Pensions Risk Management Specialist
3 weeks ago
Pensions Risk Management Specialist (Subject Matter Expert) - Hybrid Working
Royal Mail Pensions is in the process of expanding its team by incorporating De-Risking Pensions and Data Specialists. This initiative involves forming a new unit within the Pensions Service Centre (PSC), dedicated to providing thorough reporting and analytical insights for the Royal Mail Pension Plan.
Role Overview
As a Pensions Specialist, you will cultivate a comprehensive understanding of the data maintained and how it correlates with the various processes and calculations throughout the members' lifecycle in the RMPP. You will evaluate the reliability of the data stored in the Pension Administration system, enabling you to generate system extracts and design tests, while also supporting Bulk Data migrations and reconciliations with external entities for the RMPP.
Your responsibilities will include:
- Designing checks for data integrity, completeness, and accuracy, generating reports, and providing relevant extracts or summaries of the data with clear explanations.
- Analyzing and comparing extensive data extracts to summarize information for decision-making and necessary rectification actions.
- Collaborating with colleagues in a structured manner, ensuring all discrepancies are documented, thoroughly investigated, and resolved within set deadlines, while providing regular updates on progress.
- Working in partnership with the De-Risking team and the broader Pensions Service Centre to identify solutions for any outstanding pension benefits, record-keeping, and administrative processes, facilitating post-migration calculations and payments of any residual benefits in RMPP.
- Producing and testing any required system change requests, including specified reports under contract (e.g., triennial valuations), and ensuring the final migration to selected insurance providers and/or advisors is executed smoothly.
- Collaborating with partners on Bulk Data Migration, validation, and reconciliation to third-party systems.
- Preparing and defining bulk mailing extracts for individual Member Statements and addressing member inquiries; providing clear and straightforward explanations of how results were derived.
Candidate Profile
The ideal candidate will possess a robust understanding of Defined Benefit structures, particularly those with complex benefit schemes.
Additionally, you should demonstrate:
- The capability to navigate ambiguity and provide evidence of effective solution generation.
- The ability to independently plan your work and operate without constant supervision.
- Proven experience as a strong team player, whether working virtually or in person, while also being able to work autonomously using your initiative.
- Well-honed numerical and analytical skills, with experience in managing large volumes of intricate data.
- Highly developed communication and influencing skills, with a background in engaging with senior internal and external stakeholders, as well as professional advisors.
- Proficient PC skills, particularly in Advanced Excel, with experience in handling large data files, queries, and validation; familiarity with Microsoft Access is desirable.
Royal Mail supports a hybrid working model, but some flexibility regarding work location for regular office attendance, meetings, and workshops will be necessary.
Additional Benefits
- RMG Share Schemes - partnership and matching share offer.
- Family-Friendly Support - enhanced maternity pay, paternity leave, adoption leave, and shared parental leave.
- Discounts and Offers - access to over 800 offers to help you save on groceries, outings, holidays, and household bills.*
- Supportive and generous company sick pay.
- Your Wellbeing - 24/7 access to services and tools for physical and mental health, financial and social support, available to you and your family, at no cost.
- Lifestyle Benefits - options to purchase a car, bike, home technology, or mobile phone, along with a range of health benefits and insurance products, with regular payments from your salary to save on tax.*
- Financial Support - resources to help manage debt and enhance financial knowledge, including debt consolidation and savings plans.*
- Peace of Mind with - Healthcare CashPlan, Dental Cover, Additional Life Insurance, Hospital & Death Benefit Plans; Voluntary Critical Illness & Voluntary Critical Illness Partner.
- Free & Discounted RMG Products - complimentary keep safe & redirection, partner discounts.
- Free Stamps during the holiday season.*Available only to permanent employees.
At Royal Mail, we value our workforce and strive for our employees to take pride in their roles within our organization. We possess the assets, infrastructure, and scale that others may lack, while also being deeply integrated into the communities we serve, making billions of essential deliveries annually. We are responsible for the largest B2B customer database in the UK and are among the largest employers in the country, providing one in every 194 jobs.
The magnitude of our operations necessitates a robust support network, with departments such as HR, Legal, Finance, IT, Risk & Governance, Customer Experience, and Sales & Marketing playing crucial roles in leveraging the latest technology and business strategies to optimize, automate, and digitize our operations.
Next Steps
The subsequent phase of the selection process will involve a virtual interview featuring competency-based and role-specific questions. Trust is the cornerstone of our operations at Royal Mail. We aim to be transparent about the qualities we seek and to build trust from the outset of your journey with us. The initial step is your interview, and we want it to be 'your' interview. To facilitate this, we will provide you with your interview questions in advance, allowing you ample time to prepare and ensuring you have your best examples ready. Royal Mail Group values both trust and our people. We do not expect every candidate to meet all the criteria for the role. If your experience differs from the job requirements but you believe you possess the relevant skills to contribute value, we would be eager to learn more about you. Royal Mail is proud of our diverse employee network groups and the active role they play in fostering belonging and promoting a positive work environment. We are firmly committed to inclusion and are passionate about our workforce reflecting the communities we serve. We are happy to accommodate any adjustments you may need during the application and hiring process; please share any requirements within your application.
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