Manager, Pension Administration

Responsible for the management of the Unit charged with the administration of the Client base, including system administration, Client compliance, Regulatory compliance

Job Summary
Responsible for the management of the Unit charged with the administration of the Client base, including system administration, Client compliance, Regulatory compliance while ensuring the integrity of the data base in order to provide accurate and timely benefit calculations and data files for actuarial and audit reviews. Responsible for the development and maintenance of the Unit’s computerised systems and procedures for continued efficiencies. Responsible for maintaining and building on Client relationships, Trustees, HR Executives and Members/Pensioners, while providing updates and information with relevancy. Responsible for recruiting, training and growth of the Unit’s staff compliment. And finally, responsible for the formulation and implementation of on-going Pensions Administration Strategy.

MINIMUM EDUCATION REQUIREMENTS

• Bachelor’s Degree in Management or Actuarial Science, PLUS at least five (5) years’ experience in Pensions Administration, at a managerial level

PREFERRED EDUCATION REQUIREMENTS

• Completion of Business Studies and/or Securities Course(s) or FLMI Studies including at least 5 years’ experience in all areas of Pensions Administration including benefit calculations, reporting, attendance at Client meetings and the practice of superior customer service

MINUMUM EXPERIENCE REQUIREMENTS

• Five (5) to Ten (10) years’ experience working within the pension industry

Functional/ Technical Skills

• Ability to use and interpret organisational data systems to support planning and decision making
• Experience in knowledge exchange and sharing practices
• Ability to collaborate effectively in digital spaces
• Excellent communication skills, including listening skills
• Ability to lead digital transformation initiatives
• Excellent interpersonal skills
• Experience with a collaborative workplace (shared digital tools and media collaborative projects and work across boundaries of teams, cultures and institutions).
• Organizational skills and work flow management skills
• Ability to use digital media to communicate within and beyond the organisation.
• Pensions Act and attending Regulations
• Ability to use and interpret organisational data systems to support planning and decision making
• Income Tax Act, Regulations and processes
• Financial analysis
• Pension database management
• Microsoft Office Suite
• Constitutive Documents/Plan Documents (Trust

Job Responsibilities

• To manage the Unit so that it provides pensions administration of a high standard, fulfills its legislative requirements and meets agreed targets
• Institute and review activities to maintain integrity of P3 Platform while consistently ensuring accurate and current information
• Review Fund Statements with Trustees for interest rate to be applied to Members’ Contributions and oversee in yearend process
• Confirm rate to Administrators for Year End processing
• Review year end processing against test cases as required
• Review final files for submission to TAJ
• Final review of CFR to deliver to Trustees for discussion and sign-off as required and ensure return for submission to the FSC
• Final review of Annual Report for delivery to Trustees and submission to FSC
• Review and sign-off of benefit calculations as required
• Final review and sign-off of requests to accounts for preparation of payments
• Coordinate for response to Desk Based Examinations(DBE’s); final review and dispatch to Sponsor and/or FSC
• Implementation of new processing/ inclusion of data to CFR and AR’s to minimize comments from FSC
• Coordinate activities required to ensure that monthly Pensioners’ payrolls are processed accurately and within the agreed timelines; with monthly tax payments and annual returns compiled and submitted as required
• Set up of profiles in P3 for new Users and new Clients; assignment/re-assignment of new Clients to Administrators
• Determination of review of Policy Docs and update as required annually with Trustees
• Coordination of activities/queries with Actuaries/Administrators/HR/Trustees as required
• Coordinate/research for response to ad-hoc queries received from Clients
• Coordinate/research for response to ad-hoc queries received from Regulators
• Coordinate/review and compile registration documents and fee for registration of new Trustees with FSC
• Coordinate, review and compile registration documents and fees for registration of new Plans with FSC
• Preparation/Draft and review of Trust Deed, Plan Rules, Handbook, etc for registration of new Plans
• Coordination with Lawyers on review and updating of documents for new Plans or Plan Amendments based on review letters received from FSC
• Interface with other Providers as required for share or takeover of Administration/ o Investment of Pension Plans including on-going follow-up for duration of handover as required
• Review of Client Reporting to ensure compliancy (renewal date for TAJ exemptions, dates for IAS and funding valuations, dispatch dates for Member/Trustee Reports, CFRs, etc)
• Final review of ¼’ly Compliance Reports for delivery to Trustees/Accounts and determination of action items
• Review of Valuation Reports with Trustees for implementation of recommendations made by Actuaries
• On-going review/update of input documents and reports to ensure continued compliance with Regulators and relevance with Clients
• Coordination and planning exercises with Administrators for deliverables and implementation of new initiatives
• Review of draft/audited financials
• Review of action items from Trustees’ meetings for Prime’s deliverables
• To be responsible for the formulation and implementation of on-going Pensions Administration Strategy
• To be responsible for the recruitment, training and progress of pensions staff
• To be responsible for the implementation of revised working methods and new systems within the Unit for continued efficiencies
• General workflow management and adherence to SLA’s
• Implement periodic projects towards improving service, quality and efficiency
• Implement periodic upgrade of all Client (trustee/member) reports
• Provide support to the preparation of monthly newsletters/quarterly articles
• Provide support as required for Prime’s website
• Coordinate/Organize periodic Trustees’/HR/Pensioner luncheons
• Any other duties assigned