Pensions Risk Management Specialist
3 weeks ago
Pensions Risk Management Specialist (Subject Matter Expert) - Hybrid Work Environment
Royal Mail Pensions is in the process of expanding its team by incorporating specialists in De-Risking Pensions and Data Management. This initiative is part of a newly established team 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 its implications on the processes and calculations throughout the members' lifecycle in the RMPP. Your responsibilities will include evaluating the accuracy of the data stored in the Pension Administration system, generating system extracts, and designing tests while supporting Bulk Data migrations and reconciliations with external entities for the RMPP.
Your key responsibilities will include:
- Designing and implementing checks for data integrity, completeness, and accuracy, generating reports, and providing relevant data extracts or summaries with clear interpretations.
- Analyzing and comparing extensive data extracts to summarize findings for decision-making and rectification actions.
- Collaborating with colleagues in a structured manner, ensuring all discrepancies or issues are documented, thoroughly investigated, and resolved within set timelines, while providing regular updates.
- Working in partnership with the De-Risking team and the broader Pensions Service Centre to devise solutions for 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 reports specified under contractual obligations (e.g., triennial valuations), and ensuring the final migration to selected insurance providers and/or advisors.
- Collaborating with partners on Bulk Data Migration, validation, and reconciliation with third-party systems.
- Preparing and defining bulk mailing extracts for individual Member Statements and addressing member inquiries, providing clear 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 generating solutions.
- The ability to plan your work independently 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 handling large volumes of intricate data.
- Highly developed communication and influencing skills, with a track record of engaging with senior internal and external stakeholders, as well as professional advisors.
- Proficient PC skills, particularly in Advanced Excel, with experience managing large data files, queries, and validations; knowledge of Microsoft Access is desirable.
Royal Mail supports a hybrid working model, but some flexibility regarding work location will be necessary for regular office attendance, meetings, and workshops.
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 to enhance your life, covering physical and mental health, financial and social support, and advice. It's free and available to everyone.
- Lifestyle Benefits - options to purchase a car, bike, home technology, or mobile phone, along with a variety of health benefits and insurance products, allowing for regular salary deductions and potential tax savings*.
- Financial Support - resources and services to assist with debt management and financial literacy, including debt consolidation and savings plans*
- Peace of Mind with - Healthcare CashPlan, Dental Coverage, Additional Life Insurance, Hospital & Death Benefit Plans; Voluntary Critical Illness & Voluntary Critical Illness Partner
- Free & Discounted RMG Products - complimentary keep safe & redirection services, partner discounts
- Complimentary 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 being deeply integrated into the communities we serve, making billions of essential deliveries annually. We manage the largest B2B customer database in the UK and are among the largest employers in the country, providing one in every 194 jobs.
An operation of this magnitude requires a robust support network, with departments such as HR, Legal, Finance, IT, Risk & Governance, Customer Experience, 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 foster trust from the outset of your journey with us. The initial step is your interview, which we consider 'your' interview. We want to provide you with the opportunity to excel. To facilitate this, we will share your interview questions in advance, allowing you time to prepare and ensuring you have your best examples ready. Royal Mail Group values both trust and our personnel. We do not expect every candidate to meet all criteria for the role. If your experience differs from the job requirements but you believe you possess the relevant skills to contribute meaningfully, we would be eager to learn more about you. Royal Mail is proud of our diverse employee network groups and the proactive role they play in fostering belonging and promoting a positive work environment. We are firmly committed to inclusion and 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 include any requirements in your application if necessary.
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