Senior Fund Administrator

This position is responsible for the daily and ongoing administration of Superannuation Plans and Retirement Schemes (RS) managed or administered by JMMB.

MAIN DUTIES & RESPONSIBILITIES:

• Manages the process of transfer-in of new funds, creation and setup fund on the system, capture and upload of initial data
• Monitors the  process for updating member  records under the superannuation schemes   - salary, contribution, beneficiary, enrol new members and  bonus  to members’ accounts
• Manages the processing of  benefit distribution packages for terminated, deceased and retired participants
• Handles ongoing queries from  members, members’ employers and pensioners. Ensures annuity payments  are processed  for new and existing pensioners
• Acts as a liaison between Insurance Companies and pensioners
• Responsible for the generation, distribution of member schedules, annual benefit statements and calculation of member benefits on a timely basis.
• Responsible for the review, production or co-ordination for dispatch of correspondences/reports to:

1. FSC- Annual Report, Information Folder, List of Sales Agents, Certified Financial Return and Desk-Based Letter and any other correspondences
2. Income Tax Department-Annual Membership Returns/Data
3. Actuaries- Actuarial Data to facilitate preparation of Triennial Valuation Report
4. Trustees- Quarterly Trustees’ Report, Annual Report, Information Folder, List of Sales Agents, Certified Financial Return and Desk-Based Letter and any other correspondences
5. Members (Individuals & Corporates)- Members’ Handbook (automatic upon enrolment), Annual Report (upon request) Information Folder (upon request)

• Manages and monitors client administrative correspondences in relation to Superannuation Plans and Retirement Schemes
• Manages the communication process between Fund Administration Department and the Investment Department, providing timely information regarding proceeds available for investment and disbursement requirements for bill payments, member refunds and pension payments for all pension funds managed.
• Supports submissions being made to the Income Tax Department and the Financial Services Commission on behalf of newly established Funds.
• Provides cross-departmental support for the general administration of Superannuation Plans as determined by team leadership
• Prepares and provides information for internal and external auditors as required and supports in responding to queries
• Routinely reviews and monitors data captured on the Pension Master software for the Retirement Arrangements and follow-up to ensure that data is provided by members and updated to system where applicable
• Ensures the thorough enrolment of new members (Individuals and Corporates) and follow-up with account creators on the frontline to remedy gaps with documents and/or system data when observed
• Provides daily guidance and support to frontline staff (Client Care Officers, JMMB Limited Sales Officers, Client Relations Officers, Retail Banking Officers) in managing client matters including but not limited to;
  • Enrolment of retail clients (i.e. merge with the pension master and generation of Retirement Solutions account numbers)
  • Follow-up with Business Support where system glitches are experienced in the setting up of retail accounts
  • Supporting retirement planning conversations and presenting options to retirees
• Reviews and grants authorization for benefit payments under the JMMB Superannuation Schemes
• Conducts routine reconciliation in collaboration with the Fund Accounts Team to ensure congruence between data represented on Pension Master (administrative platform) and Fund Financials
• Ensure the timely attention to errors, corrections, etc. with the appropriate personnel and follow-up actions are taken to ensure their effective resolution
• Supports the adherence, compliance and reporting requirements of the regulatory authorities (e.g. FSC, TAJ) for the funds.
•  Ensures the timely execution of pension update requests channelled through Moneyline (i.e. beneficiaries, personal details and investment switches)
• Supports the review and authorization of payments relating to other Pension Funds when necessary
• Ensures that Automatic Enrolments are done in keeping with standard on boarding procedures
• Provides coaching and leadership to Fund Administrators, supporting discussion for preparation of Individual Development Plan and IBSC to ensure alignment with JMMB goals
• Presents at Board of Pension Trustees meetings and serves as the liaison for administrative matters
• Supports as relief officer to Senior Fund Administrator (Retirement Schemes) and Corporate Manager, Fund Administration
• Ensures the timely preparation of confirmation, tax letters and embassy letters requested by members
• Participates in the Pension Administration Unit’s strategic planning Ensures the filing of Withholding Tax Miscellaneous on behalf of retirees who elect the Commuted Value of Pension option
• Prepares/supports with content for quarterly newsletters
• Provide support for the hosting of Members’ meetings
  • Any other duties assigned

EDUCATION, TRAINING & WORK EXPERIENCE REQUIRED:

• First Degree in Accounts, or in Business Studies.
• Excellent knowledge of Pension Fund Administration, Pension Industry and the attendant regulations (Pensions Act and Regulations)
• Working knowledge of the operation of Collective Investments Schemes.
• Working knowledge of financial sector instruments, laws, regulations, ethics and professional jargon.
• Sound knowledge of the statutory regulations and Acts governing the Bank's operations, namely the Money Laundering Act, Companies Act, Financial Institutions Act, Pensions Act and Regulations and all other Acts governing the Financial Services Sector
• Very good oral and written communication skills, excellent organizational skills and attention to details.
• Working knowledge of regional financial markets, regulatory and reporting requirements for mutual funds
• High level of proficiency in the use of computer, particularly Accounting software and spreadsheets.
• At least six years relevant work experience in Pension Fund Administration with working knowledge of Collective Investments Schemes and their operations.