2023 Pensions Salary Guide

Pensions Salary Guide 2023 – UK

Pensions Salary Guide 2023 – 

The pensions industry is a vital part of the financial sector, providing individuals with the opportunity to plan for their retirement and secure their financial future. As such, the industry is home to a wide range of professionals, from Pensions Administrators to Executive Directors and Board Directors/Trustees, all with different and unique compensation packages.

The article below is based on the findings from our 2023 annual salary guide. In the guide we provide compensation data for 34 different roles within the pensions industry. We give up to date information for both base salaries and total compensation ranging from the highest to lowest, as well as the average. The salary guide also shows the upper, median, and lower quartiles. The findings from the guide are based on data gathered from public records, external data providers and from our own records during the period 1st December 2022 to 28th February 2023. If you would like a copy of our 2023 salary guide please contact us.

During the research for the salary guide, we collected significantly more data than in previous years. As such, this year’s data set is much wider than our previous salary guides. We believe this has affected our total data range, showing larger highest earners and smaller lowest earner figures in many of the roles covered.


Over the past year, several trends in business have emerged that have had a significant impact on compensation packages. These trends are:

  • Cost-of-living crisis.
  • COVID-19 pandemic.
  • An increased focus on Diversity, Equality, and Inclusion.
  • The rise of remote working.

Cost of Living Crisis

One of the most pressing issues affecting salaries during 2022 was the cost-of-living crisis. The crisis came about due to rising inflation as well as the high cost of essential goods and services, such as housing, healthcare, and food. As a result, many people have struggled to keep up with the cost increases, which has put pressure on their disposable income. The data from this guide suggests that lower earners have seen larger percentage pay increases than those in senior leadership roles. For example, on average, Pensions Administration salaries have received a 9.7% increase versus a 1.9% increase for those in senior leadership roles across the board.

The COVID-19 Pandemic

The Covid-19 pandemic has had a profound impact on businesses and salaries. Our 2021 salary guide gathered data from both pre Covid-19 and during it. Since then, many businesses have been forced to close or reduce their operations due to lockdowns and social distancing measures. This has resulted in job losses and reduced salaries for many people across various industries. The pensions industry has typically been quite robust seeing fewer job losses than other industries. We have seen a decrease in average base salaries for Administration Managers of circa 20%, however, total compensation only fell by 3.1% which suggests that we have seen a number of promotions over the past two years resulting in lower base salaries but similar total compensation packages.

The pandemic also increased competition between consulting firms to acquire the best talent. Business Development Professionals within the consulting industry were in high demand. In general, Senior Business Development Managers, saw an average increase of 8.8%; suggesting just how important it is to attract the most skilled business development people, ensuring consulting firms attract business in a tough market.

Diversity, equality, and inclusion

Another trend that has had a particularly significant impact on salaries is the increasing focus on diversity, equality, and inclusion in the workplace. Many companies have implemented policies and programs designed to promote diversity and ensure equal opportunities for all employees. These initiatives have led to increased salaries for female and ethnic minority candidates, who have historically been paid less than their white male counterparts. We have seen a significant interest from pension funds wanting to improve diversity of their boards. This has led to an increased harmonisation of fees across board directors. The average fee for a director has risen 5.3% since our last report.

Remote Working

A further trend that has emerged in recent years is the rise of remote work or working outside the traditional office environment. Many companies have embraced remote work as a way of reducing costs and increasing flexibility for employees. However, this trend has also led to increased competition for jobs, as workers can now apply for positions from anywhere in the country. We have seen a large rise of pension professionals apply for roles that are based in London from candidates outside of London. This is because people are more willing to travel further for a hybrid role that only requires them to travel 2-3 days a week.

Remote working has not only created competition amongst candidates, as companies can attract talent from further away, we’ve seen an increase in competition between companies. As such, organisations are offering larger total compensation packages to either retain current talent or attract talent from a more accessible talent pool. All roles within our in-house executive category show an average increased total compensation. The average total compensation rose by 2.5%


Overall, the 2023 salary guide provides valuable insights into the compensation packages of the pensions industry’s diverse roles, reflecting the current business landscape’s challenges and opportunities.

We set out to understand the key compensation trends throughout the industry. We found that junior roles have received the largest compensation increases. For example, Pensions Administrators’ average base salary grew 9.7% vs 1.9% for senior business leaders since 2021. We also found that most of the roles examined in our report received compensation increases such as the average director fee, which has risen 5.3% since our last report.

As a company, it’s essential to stay competitive in today’s job market. That’s why our pensions salary guide for 2023 is the perfect resource for you. With up-to-date data on average salaries, and total compensation for 34 different job roles throughout each sector within the pensions industry, our guide gives you the insights you need to attract and retain top talent.

Our expert analysis of pensions salary data helps you stay ahead of the curve, ensuring that your compensation packages are both fair and competitive. Whether you’re looking to hire new employees or retain your current workforce, our guide has everything you need to succeed.

Investing in our Salary Guide is an investment in the success of your company. Don’t miss out on this valuable resource – order your copy today and stay ahead of the competition.