workplace.

Creating opportunities for both groups to learn from each other can benefit individuals, employers and the wider industry.

Employers have an important role to play in making pensions careers more visible.

This could include sharing employee stories, highlighting different career paths, attending careers events, partnering with educational organisations and providing insight into the skills used across the sector.

It may also mean reviewing job descriptions and recruitment processes.

Are vacancies written in a way that is accessible to people outside pensions? Are essential and desirable skills clearly separated? Is there room to consider transferable experience? Does the interview process give candidates an opportunity to understand the role and the organisation?

Small changes can make a significant difference to how potential candidates view an opportunity.

For recruitment businesses, employers and experienced professionals across the industry, the future talent conversation is an ongoing responsibility.

At Sammons Pensions Recruitment, we see the value of connecting candidates with opportunities that match their skills, ambitions and potential. We also understand the importance of helping employers attract people who can contribute to their teams over the long term.

That support can include career guidance, CV advice, interview preparation and insight into the pensions recruitment market.

Pensions Awareness Week is a reminder that the future of retirement provision depends on people. By making the industry more visible, accessible and welcoming, we can help encourage the next generation to consider a career in pensions.

If you are considering your next move in the pensions industry, or looking to strengthen your team with specialist talent, Sammons Pensions Recruitment can support you with career guidance, CV advice, interview preparation and recruitment expertise.