Request and receive money that’s owed to a company or organization.
A pension is the money a person gets when they retire or are laid off from a company. The money comes from both the employer and the employee, and the amount put in by one is usually matched by the other. A pension can be invested in different ways until the employee collects it after leaving the company. When the person needs help figuring out what to do with this money, the Pension Consultant steps in.
There are a few different types of pension plans, like defined benefit versus defined contribution. Add to that the variety of ways they can be invested, and things get really confusing. That’s why people turn to Pension Consultants for help figuring out what to do with their pensions. If you’re a Pension Consultant, you meet with clients, give advice, and fill out paperwork for the necessary investing or insurance purchases they choose to make.
You’re actually a form of Actuary — a professional who looks at risk and decides how to best combat it. You study the risks a person might face as they decide to retire, and help them understand the best ways to avoid or stop those risks. For example, you might advise them to invest with guaranteed rewards so they don’t run the risk of losing everything in a stock market crash. Or you might suggest that they increase the premiums on their health or life insurance so if an emergency happens, they’ll be covered.