- Role Type
- Up to £65,000
- Closing Date
- Company Info
Working here is about being there for our customers; we’re available should the worst happen and we work together to enable social and financial equality across the UK. But it’s also about you –how you develop and what you can achieve. We’ll help your talent thrive in an environment where you’ll be supported to work flexibly and autonomously, sharing in our success and rewarded for a great performance with a generous benefits package.
- Department Info
With around one million customers, our retail business helps turn customers’ pension savings into lifelong retirement income and our corporate business looks after our defined benefit pension schemes ensuring they are effectively managed to protect against risk and achieve their maximum potential.
- Job Duties
- To develop a ‘scheme specific’ transition plan for a portfolio of transactions and provide to all Trustees, their advisers and to all interested parties within L&G appropriate documentation demonstrating how the transition project is being handled. Establish and maintain the correct structures and work closely with stakeholders in PRT to control and transition the scheme in the most efficient and timely manner.
- Work closely with the Pensions Risk Transfer (PRT) Business Development function where required to assist in maximising new and existing business opportunities at tender, including beauty parades, performing administration risk assessments, creating benefit specifications and leading site visits, together with production of opportunity specific project documentation and marketing material.
- Work closely with the PRT Business Development function, leading all aspects of the transition process, establishing and leading work streams if required, and ensuring all milestones within the project plan are achieved in a way that takes into account the fair treatment of all customers.
- Work closely with the PRT Business Development function to establish and maintain a regular relationship with key stakeholders.
- Take responsibility for liaising with trustees, brokers and administrators, agreeing with them a timescale and process for verifying data to ensure that benefits are costed accurately and reflect the legal liabilities being taken on by L&G. Establish and monitor actions against the agreed timetable and put remedial actions in place.
- Undertake a Post Transition Review for each scheme, meeting with or reporting to the Trustees and their advisers and administrators as appropriate.
- Maintain an excellent knowledge of the Pension Risk Transfer proposition and processes along with any changes of pensions and de-risking legislation.
- Support the development of Pension Risk Transfer Transition capability across all future active territories and UK business structures.
- Keep relevant PRT implementation MI up-to-date and provide to management team as appropriate and in a timely manner.
- Support the transition team manager in the design, implementation and maintenance of a plan for outstanding scheme transitions, including prioritisation against customer/business need and cost, and deliver against plan.
- Skills Required
- Prince 2 practitioner
- PMI Qualification (modules as appropriate)
- Minimum five years of DB pension experience
- Knowledge of pension regulations for DB schemes, including a detailed understanding of the requirements for schemes in the course of wind-up, and the interaction with PPF and FAS.
- Demonstrable experience in administering and on-boarding defined benefit pension schemes.
- In depth understanding of buy-out, buy in and an understanding of longevity insurance and reinsurance products and propositions.
- A thorough understanding of systems and processes required to meet annuity commitments. This includes processes around data/benefit input, FR reconciliation, inception costings, administration processes and customer communication.
- An understanding of the current challenges and opportunities in the Pension Risk Transfer market would be an advantage
- Good problem solving, analytical and financial skills; ability to understand high volumes of customer data as well as pension benefit calculations.
- Track record of building effective relationships in complex environments
- Validated background in adapting to trends and openness to new ideas
- Strong organisational and change management skills and attention to detail, with a demonstrated ability to prioritise and work independently, managing a high-volume of tasks and deadlines.
- Excellent interpersonal skills with the ability to successfully engage and influence a broad range of individuals across various businesses and key support functions.
- Strong experience in leading and/ or participating in beauty parades and presenting to Trustees and Advisers.
Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 27 days' holiday,private medical insurance, performance related bonuses, a variety of share schemes, discounts at both a huge range of high street stores and our own great products, your hard work will be rewarded when you join us.
- Job Summary
Working within the Pensions Risk Transfer (PRT) area to manage pension risk transfer transactions and take ownership of end to end scheme implementation and on-boarding.