Defined Benefit Transition Specialist

2 days ago

Brighton, Brighton and Hove, United Kingdom LegalAndGeneral Full time
About the Role

We are seeking an experienced Transition Manager to join our team at Legal & General.

This role will involve managing the end-to-end scheme implementation and onboarding of new Pension Risk Transfer (PRT) business, as well as assisting in maximizing both new and existing business opportunities at tender stage.

The successful candidate will also lead on the development of 'scheme specific' transition plans to establish and control the most efficient way to transition each scheme into L&G.

Key Responsibilities
  • Manage the complete end-to-end scheme implementation and onboarding of a portfolio of new Pension Risk Transfer (PRT) business.
  • Support the PRT Business Development team where required to assist in maximizing both new and existing business opportunities at tender; including beauty parades, performing administration risk assessments, creating benefit specifications, and leading site visits.
  • Develop 'scheme specific' transition plans for a portfolio of transactions and provide these to all Trustees, their advisers, and all interested parties within L&G to demonstrate how the transition project is being handled.
  • Liaise with Trustees, brokers, and administrators to agree a timescale and process for verifying data to ensure that benefits are costed accurately and reflect the legal liabilities being taken on by L&G.
  • Maintain an excellent knowledge of the Pension Risk Transfer proposition and processes of L&G along with any changes to pensions and de-risking legislation to further support the development of our Pension Risk Transfer Implementation capabilities across our UK business structures and future active territories.
Requirements
  • Pension Qualification: Preferably holding or working towards PMI.
  • Demonstrable experience in administering and onboarding Defined Benefit (DB) pension schemes.
  • Knowledge of pension regulations for DB schemes, including a detailed understanding of the requirements for schemes in the course of wind-up, and the interaction with PPF and FAS.
  • An in-depth understanding of buy-out, buy-in, and an understanding of longevity insurance and reinsurance products and propositions.
  • A deep understanding of systems and processes required to meet annuity commitments, including processes around data/benefit input, FR reconciliation, inception costings, administration processes, and customer communication.
  • An understanding of the current challenges and opportunities in the Pension Risk Transfer market.
  • Keeps up to date with any legislative changes and understands the legal framework around de-risking and buy in/buy out contracts.
  • Highly customer-focused and understands the need to maintain and improve relationships with both internal and external customers.
  • Strong organizational and change management skills and attention to detail, with a demonstrated ability to prioritize and work independently, managing a high-volume of tasks and deadlines.
  • Proficient in using Microsoft products, especially Excel.

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