Senior Manager, Pension Products

RBC; Toronto; On-site; CAD 90,000 - 120,000; Full time

Job summary

A leading financial institution in Canada is seeking a Product Manager for group pension plans. This role focuses on product strategy, compliance with regulations, and profitability. The ideal candidate will have extensive experience in product management and a strong understanding of the Canadian pension landscape.

Benefits

Dynamic and collaborative work environment

Opportunities for challenging work

Ability to make a difference

Qualifications

• 7+ years of experience in product management or pension plan management.
• Extensive product management experience including managing a P&L.

Responsibilities

• Accountable for P&L of assigned products.
• Develop and maintain product strategies.
• Manage external and internal vendor relationships.

Skills

Analytical Decision Making

Negotiation

Risk Management

Vendor Management

Education

BCom

MBA

Job description

This role is p rimarily responsible for the overall product management of group pension plan products, with a focus on ensuring compliance with mandatory federal and provincial legislation, as well as administrative and operational effectiveness. You are the subject matter expert for group pension plans and are responsible for all aspects of Group pension products including product strategy, product profitability and pricing, product policy and product development. You also collaborate and act as a SME in the development of operational and sales procedures and ensure they are sufficient to adhere to the policy and can be executed by the applicable resources. You will also, manage and sometimes lead assigned initiatives; Act as liaison with the Group product team and associated partners; Manage external and internal vendor relationships as part of the group business.

What will you do?

Product Management

Accountable for P&L of assigned products while taking into consideration the overall business P&L

Ensure products align and integrate with overall Personal Savings & Investment and Group product strategies and maximize profitability through focused client value propositions, segmented target markets, and efficient sales and service processes

In conjunction with Product Director, develop and maintain product strategies to ensure product continue to offer strong value propositions to our clients (based on in-depth understanding of client needs and processes) focusing on achieving revenue and NIAT targets

Partners with Director in effective management of each product through its lifecycle to capture its full business, market and profitability potential.

Review and update, as required, competitive product pricing using disciplined competitive benchmarking process

Support creation of annual business plans/financial forecasts for products (working with Sales, Marketing, and MIS)

Build solutions and processes to ensure product line is compliant with evolving regulations (industry standards, tax regulations, federal/provincial regulations, etc) while minimizing the potential impact on our clients

Ongoing business management of third-party vendor/supplier ultimately involved in the delivery or service of the product – ensure vendor is compliant with committed SLA and if not, work with product director to ensure compliance

Work with internal groups and external providers to lower error rates, improve service levels and increase reliability to continually improve Client Satisfaction levels Ensure adequate risk control measures are implemented/maintained through life cycle.

Representation

Provide leadership/act as the RBC Pension “consultant” to internal partners

External representation with key suppliers, industry associations, etc

What do you need to succeed?

Must have:

BCom; MBA – Role requires broad business management insight and knowledge, especially in product management concepts and principles

7+ years or relevant or similar experience in product management, Group Retirement and/or pension plan management

Experience in a Group retirement savings business – preferably in a large, Insurance provider

Extensive product management experience including managing a P&L, building and executing product strategies and lifecycle management

Knowledge of Canadian pension space including pension administration and regulations

Working with financial and pricing models – comfortable working in a data driven environment

Demonstrated planning and execution capabilities

Ability to work in a matrix and highly collaborative, team-based environment

Nice to have:

Canadian Securities course

Certified management accountant

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

Ability to make a difference and lasting impact

Work in a dynamic, collaborative, progressive, and high-performing team

Opportunities to do challenging work

Job Skills

Analytical Decision Making, Analytical Skills, Analytical Thinking, Business, Construction Drawing and Specification Management (CDSM), Decision Making, Effectiveness Measurement, Industry Knowledge, Investments, Long Term Planning, Negotiation, Occupational Safety and Health, Pension Plans, Pensions, Product Management, Product Strategies, Risk Management, Risk Strategies, Strategy Development, Vendor Management

Job Summary

Job Description

What is the opportunity?

This role is p rimarily responsible for the overall product management of group pension plan products, with a focus on ensuring compliance with mandatory federal and provincial legislation, as well as administrative and operational effectiveness. You are the subject matter expert for group pension plans and are responsible for all aspects of Group pension products including product strategy, product profitability and pricing, product policy and product development. You also collaborate and act as a SME in the development of operational and sales procedures and ensure they are sufficient to adhere to the policy and can be executed by the applicable resources. You will also, manage and sometimes lead assigned initiatives; Act as liaison with the Group product team and associated partners; Manage external and internal vendor relationships as part of the group business.

What will you do?

Product Management

• Accountable for P&L of assigned products while taking into consideration the overall business P&L

• Ensure products align and integrate with overall Personal Savings & Investment and Group product strategies and maximize profitability through focused client value propositions, segmented target markets, and efficient sales and service processes

• In conjunction with Product Director, develop and maintain product strategies to ensure product continue to offer strong value propositions to our clients (based on in-depth understanding of client needs and processes) focusing on achieving revenue and NIAT targets

• Partners with Director in effective management of each product through its lifecycle to capture its full business, market and profitability potential.

• Review and update, as required, competitive product pricing using disciplined competitive benchmarking process

• Support creation of annual business plans/financial forecasts for products (working with Sales, Marketing, and MIS)

Risk/Supplier Management

• Build solutions and processes to ensure product line is compliant with evolving regulations (industry standards, tax regulations, federal/provincial regulations, etc) while minimizing the potential impact on our clients

• Ongoing business management of third-party vendor/supplier ultimately involved in the delivery or service of the product – ensure vendor is compliant with committed SLA and if not, work with product director to ensure compliance

• Work with internal groups and external providers to lower error rates, improve service levels and increase reliability to continually improve Client Satisfaction levels Ensure adequate risk control measures are implemented/maintained through life cycle.

Representation

• Provide leadership/act as the RBC Pension “consultant” to internal partners

• External representation with key suppliers, industry associations, etc

What do you need to succeed?

Must have:

• BCom; MBA – Role requires broad business management insight and knowledge, especially in product management concepts and principles

• 7+ years or relevant or similar experience in product management, Group Retirement and/or pension plan management

• Experience in a Group retirement savings business – preferably in a large, Insurance provider

• Extensive product management experience including managing a P&L, building and executing product strategies and lifecycle management

• Knowledge of Canadian pension space including pension administration and regulations

• Working with financial and pricing models – comfortable working in a data driven environment

• Demonstrated planning and execution capabilities

• Ability to work in a matrix and highly collaborative, team-based environment

Nice to have:

• Canadian Securities course

• Canadian pension certificate

• Certified management accountant

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• Ability to make a difference and lasting impact

• Work in a dynamic, collaborative, progressive, and high-performing team

• Opportunities to do challenging work

Job Skills

Analytical Decision Making, Analytical Skills, Analytical Thinking, Business, Construction Drawing and Specification Management (CDSM), Decision Making, Effectiveness Measurement, Industry Knowledge, Investments, Long Term Planning, Negotiation, Occupational Safety and Health, Pension Plans, Pensions, Product Management, Product Strategies, Risk Management, Risk Strategies, Strategy Development, Vendor Management

Additional Job Details

Address:

RBC WATERPARK PLACE, 88 QUEENS QUAY W:TORONTO

City:

TORONTO

Country:

Canada

Work hours/week:

37.5

Employment Type:

Full time

Platform:

PERSONAL & COMMERCIAL BANKING

Job Type:

Regular

Pay Type:

Salaried

Posted Date:

2025-05-15

Application Deadline:

2025-05-29

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Inclusion and Equal Opportunity Employment

At RBC, we believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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About the company

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Com...