Technical Services Calculation Analyst

Railpen; Tees Valley; Hybrid; GBP 60,000 - 80,000; Full time

Job summary

A leading pension services provider is looking for a Calculation Analyst to join their Calculation Assurance team. This role primarily focuses on the testing of benefit calculations and supports the member services administration teams. The ideal candidate will have a strong background in Defined Benefit pensions and analytical skills, and will effectively collaborate to enhance and ensure the accuracy of pension calculations. The position offers hybrid working and various benefits including a competitive salary and generous leave policies.

Benefits

28 days annual leave plus bank holidays

Generous annual bonus plan

Private Medical Insurance

Lifelong pension scheme

Flexible working options

Qualifications

• Understanding of Defined Benefit and Defined Contribution pensions.
• Proficient in conducting benefit calculations and testing.
• Ability to document work to maintain clear audit trails.

Responsibilities

• Develop, maintain, enhance, and test pensions and benefit calculations software.
• Investigate calculation queries and perform manual calculations.
• Collaborate with various teams to assess and manage changes.

Skills

Analytical skills

Investigative skills

Numerical skills

Customer service focus

Effective communication

Education

Background in pensions industry

Tools

Microsoft Excel

Job description

Technical Services Calculation Analyst

We have an exciting opportunity for a Calculation Analyst to join the Calculation Assurance team within the Technical Policy and Services function. The role will focus on the testing of benefit calculations, supporting the Member Services administration teams by investigating calculation queries, and performing manual calculations on member records. This is a permanent role and will be based in our Darlington office and offering hybrid working.

Who we are

Railpen is responsible for the safekeeping and investment of around £34 billion in assets and the administration of several pension schemes, including the Railways Pension Scheme, one of the UK's largest and longest established pension funds.

Our heritage of looking after the pension needs of the rail industry and its employees gives us our name and our unique outlook on how we serve our members. Railpen takes a holistic view, focusing on how we serve members today and how we can positively impact the communities and the world they will retire into.

Our values of integrity, community and alignment are the guiding principles that influence our behaviour. They help us make decisions and shape our relationships with others. They’re what we stand for.

The role

As a Calculation Analyst, you will be required to develop, maintain, enhance and fully test the pensions and benefit calculations software and calculation tools used by Railpen business areas. The role will play an essential part in providing assurance that the benefits being paid to members are accurate.

The Calculation Analyst will join a team that works to deliver changes to both enhance the system, and to deliver the statutory changes that are needed. The role will have the opportunity to work with various parts of the business including other Pensions Technical and Policy Services teams, Administration and Process Assurance teams, to understand the scope of planned changes and their associated risks, along with assessing the impact of change on the wider business. Other responsibilities include designing tests, ensuring the accuracy of the change, investigating issues, as well as raising those issues and providing clarification to suppliers, and also providing live assurance support.

The person

We are looking for someone who has an understanding and knowledge of Defined Benefit, including CARE, pensions (although some Defined Contribution knowledge would be beneficial) and the processes linked to member benefit calculations. Therefore, a background in the pensions industry is key for this role, as is being technically focused with a willingness to keep up to date on emerging pensions developments.

The successful candidate will have good analytical, investigative and numerical skills and will document their work to maintain clear audit trails. You will have experience of using Microsoft Excel spreadsheets and will be able to communicate effectively (both in writing and orally). We are looking for someone who is customer service driven and has the ability to balance priorities and workloads whilst understanding the importance of meeting service-level agreements and proactively managing customer expectations. You must collaborate well and with an open mindset.

What we can offer you

Rewarding you

• A competitive salary (depending on experience)
• 28 days annual leave plus bank holidays
• Generous annual bonus plan
• We provide membership of the Railways Pension Scheme, a Defined Benefit arrangement under which you get a pension for life and a lump sum when you retire, based on your length of service and pay
• 4x Life Assurance cover
• Colleague referral scheme

Heath & Wellbeing

• Private Medical Insurance
• Employee assistance programme
• Health cash plan
• Eye care vouchers
• Flu vaccination

Lifestyle

• We support hybrid and flexible working along with very generous family leave including 12 months full pay maternity leave and 6 months full pay paternity leave
• Buy and sell holidays
• Give as you earn scheme
• Paid volunteering days
• Flexible half days leave
• Electric vehicle leasing
• Cycle to work scheme

Next Steps

If you would like to apply, please click on the apply button or visit our Careers Page by 24th November 2025.

Railpen is committed to creating an inclusive and diverse environment, we value diversity and welcome people from all backgrounds and walks of life