Please note that strong LGPS (Local government pension scheme) experience is essential for this role
An exciting opportunity has arisen within the Human Resources department of a West London local authority who are currently recruiting for a Pensions Specialist to join their team.
To manage the legal process of setting up of new employers to the local authority's Pension Fund.
and ensure that it is protected from unexpected financial liability through the provision of bonds and other guarantees from admitted bodies.
Together with the pension manager to be a policy expert for the local authority's Pension Fund and ensure it is compliant with pension legislation.
• To coordinate and manage the pension Fund's legal advisors to confirm and finalise the content of admission agreements and Bonds or Guarantees.
• To co ordinate and manage the pension Fund's actuary to provide reports and associated information required for the setting up of new fund employers.
• To identify, analyse and manage risks associating with the setting up of a new fund employer.
• To work closely with those who are letting commercial contracts to ensure that tender documents accurately reflect the requirements of the Local Government Pension Scheme (LGPS) related to those staff subject to TUPE transfer.
• To liaise with contract managers at the council to ensure that full consideration is given to pension implications ahead of new service contracts being let.
• To co ordinate and manage with external stakeholders including banks and third-party directors to enable the execution of admission agreement and bonds.
• To co ordinate and manage all pension aspects of TUPE, including liaising with the pension provider for seamless onboarding of members and the resolution of complex queries as appropriate.
• Support all stakeholders with queries regarding employers' contribution rates and the late payment of employers contributions.
• To ensure that admission agreements and bond documents are promptly signed under by seal by all parties to prevent and minimise financial risk to the pension fund.
• To maintain a register of all current bonds and ensure that admitted bodies are contacted in good time to ensure the continuance of cover.
• To ensure that all admission agreements and bond documents are stored and kept up to date versions for future reference.
• To assist the pensions manager with any pension policy work and drafting of any associated communications.
• To complete pensions-related statutory returns and surveys as required.
• To update and maintain the pension Fund website and internal pensions information as required.
• To attend regular service provider meetings and any other meetings as required.
• Be proactive with your own learning and development and keeping up to date with pension legislation.
• Liaise with and provide information to employees and staff within other departments of the Council and external organisations on pension matters.
• Develop strong working relationships with the administrators, employers, HR colleagues, senior management
Essential: Minimum of 3- 5 years' experience of LGPS administration or DB administration.
Passes in GCE/GCSE level (or equivalent) in Maths and English.
Desirable: Member of the PMI or IPPM.
Professional knowledge and experience:
• A strong understanding and knowledge of admission agreements, and bond arrangements.
• Proven ability to be able to work with Legal advisors and actuaries.
• A full and thorough working knowledge of the LGPS and the scheme regulations.
• Working knowledge of the obligations of employers and the Administering Authority in the management of the Local Government Pension Scheme.
• An understanding of the different LGPS schemes (pre-2008, 2008 and 2014) and how they affect the calculation of scheme member benefits.
• The ability to communicate LGPS regulations clearly and concisely to a range of audiences.
• The ability to provide training and advice to scheme employers or their agents in connection with their administration of the LGPS.
• An understanding of the calculation methods for pensionable CARE pay, whole-time equivalent pensionable pay, and pensionable pay for the purposes of the HMRC Annual Allowance calculation.
• An understanding of LGPS Discretionary Regulations for employers and the discretionary regulations as they pertain to LBHF.
• The ability to manage the process of checking scheme member starter / leaver / changes data as appropriate against information held on the pension administration system and resolving all anomalies.
• The ability to participate in the monitoring, checking, reconciliation and archiving of incoming monthly schedules and remittances from scheme employers, and other monthly electronic submissions containing scheme member data.
• The ability to respond to all types of incoming enquiries and casework from scheme members and prospective scheme members, scheme employers and to provide correct advice in the context of LGPS regulations.
• Confident in using Microsoft Office applications, particularly Word and Excel, and to perform simple calculations in Excel and maintain a range of monitoring data relating to the HFPF.
A full job description will be sent to shortlisted candidates only