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Defined Benefit Transition Manager

2 months ago

Hove UK, East Sussex, United Kingdom Legal & General Full time

Legal & General looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement division provides pension risk transfer (PRT) solutions for UK and US defined benefit (DB) schemes, and reinsurance solutions from our global hub in Bermuda. We work with companies, DB pension schemes and their advisors to help them secure and protect scheme members’ retirement benefits.

Joining us means you’ll support customers’ financial security in retirement; help companies to settle their pension liabilities and focus on growing their businesses; and enable investment for the long term to back our pension promises.

Job Description

We are currently looking for a Transition Manager to join our DB Transition team here at L&G.

In this role you will manage the end to end scheme implementation and on-boarding of new Pension Risk Transfer (PRT) business, as well as assisting in maximising both new and existing business opportunities at tender stage.

You 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.

This is a hybrid working opportunity based from our Hove Offices, which will allow you to work flexibly between your home and the office to find a work/life balance that works for you.

What you'll be doing:

  • Managing the complete end to end scheme implementation and on-boarding of a portfolio of new Pension Risk Transfer (PRT) business.
  • Supporting the PRT Business Development team where required to assist in maximising both new and existing business opportunities at tender; including beauty parades, performing administration risk assessments, creating benefit specifications and leading site visits, as well as producing opportunity specific project documentation and marketing material.
  • Leading on the development of ‘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. This will involve working closely with stakeholders in PRT to establish and control the most efficient way to transition each scheme.
  • Liaising 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. This will include establishing and monitoring actions against the agreed timetable and putting remedial actions in place if required. As well as undertaking a Post Implementation Review for each scheme, and meeting with or reporting to the Trustees, their advisers and administrators as appropriate.
  • Maintaining 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.

Qualifications

Who we're looking for:

  • Pension Qualification: Preferably holding or working towards PMI.
  • Demonstrable experience in administering and on-boarding 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. This includes 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 (with an understanding of Part 7 Transfers being highly desirable)
  • Highly customer focused and understands the need to maintain and improve relationships with both internal and external customers. This includes policyholders, scheme members, legislative bodies, third parties and your colleagues within L&G.
  • Strong organisational and change management skills and attention to detail, with a demonstrated ability to prioritise and work independently, managing a high-volume of tasks and deadlines.
  • Proficient in using Microsoft products, especially Excel.

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

  • The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes
  • Generous pension contribution
  • Life assurance
  • Private medical insurance
  • 27 days holiday, plus public holidays, plus there’s also the option to buy and sell holiday
  • Competitive family leave
  • Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice
  • There are the many discounts we offer – both for our own products and at a range of high street stores and online
  • In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart

Additional Information

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.