The Defence Business Services (DBS) is responsible for the administration of the Armed Forces Pensions Scheme (AFPS) and the Armed Forces Compensation Scheme (AFCS). The Pensions Finance Team is responsible for all financial accounting / reporting requirements for both schemes.
AFPS is the fourth largest public sector pension scheme in the UK. It has around 1m members and pays in excess of £4bn in pensions annually. AFCS forms part of AFPS for accounting purposes and administers 12,000 claims per annum paying around £70m in compensation payments annually. Funding is provided by a mix of employer’s pension contributions (SCAPE) and Parliamentary vote. It has its own Estimate and set of Annual Accounts which are both laid in Parliament and are separate from the main Defence Estimate and Annual Accounts. As such there is a need to produce Main and Supplementary Estimates each year, provide longer term financial forecasts to the Office for Budget Responsibility (OBR) twice yearly, report directly to HM Treasury in respect of IYM and Estimates and produce a set of Annual Accounts which are audited by the National Audit Office (NAO). AFPS administration and payment processes are outsourced to DXC Technology.
The post holder will be responsible for the production of the monthly In-Year Management (IYM) Accounts and Management Report for the AFPS and AFCS. This will include investigating variances and providing explanations on expenditure to date and forecast outturn, highlighting where there is a need for a Supplementary Estimate. The post holder will be required to present key points from the Management Report at the monthly AFPS Accounts Committee, attended by the Senior Finance Officer, the Head of Finance & Procurement and the Head of Veterans UK.
The role includes using various finance systems, such as Oracle, plus day to day communication with internal and external stakeholders, collating and preparing relevant financial and membership data for the Government Actuary’s Department’s (GAD) annual valuation of the AFPS liability. The post holder will also be responsible for overseeing the calculation of the in-year valuation of the AFCS.
The successful candidate will produce the combined AFPS & AFCS Annual Accounts, with relevant audit evidence for the NAO. They will also be required to complete the Whole of Government Accounts (WGA) Data Collection Tool and submit onto the HM Treasury system (OSCAR).
The post holder will have line management responsibility for one Band D (EO) and countersigning responsibility for one Band E1 (AO).
This post requires excellent finance and communication skills and the ability to manage concurrent tasks reliably under pressure. The post holder must be able to work on their own initiative and be flexible to manage and adapt to conflicting deadlines. The post holder will be highly competent in the use of Excel.
It is essential that you are CCAB Part-Qualified to apply for this post.
- Although not essential prior experience in Pensions finance / accounting is highly desirable.
- A good understanding of Parliamentary and Treasury control frameworks.
- Experience in using MOD Finance system (Oracle) and HM-Treasury reporting system (OSCAR).
Candidates will be assessed against these competencies from the Civil Service Competency Framework during the selection process:
- Leading and communicating
- Managing a quality service
- Collaborating and partnering
- Delivering at pace
- Making effective decisions
- plus from the Finance Competency Framework:
- IYM Financial Management
Qualified Accountant - CCAB, ACCA, CIMA or equivalent. Part qualified applicants with relevant experience will be considered but should note the post does not offer any financial support to complete qualification.
Hold the Financial Services Certificates FSC1 and FSC2 or gain them within 6 months of starting therole.
Interviews will be held at Norcross, Blackpool.
Please enter 1544515 into the Vacancy Reference field to be taken to the full job advert.
Closing date: 5th October.