Pension Protection Fund Administrator

4 weeks ago

Redditch, Worcestershire, United Kingdom Broadstone Full time

Position Overview

Role Objective

The primary responsibility of this role is to support the management of schemes that are entering the Pension Protection Fund (PPF) and to oversee the daily administrative services provided to a designated portfolio of PPF clients.

The PPF administration division within Trustee Services offers expert administration and consultancy services focused on defined benefits pensions to trustees, the Pension Protection Fund, and various external stakeholders. This position entails collaboration with colleagues across Broadstone, the PPF, independent trustees, and other relevant parties.

The PPF Administration team assists schemes with employers in financial distress throughout the PPF assessment phase, ensuring that members receive accurate benefits and optimal outcomes, whether that involves transitioning to the PPF or securing a buyout through an insurance provider. Responsibilities may encompass data analysis, benefit calculations, and the generation of letters and reports for peer review.

Key Responsibilities

  • Serve as the primary contact for assigned PPF clients, ensuring that daily administrative services are delivered with excellence.
  • Execute routine administrative tasks for additional PPF clients as directed by Senior Administrators, Team Leaders, or Pensions Management, which may include:
    • Maintaining accurate membership records within the administration system.
    • Calculating benefits for various member statuses, including leavers, retirees, and deceased members.
    • Onboarding new members into the administration system.
    • Organizing and archiving client documentation.
    • Logging incoming tasks into the work management system.
    • Addressing general inquiries from members, the PPF, and trustees via phone, email, and written correspondence.
    • Monitoring deadlines to ensure compliance with service level agreements and Key Performance Indicators (KPIs) for PPF clients.
    • Documenting all PPF client activities and time spent for billing purposes.
    • Guaranteeing that all outgoing work meets high-quality standards.
    • Adhering to the Trust-Based Pensions Administration Procedures Manual, PPF technical guidelines, and procedural notes.
    • Participating in PPF and Trustee meetings as necessary.
    • Regularly reviewing routine administrative processes for PPF clients and suggesting improvements to Pensions Management.
    • Ensuring the consistent use and periodic review of standard documents for PPF clients.
    • Assisting in monthly billing discussions and supporting the Team Leader in verifying monthly invoices for assigned PPF clients.
    • Contributing to special projects as needed.
    • Providing updates during team meetings regarding developments or changes related to assigned PPF clients.
    • Staying informed and offering support for the administration system as required.
    • Maintaining daily updates of time records.

Required Skills and Qualifications

  • Strong verbal and written communication abilities.
  • Capability to work independently as well as collaboratively within a team.
  • Comprehensive understanding of current pension regulations.
  • High level of numeracy, accuracy, and literacy.
  • Proficient analytical and numerical skills, with the ability to assess, evaluate, and interpret data.
  • Competence in managing multiple tasks simultaneously.
  • Effective prioritization of workloads and addressing urgent matters as they arise.
  • Dependable, adaptable, and capable of managing work within strict timelines.
  • Proficiency in computer applications, particularly Microsoft Word, Excel, and PowerPoint is advantageous.

Educational Background

  • Minimum of A level education.
  • Previous experience in a similar role with Third-Party Administrators or within an in-house occupational pension scheme is preferred.

Additional Recommendations

  • Progressing towards APMI or equivalent PMI qualifications is encouraged.
  • Familiarity with PPF processes is beneficial but not mandatory, as comprehensive training will be provided.

Ethical Responsibilities

  • Comply with all applicable laws and regulations, as well as Broadstone's Policies and Procedures.
  • Uphold a high standard of ethical conduct, consistently making the right choices.
  • Adhere to all relevant professional standards.
  • Follow the FCA's guidelines concerning the Senior Managers & Certification Regime, Treating Customers Fairly, and the new Consumer Duty.

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