Our client is a FTSE 250 industry leader, with an exciting opportunity for a Pensions Reward Manager to manage all things related to the corporate pensions, as well as financial wellbeing solutions. To develop and lead the organisation’s pension strategy, making sure benefits offered, meet the objectives of the overall total reward strategy, are market aligned cost effective and compliant. Delivering change as required to meet this objective. In addition, to lead the approach to financial wellbeing as part of the business’s broader Wellbeing strategy.
The successful candidate with have excellent In-House Pensions Management experience, with PMI, FIA ,FFA or similar qualifications.
• Regularly review the company’s pension policy, to ensure that the provision is market aligned, cost effective, compliant, and suitable for future business needs. Where a need for change is identified, conduct external research and assessment and then design and implement appropriate solutions.
• Similarly, regularly review the company’s approach to financial wellbeing to make sure the provision meets the needs of colleagues and is market aligned. Recommending and implementing change as appropriate
• Provide Company input to drafting of all pension and financial wellbeing communications. Creating engagement campaigns as required to meet business needs.
• Lead the relationship and requirements from the DC Plan provider and the Mastertrust Trustee, including changes required from a strategic or legislative perspective.
• Work in close partnership with the UK defined benefit (DB) Pensions Team, Trustees of the DB and defined contribution (DC) schemes and Finance Group within both UK and ROI on key projects e.g. actuarial valuations, equalization projects, member options, scheme redesign etc.
• Work closely with the pension administration team in Colleague Services to ensure a high level of service delivery from the external DB and DC administration providers and to ensure all Company requirements of the auto-enrolment legislation are adhered to.
• Manage the Pensions Governance Committee of the Company and the terms of reference and agenda for its quarterly meetings.
• Assess the impact of changes to forthcoming UK pensions’ legislation for the company and its current pension provision. Where appropriate respond to government consultations.
• Work with external business organisations, regulators and stakeholders such as CBI, DWP, Pension Regulator, PLSA etc. on reviewing and influencing national pension policy.
• Review the company’s pension policy for expats and for business’ outside the UK such as Ireland and where appropriate identify need for change and support the country local management in implementing.
• Support colleagues to understand pension taxes and their personal responsibilities toward them.
• Be able to interpret and provide guidance on the Scheme Rules and other legal documentation to senior executives, management and HR community.
• Provide support to Reward initiatives which have an impact on pension.
• Provide technical advice and support to the Company on pension matters.
Level of Authority
• To investigate and propose changes to company policy on pensions or other areas of financial wellbeing.
• To implement new pensions/financial wellbeing strategy in line with the business’ requirements.
• To oversee DC pension administration operations and governance requirements.
• To manage the provision of the DC pension plan and lead on the relationship with DC Scheme provider and trustee.
• Lead proposals for change to current pension provision and processes in response to changes in legislation.
• Support for senior executives
• Management and oversight of the DC pension plan
• Management and oversight of Company related issued in relation to the DB pension plan (except funding/investment issues)
• Proven technical background in UK pensions, preferably within a FTSE 250 organisation.
• Knowledge and experience of current UK pensions legislation and environment
• Specific knowledge and experience of DC pensions and financial wellbeing
• External pension policy influencer
• Strong verbal and written communication skills
• Highly numerate with strong analytical skills
• Strong decision-making skills
• Experienced project manager, able to demonstrate previous success in managing large scale change projects.
• Results oriented and able to demonstrate a commercial focus
• Excellent matrix management and team working skills
• Excellent written and communication skills
• Team management experience
• Pension qualification: FFA/FIA, PMI or similar
• CFO and HRD
• Head of Reward
• HR Reward Team
• HR Leadership Team
• HR Shared Services
• Pensions Team (within HR Colleague Services)
• DB Pension Trustee Executive Team
• External Pension Industry contacts
• Employee Relations, Legal, IT Project Managers, BIG, Corporate and Employee Communications external advisors
• Pension Trustees and Mastertrust Trustee
• Finance team• Senior Management team & Executives
• External business organisations CBI/DWP/Pensions Regulator/Pension Minister