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HR Pensions and Benefits Manager (UK & Ireland), SVP

London, United Kingdom

Job Description:

Job Title: HR Pensions and Benefits Manager

LOB: Global Human Resources

Corporate Title: Senior Vice President

Location: London

One of the world’s leading financial institutions, we have 57 million customers ranging from individuals to businesses to governments and we are committed to growing responsibly. We’ve been building meaningful connections in Europe, the Middle East and Africa for 90 years, and you’ll find our 200,000-strong workforce in more than 35 countries worldwide.

Business Unit overview:

The EMEA Benefits Team is responsible for the governance and design of benefits programs across the EMEA region. Reporting to the Head of Pensions and Benefits EMEA, you will be responsible for the establishment and management of pensions and benefits programs in UK and Ireland, which will contribute to the bank’s mission to be a great place to work.

Within the role, you will be responsible for the management of the bank’s Defined Contribution and closed Defined Benefit pension plans, with assets under management of c£3.5bn. You will work closely with Plan Trustees as well as partners across the Enterprise to oversee the governance and risk management of the plans.

You will work with three key Trustee boards in the UK and Ireland, to support their fiduciary responsibilities as well as considering the impact of their decision making on their bank. You will be instrumental in ensuring alignment of the plans with then bank’s overall pensions and benefits strategy.

You will be instrumental in supporting the development of Pensions and Benefits strategy in the UK and Ireland whilst considering competitive landscape and business strategy.

Responsibilities:

  • Oversee the management of pensions and benefits programs in the UK & Ireland
  • Guide coach and manage on a day to day basis a team of 4 (2 pensions and 2 benefits)
  • Oversee management of the over 30 individual bank vendors and work with vendor management partners to ensure vendor compliance and problem resolution. You will drive effective vendor partnership through effective use of vendor client relationship management
  • Oversee vendor scorecards and SLAs to drive vendor perform, escalating performance deficiencies where necessary
  • Partnering with Global information Security (GIS) partners to ensure vendor awareness and team compliance with GIS policy
  • Drive the strategic development of flexible benefits proposition in the UK and Ireland, including the tax and social security impact of benefits across both countries
  • Work with bank and Trustee vendors to ensure plans are well governed and managed
  • You will act as secretary to the Trustee / business support partner in in ensuring fiduciary and bank partnership
  • Ensure all plans are managed within the bank’s process risk and control framework
  • Partnership with payroll, tax and compensation teams to ensure compliance and plan governance whilst ensuring effective operational delivery
  • Using and developing metrics to assess and manage the effectiveness of plan of programs
  • Audit the plans and programs on a regular basis to ensure all benefits offered meet the program policy terms. Your remit will include the benchmarking of our plans and programs to ensure they meet the strategic aims and are competitively positioned within our competitor peer group
  • Develop and drive communications strategy to ensure drive employee engagement in the bank’s plans and programs
  • Partners with finance in the UK and the US to ensure they have a clear understanding of DB plan assets and liabilities, changing in assumptions and changes in Trustee strategy

Core skills:

  • Educated to degree level or equivalent experience; a Master’s degree would be an advantage
  • You will have a professional qualification in pensions and/or benefits (e.g. FPMI, APMI)
  • A project management qualification such as PRINCE2 would be helpful
  • You will be an experienced Benefits professional ideally in the financial services or professional services sector
  • You will have excellent industry knowledge and connections with providers and vendors across the industry as well as peers
  • Excellent communication skills; ability to simplify complex information as well as adapting this to the audience / stakeholder. You will have experience of communicating at senior levels
  • Leadership skills; with the ability to coach encourage and develop junior members of the team
  • Excellent Project management skills with the ability to manage multiple projects simultaneously
  • HR partnership skills with the ability to work with key HR stakeholders to ensure you meet internal client needs
  • Problem solving ability with a pragmatic approach to getting the job done
  • Effective management of dispute resolutions and employee escalations in the UK and Ireland
  • You will have a deep understanding of the technical aspects of DB and DC Pensions  in the UK and Ireland
  • A clear understanding of pensions accounting from a UK and US GAAP perspective; you will have an understanding of the key factors impacting P&L and Balance Sheet
  • Demonstrable understanding of the capital impact of DB Pensions on UK regulated entities.
  • Experience of advising on the impact of DB Pensions at board level

We offer a competitive Salary and Benefits package.

Learn more about our benefits here.

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

For more information on our commitment to ESG, visit about.bankofamerica.com

We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.

Learn more about this role

Full time

JR-19075405

Manages People: No

Manager:

Talent Acquisition Contact:

Referral Bonus:

Check out the London office

We’re a stone’s throw from the London Stock Exchange and the iconic St. Paul’s Cathedral and a short walk to the artsy scene and trendy gastropubs in Shoreditch.

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Street Address

Primary Location:
2 KING EDWARD ST, London, EC1A 1HQ