What is Pension Administration?

Pension administration is the management and execution of tasks associated with the operation and oversight of pension schemes or plans. This includes handling day-to-day functions such as maintaining member records, processing contributions and benefits, and ensuring accurate and timely payouts to participants and beneficiaries. 

Pension administration involves managing data related to pension schemes, responding to inquiries, and preparing financial reports. Administrators are responsible for setting up benefits, handling transfers, and reconciling financial records. They also play a crucial role in educating plan participants and ensuring compliance with regulatory requirements.