DB Pensions Specialist

Lorien; London; On-site; GBP 80,000 - 100,000; Full time

Job summary

A financial services company is seeking a skilled professional to lead their UK Defined Benefit pension schemes. Responsibilities include managing DB projects, overseeing pension accounting, and liaising with key stakeholders. The ideal candidate should have extensive experience in the pensions industry and strong project management skills. This role is crucial in ensuring compliance with regulations and effective operation of pension services.

Responsibilities

• Lead work on the Bank's UK Defined Benefit (DB) pension schemes.
• Manage medium and large DB projects, including merging DB schemes.
• Act as lead contact for Heads of HR and CFOs at UK companies with DB schemes.

Skills

Extensive experience in the pensions industry

Expert level of DB pensions knowledge

Very good working knowledge of pension tax rules

Very good working knowledge of DB pension accounting

Ability to challenge expert advisers

Strong communication skills

Project management skills

Proficient experience using Microsoft Excel

Education

Actuarial qualification or Diploma from the Pensions Management Institute

Job description

Overview

12 month contract - Inside IR35 - Investment Banking

Responsibilities

• Advanced level expert to lead work on the Bank's UK Defined Benefit (DB) pension schemes, to include actuarial funding, investment, Trustee accounting, Corporate accounting, administration and vendor management.
• Manage medium and large DB projects that arise in the year, which is likely to include merging several DB schemes.
• Able to autonomously manage all key stakeholders independently, reporting to the Head of UK Pensions.
• Lead contact and adviser for Heads of HR and CFOs at UK group companies with DB schemes and represent those Group companies to the Professional Trustee.
• Lead the pension accounting process (IAS19) to support Group HR and local Finance, ensuring timely reporting of balance sheet and P&L numbers, agreeing key financial assumptions with actuaries, Group companies and Group HR and managing market movement issues with the key stakeholders and external auditors.
• Lead the Professional Trustee relationship ensuring continuing constructive and collaborative engagement.
• Lead services to the schemes and trustee to ensure the efficient operation of the schemes and the providers in line with best practice, UK regulatory requirements and Group policies.
• Manages third party suppliers, including corporate actuaries, lawyers, company auditors, trustee auditors and administrators, including management of advisor budgets across all UK pension schemes (trustee and corporate).
• Member of the Bank's International Pension Plans Committee, and lead management of the IPP provider in Jersey.
• Support DC Pension Specialist on UK Defined Contribution (DC) Scheme projects, including support for monthly pension contribution reconciliation and DC pension communications.
• Management of complex pension employee queries to central mailbox and via internal HR portal. Provision of pension 121s for employees with complex issues on request and provision of pension and support on wider HR matters (such as employee assignments, redundancies etc.).
• Technical expert reviewer for work of Head of Pension, Benefits & Wellbeing.
• Liaising with internal procurement, governance and IT security teams regarding pension team vendor reviews/documentation.
• Managing the documentation and annual review of Pension procedures for internal governance purposes.

Knowledge, Skills and Experience

• Extensive experience in the pensions industry
• Expert level of DB pensions knowledge
• Very good working knowledge of pension tax rules
• Very good working knowledge of DB pension accounting
• Ability to challenge expert advisers
• Strong communication skills for communications to all staff, individuals and key stakeholders in what can be highly technical areas
• Project management and ability to oversee and manage teams of third party suppliers
• Proficient experience using Microsoft Excel to handle large data sets

Preferred

• Working towards or qualified Actuarial qualification or Diploma working towards or qualified Associate of the Pensions Management Institute or other relevant experience.