Senior Pension Operations Analyst

PIC; London; On-site; GBP 100,000 - 125,000; Full time

Job summary

A leading retirement income provider in London is seeking a Senior Pension Operations Analyst to oversee outsourced administration teams and ensure exceptional customer service. The role requires a strong background in defined benefit pensions and the ability to analyze complex calculations and processes. Benefits include private medical insurance, generous leave, and performance-related bonuses.

Benefits

Private medical insurance

28 days' annual leave

Study support with qualifications

Generous pension scheme

Qualifications

• Experience in defined benefit pensions administration is essential.
• Established knowledge of complex pension calculations needed.
• Proven ability to deliver excellent customer service.

Responsibilities

• Support the Outsourced Administration Manager to ensure high standards.
• Conduct analysis of quality assurance for outsourced teams.
• Collaborate with internal actuaries to review funding calculations.
• Identify and implement process improvements in administration.

Skills

Knowledge of defined benefit pension schemes

Excellent customer service skills

Ability to conduct thorough analysis

Strong collaboration skills

Job description

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

Role purpose

• The role requires the ability to effectively collaborate with Risk / Transitions / Finance to secure their buy-in and implement improvements to systems, processes, and technology, as appropriate.
• To apply knowledge and insights concerning the Customer Operations function and how this impacts our policyholders.
• To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes to our policyholders, shareholders, and trustees on a consistent basis.
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Senior Pension Operations Analyst within Customer Operations:

• Supporting the Outsourced Administration Manager and Outsourced Administration Team Leader to maintain oversight of PIC’s Outsourced Administration Teams and ensure PIC Policyholders always receive exceptional customer service, ensuring they are hitting their KPI’s and other commitments
• Conducts thorough analysis of quality assurance checking of work carried out by the outsourced administration teams, including file reviews, call handling, key processes, pension increases, new process checking and complaint reviews. Identifying trends, training opportunities and process improvements
• Responsible for reviewing funding calculations, including working with internal actuaries to solve queries
• Collaborates with outsource administrators on complex calculations and answers complex queries
• Produces inputs into MI and reports for PIC Senior Management
• Helps identify and implement process improvements/efficiencies in PICs administration model
• Undertakes ad-hoc project work as required, managing work streams and making sure timescales are met
• Attends and participates in client meetings with our Outsourced Administrators
• Liaise with regulatory bodies such as the Financial Ombudsman Service
• Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of Pension Services Team
• Ensure our outsourced administration partners are understanding and working within PIC guidelines for Consumer Duty
• Providing a high level of service to Trustee clients and suppliers
• Providing pension technical expertise, with the ability to interpret rules and legislation
• Provides knowledge and insights concerning the Customer Operations function and how this impacts our policyholders

Knowledge

• Good technical knowledge of defined benefit pension schemes
• Established knowledge of Pensions Administration, especially defined benefit pension schemes
• Established knowledge of complex manual pension calculations
• Familiar with pensions buy-ins & buy-outs and transitions process

Experience

• Experience working in defined benefit pensions administration
• Experience of delivering excellent customer service when dealing with external and internal stakeholders

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), study support with qualifications, a generous pension scheme and much more.