Pension Risk Transfer Specialist
3 weeks ago
Ensuring the sustainability of pension schemes is a significant undertaking for many organizations.
At Legal & General Retirement Institutional (LGRI), our goal is to assist businesses and pension scheme trustees in fulfilling their defined benefit pension commitments to their workforce.
We facilitate the settlement of pension liabilities, allowing companies to concentrate on their growth while also enhancing the financial security of their members during retirement. Our long-term investment strategy underpins our pension commitments.
With over three decades of experience, we have established ourselves as a leader in the UK market, managing a substantial number of pension policyholders. We are recognized as the UK's longest-serving active bulk annuity provider and have received numerous accolades for our services.
We are seeking a Transition Manager to become a vital part of our Transition team at L&G.
In this capacity, you will oversee the comprehensive implementation and onboarding process for a range of new Pension Risk Transfer (PRT) transactions. You will also collaborate with the PRT Business Development team to optimize both new and existing business prospects during the tender process. This includes conducting administrative risk evaluations, developing benefit specifications, leading site assessments, and creating tailored project documentation and marketing resources.
Your role will involve crafting 'scheme-specific' transition strategies for a portfolio of transactions, which will be communicated to all Trustees, their advisors, and relevant parties within L&G to illustrate the management of the transition project. Close collaboration with stakeholders in PRT will be essential to determine the most effective transition methods for each scheme.
You will engage with trustees, brokers, and administrators to establish a timeline and process for data verification, ensuring that benefits are accurately costed and reflect the legal obligations assumed by L&G. This will include tracking actions against the agreed schedule and implementing corrective measures as necessary. Additionally, you will conduct a Post Implementation Review for each scheme and provide updates to Trustees, their advisors, and administrators as appropriate.
Maintaining a thorough understanding of the Pension Risk Transfer offerings and processes at L&G, along with any updates to pension and de-risking regulations, will be crucial in enhancing our Pension Risk Transfer Implementation capabilities across our UK operations and future markets.
This position offers a hybrid working model, allowing for a flexible balance between remote work and office presence to support your work/life integration.
- Pension Qualification: Ideally holding or pursuing PMI.
- Prince 2 Practitioner certification (preferred)
- Proven experience in managing and onboarding Defined Benefit (DB) pension schemes.
- Familiarity with pension regulations for DB schemes, including a comprehensive understanding of the requirements for schemes undergoing wind-up, and their interaction with PPF and FAS.
- In-depth knowledge of buy-out, buy-in, and familiarity with longevity insurance and reinsurance products and propositions.
- A thorough understanding of the systems and processes necessary to fulfill annuity obligations, including data/benefit input, FR reconciliation, inception costings, administrative processes, and customer communication.
- Awareness of current challenges and opportunities within the Pension Risk Transfer sector.
- Staying informed about legislative changes and understanding the legal framework surrounding de-risking and buy-in/buy-out contracts (knowledge of Part 7 Transfers is highly desirable).
- Strong customer orientation, with an emphasis on maintaining and enhancing relationships with both internal and external stakeholders, including policyholders, scheme members, regulatory bodies, third parties, and colleagues at L&G.
- Proactive in contributing to the overall performance of the team, taking ownership of issues, and escalating to management only when necessary.
- Excellent organizational and change management skills, with a keen attention to detail and the ability to prioritize and manage a high volume of tasks and deadlines independently.
- Proficient in Microsoft Office applications, particularly Excel.
- Competitive Salary
- Holiday Allowance – 27 days plus all UK bank holidays
- Pension Contribution – L&G matches personal contributions up to 5% and provides an additional contribution of 5% per month
- Private Medical Insurance
- Life Insurance
- Income Protection
- Access to a variety of optional benefits upon joining L&G
Legal & General is a prominent financial services organization and a major global investor, recognized as Britain's Most Admired Company in 2023 for the second consecutive year. We are rated highly in our sector for inspirational leadership and have a rich heritage coupled with a promising future.
Our mission is to foster a better society for the long term by investing our clients' funds in initiatives that enhance quality of life for all.
Joining us means becoming part of an inclusive culture that values collaboration among individuals from diverse backgrounds, perspectives, and experiences. Our leaders prioritize integrity and care about your future and well-being, empowering you through initiatives that support career development and excellence.
We are committed to being open, mindful, and inclusive, and we welcome discussions about flexible working arrangements and reasonable accommodations for candidates with specific needs.
If you are interested in learning more, we encourage you to reach out.
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