Senior Pension Operations Analyst
PIC · London
Role Purpose:
- The role requires the ability to effectively collaborate with Risk / Transitions / Finance to secure their buy-in and implement improvements to systems, processes, and technology, as appropriate.
- To apply knowledge and insights concerning the Customer Operations and how this impacts our policyholders.
- To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes to our policyholders, shareholders, and trustees on a consistent basis.
- Our Company values are expected to be reflected in the delivery and performance of every role.
Specific accountabilities assigned to the role of Senior Pension Operations Analyst within the Customer Operations:
- Supporting the Pension Services Oversight Manager, Pension Services TPA Manager and Pension Services Technical Manager to maintain oversight of PIC’s Third Party Administrators to ensure PIC Policyholders always receive exceptional customer service, ensuring they are meeting their KPI’s and other commitments
- Collaborates with Third Party Administrators on complex calculations and answers complex pension services queries
- Provide oversight and quality auditing of pension services processes, including but not limited, to Pension Increases, DSARs, overpayment policy, high value payment approval, identifying trends, training opportunities and process improvements
- Provide oversight and auditing of our Third Partner Administration partners process guides to ensure adheres to PIC policies/procedures and pensions legislation, and robust process controls in place
- Ensure our Third Party Administration partners are understanding and working within PIC guidelines and processes for Consumer Duty
- Attends and participates in supplier meetings with our Third Party Administration partners
- Support data collation and input to internal and external auditor requests
- Supporting the Pension Services Oversight Manager, Pension Services TPA Manager and Pension Services Technical Manager to maintain oversight of Buy In scheme Trustee Administrator’s funding requests, calculation checks and support for responding to miscellaneous requests, ensuring a high level of service to the scheme Trustee
- Liaises with internal teams, such as Transitions, Actuarial and Payroll to deliver a high standard of service for Trustees in relation to new Buy in Scheme risk transfer
- Providing pension technical expertise, with the ability to interpret rules and legislation
- Produces inputs into MI and reports for PIC Senior Management
- Helps identify and implement process improvements/efficiencies in PICs administration model
- Undertakes ad-hoc project work as required, managing work streams and making sure timescales are met
- Liaise with regulatory bodies such as the Financial Ombudsman Service
- Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of Pension Services Team
- Provides knowledge and insights concerning the Customer Operations function and how this impacts our policyholders
Conduct Rules:
- You must act with integrity
- You must act with due skill, care and diligence
- You must be open and cooperative with the FCA, the PRA and other regulators.
- You must pay due regard to the interests of customers and treat them fairly.
- You must observe proper standards of market conduct
- You must act to deliver good outcomes for retail customers
PIC operates within the financial services industry and, therefore, is regulated by the FCA (Financial Conduct Authority) and the PRA (Prudential Regulation Authority). It is a requirement for all PIC employees to demonstrate a good understanding of the regulatory framework and how it applies to the Company.
Requirements
Knowledge:
- Good technical knowledge of defined benefit pension schemes
- Established knowledge of Pensions Administration processing, especially in relation to defined benefit pension schemes
- Established knowledge of pensions legislation and its application to pensions administration
- Established knowledge of complex manual pension calculations
- Familiar with pensions buy-ins & buy-outs and transitions process
Skills:
- Strong organisational & communication skills
- Strong numerical skills
- Strong attention to detail
- Ability to persuade and influence both directly and indirectly
- Ability to organise work to meet deadlines
- Ability to work within defined procedures as recommended by functional teams
- Effective collaboration with key stakeholders
- Good working knowledge of MS Access, MS PowerPoint, MS Word
- Good level of Microsoft Excel competency (intermediate) with a keen desire to develop existing knowledge
Experience:
- Experience working in defined benefit pensions administration
- Experience of delivering excellent customer service when dealing with external and internal stakeholders
DE&I at PIC
At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we’re proud of our progress, we recognise there’s work ahead, and we remain dedicated to listening, learning and evolving together.
Benefits
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll have access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme, insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection, and much more.