Defined Benefit

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’re currently recruiting for a Transition Consultant to join our Award Winning Pension Risk Transfer business.

We’re offering a competitive base salary, great benefits and the opportunity to work with Employee Benefit Consultants and Trustees of Defined Benefit Pension Schemes in order to reconcile scheme member data and accurately record the benefits secured, ensuring that all parties have the most up-to-date information for the ongoing administration of all schemes.

What you'll be doing:

  • Analysing scheme benefits and data to draft legal agreements that allow all benefits to be properly administered by the Client Services administration areas
  • Ensuring that all teams within PRT have the correct benefit specification and data to guarantee that the customers receive their correct benefit entitlement and schemes are funded accurately
  • Taking responsibility for the progress of allocated schemes, including regular reviews, ensuring prompt and appropriate responses to customer communications and the provision of relevant information internally and externally
  • Supporting the new business origination team and the Transition Managers by offering advice on administration capabilities and attending site visits to gather an understanding of the quality of the data prior to transaction
  • Ensuring communication is delivered in a timely manner and ensuring there is a full audit trail of all benefit and data items throughout the lifecycle of the onboarding process
  • Ensuring all internal customers and any relevant third parties are kept updated in a timely fashion on any key information which impacts their processing to enable them to treat the end customer fairly
  • Ensuring customers have sufficiently tailored information to enable them to understand what is being communicated, including any action they need to take or when advice or further support may be required

Qualifications

Who we're looking for:

  • Pension Qualification such as CII or PMI (or demonstrable equivalent experience)
  • Knowledge of pension’s regulations for DB schemes, including a detailed understanding of the requirements for schemes in the process of de- risking (is essential)
  • An understanding of the way benefits are structured and administered in Defined Benefit schemes (is essential)
  • Ability to manage tight timescales, prioritise own work and/or escalate if necessary
  • Ability to provide an accurate and cost-effective service by getting things right first time
  • A strong understanding of the risks faced by their team/the business and a desire to actively take steps to reduce these risks
  • Strong organisational skills, with experience of project management being highly beneficial
  • Clear written and verbal communication skills
  • Highly customer focused with the ability 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

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
  • At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. 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.

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