Reference Number: JO-1911-441519
Pensions Team Manager
Job Type: Permanent
Job Title: Pensions Team Manager
Reports To: Pensions & Benefits Manager
To manage the small team of in house administrators to ensure that:
The administration of the DB section of the RB Pension Fund (Fund) is timely, accurate and complies with both the governing documents and changing UK Legislation
Processes are fully documented and well governed.
Members receive an efficient and effective service from the Pensions Department
Provide liaison with the third party administrators of the defined contribution section of the Fund to ensure members have a seamless experience
To be responsible for the successful running of the insured arrangements for Life Assurance, Incapacity benefit and private medical insurance.
To assist the Pensions and Benefits Manager in Trustee secretarial duties as and when required.
To take the lead on projects as required.
External Members of the Fund
HM Revenue & Customs (HMRC)
Banks and Building Societies
Insurance Companies and IFAs
The Pensions Regulator
Third Party DC Administrator
Investment Consultants and Investment Managers for the DB and DC sections of the Fund
Trustee and Company Legal Advisers
Advisers for the insured Benefits
Supplier of third party software
Internal Payroll Departments
Members of the Fund
Total asset value of the Fund 1.6 bn
1. Identifying, analysing and understanding the complex regulatory, legal and HM Revenue & Customs structures underpinning pensions administration in the UK to ensure the Trustees and the Company are always compliant.
2. Liaison with the Third Party DC Administrator in respect of DC Section Members.
3. Be responsible for the annual processes and smooth running of the insured arrangements
1. Manage the in house Pensions administration team including motivation of the team.
2. To provide technical advice and guidance to the team.
3. To review all calculations performed by other members of the team for accuracy, to ensure that they are within the permissible HMRC limits and comply with best practice against pension scams.
4. Ensure the effective and efficient day to day administration of the RB Pension Fund including maintenance and development of good governance
5. Support the Pensions and Benefits Manager in managing the relationships with external advisers ensuring the requisite level of service and value for money.
6. The management of the day to day operations of the risk benefit arrangements ( Life Assurance, Incapacity Benefit and Private Health Insurance).
7. Prepare data for the Funds Actuary as required, for regular funding reviews and for the full valuation every 3 years. Resolve any queries arising from the data.
8. Reviewing pension related data provided by payroll to ensure pension contributions are being processed at the correct level, and that the third party DC administrator is provided with the data needed to process contributions and maintain records. Compiling data for payroll of any correction or adjustments required and reviewing the details of the member requests for changes to their own contributions.
9. Maintenance and development of the use of related software systems e.g. Profund, Sun accounts, HMRC reporting online etc.
10. Completion of statistical and other returns required by statutory bodies and others e.g. data for the Office for National Statistics, HMRC, the Pensions Regulator etc for example the Scheme Annual Return.
11. Provide the company accountants and auditors with information as required for the Company accounts and audit process.
12. Ensure that appropriate Finance Records/ Accounts are maintained in respect of the Pension Fund.
13. Monitoring of the monthly cashflow requirements
14. Prepare the Trustees elements of the Fund Report and Accounts and manage the audit process within the statutory time frames.
15. Support the Pensions and Benefits manager to produce and distribute the Annual Newsletters.
16. Support and advise HR, Finance and colleagues as appropriate in respect of relevant aspects of pension provision.
17. Preparation of the Trustees Administration report.
18. Support the Pensions and Benefits Manager in relation to strategic pension and benefits projects.
Specialist Requirements (skills, experience, training)
Relevant professional qualification desired ( APMI or working towards)
Significant previous pensions experience gained in a pensions administration management position working in both a Trust Based DB and DC environment, either in house or with a third party.
Excellent analytical and numeracy skills.
Well developed organisational and planning skills
Excellent communication and interpersonal skills
A proven ability to motivate and lead a team
The ability to retain and pass on complex information and the flexibility and adaptability in the face of constant change
Knowledge of specialist pension systems (An understanding of the Profund/Propay administration system preferable)