girl looking into her desktop
Back to search results

Senior Benefits Consultant

London, , United Kingdom

Job Description:

Job Title: Senior Benefits Consultant

LOB: Global Human Resources / EMEA Pensions & Benefits

Corporate Title: Vice President

Location: London

The EMEA Pensions & Benefits team are currently recruiting for a Senior Benefits Consultant within the London team. The successful candidate will report directly to the EMEA Head of Pensions & Benefits, working in a critical role supporting the Trustee of the UK Pension Plans with assets in Excess of £3bn.  You will also have a day to day reporting line in to the Head of benefits for UK & Ireland.

This is a highly technical role requiring an individual with a pensions qualification (APMI / IOA) with a proven track record in in house pensions management or consulting.  

Responsibilities:

  • Manage the Legacy Bank of America Defined Benefits Plans which are closed to future accrual and the Bank’s Main combined DB and DC Pension Plan.

  • Partnering with the Trustee Board to ensure the plans are effective government and managed in accordance with UK Pensions legislation and the Business Plan.

  • Plan Effective Relationship Management; managing relationships advisors to the Trustee and the bank including consulting actuaries, legal advisors and pension plan administrators

  • Facilitate and manage Pension Projects for example GMP equalisation and rectification, the implications of the Pensions Act 2021 and TFTD ESG deliverables.

  • Review and monitor Plan funding strategy as well as liaison with the Bank of America Finance Team to ensure appropriate accounting disclosures.

  • Partner with internal stakeholders such as finance and legal to ensure liabilities are managed and relevant information provided for funding oversight.

  • In conjunction with advisors support the trustees and the bank in the development of the future funding strategy.

  • Support all aspects of the scheme lifecycle with advisors including statutory disclosures on behalf of the bank, determining annual plan salary, validating contribution payments as managing the annual Benefit Statement process and salary sacrifice programs.

  • Management of legacy employee queries and queries escalated via the IDRP.

  • Draft and review communication to members with the Trustee communications Partner as well as ensuring correct information

The Team:

  • This role sits within the EMEA Pensions & Benefits Team, which comprises of specialists that focus on:

  • UK & Ireland benefits

  • UK & Ireland pensions

  • EMEA pensions & benefits (exc UK, Ireland and France)

  • We currently have 12 permanent employees in the team and 5 contractors. Whilst we all have specific areas of focus we work collaboratively and have a good mix of skills. The majority of the team are based at 2KES in London but we also have team members in Chester and Paris

  • In the past few years, the team have won Best Benefits to Support Working Carers and Best Benefits to Support Work Life Balance at the UK Employee Benefits Awards

  • This role will give the successful candidate exposure to senior leadership teams and managers and the opportunity to develop their career further

Core Skills

  • Extensive experience of managing UK Pensions Plans either as a pension’s consultant / actuary within a consulting firm, or working in-house role

  • Experience of working for an international organisation with a matrix structure is preferred

  • Must have a relevant pensions qualification (e.g. APMI / FPMI or have passed / close to qualifying as an actuary)

  • Excellent technical skills with broad interest and understanding of the legislative and tax environment affecting pension plans in the UK

  • Experience in the operation and management of Trustee boards, ensuring they operate within a governance framework

  • A good understanding of and the application of US GAAP and IAS19 pensions accounting standards

  • Self-starter with the ability to work on their own and in a wider benefits team

  • Demonstrated ability to think critically, analyse data, listen, clarify, solve problems and work independently

  • High level of proficiency in Excel as well as Word and PowerPoint

  • We are supportive as a team and the bank offers some great opportunities for career development and progression within the bank

Bank of America

Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team. A key aspect of driving responsible growth is doing so in a sustainable manner, a critical pillar of which is being a great place to work for our teammates.

In line with these values, in EMEA we have 9 Employee Networks, a wide range of Sports & Social clubs, and other development and networking opportunities so that you can enjoy a range of experiences and connect with colleagues across the bank. We also offer exclusive discounts to some of the most iconic cultural experiences for you to enjoy in your spare time outside of work. 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.

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.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements. As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.

Job Band:

H5

Shift: 

Hours Per Week:

35

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Job Title: Senior Benefits Consultant

LOB: Global Human Resources / EMEA Pensions & Benefits

Corporate Title: Vice President

Location: London

The EMEA Pensions & Benefits team are currently recruiting for a Senior Benefits Consultant within the London team. The successful candidate will report directly to the EMEA Head of Pensions & Benefits, working in a critical role supporting the Trustee of the UK Pension Plans with assets in Excess of £3bn.  You will also have a day to day reporting line in to the Head of benefits for UK & Ireland.

This is a highly technical role requiring an individual with a pensions qualification (APMI / IOA) with a proven track record in in house pensions management or consulting.  

Responsibilities:

  • Manage the Legacy Bank of America Defined Benefits Plans which are closed to future accrual and the Bank’s Main combined DB and DC Pension Plan.

  • Partnering with the Trustee Board to ensure the plans are effective government and managed in accordance with UK Pensions legislation and the Business Plan.

  • Plan Effective Relationship Management; managing relationships advisors to the Trustee and the bank including consulting actuaries, legal advisors and pension plan administrators

  • Facilitate and manage Pension Projects for example GMP equalisation and rectification, the implications of the Pensions Act 2021 and TFTD ESG deliverables.

  • Review and monitor Plan funding strategy as well as liaison with the Bank of America Finance Team to ensure appropriate accounting disclosures.

  • Partner with internal stakeholders such as finance and legal to ensure liabilities are managed and relevant information provided for funding oversight.

  • In conjunction with advisors support the trustees and the bank in the development of the future funding strategy.

  • Support all aspects of the scheme lifecycle with advisors including statutory disclosures on behalf of the bank, determining annual plan salary, validating contribution payments as managing the annual Benefit Statement process and salary sacrifice programs.

  • Management of legacy employee queries and queries escalated via the IDRP.

  • Draft and review communication to members with the Trustee communications Partner as well as ensuring correct information

The Team:

  • This role sits within the EMEA Pensions & Benefits Team, which comprises of specialists that focus on:

  • UK & Ireland benefits

  • UK & Ireland pensions

  • EMEA pensions & benefits (exc UK, Ireland and France)

  • We currently have 12 permanent employees in the team and 5 contractors. Whilst we all have specific areas of focus we work collaboratively and have a good mix of skills. The majority of the team are based at 2KES in London but we also have team members in Chester and Paris

  • In the past few years, the team have won Best Benefits to Support Working Carers and Best Benefits to Support Work Life Balance at the UK Employee Benefits Awards

  • This role will give the successful candidate exposure to senior leadership teams and managers and the opportunity to develop their career further

Core Skills

  • Extensive experience of managing UK Pensions Plans either as a pension’s consultant / actuary within a consulting firm, or working in-house role

  • Experience of working for an international organisation with a matrix structure is preferred

  • Must have a relevant pensions qualification (e.g. APMI / FPMI or have passed / close to qualifying as an actuary)

  • Excellent technical skills with broad interest and understanding of the legislative and tax environment affecting pension plans in the UK

  • Experience in the operation and management of Trustee boards, ensuring they operate within a governance framework

  • A good understanding of and the application of US GAAP and IAS19 pensions accounting standards

  • Self-starter with the ability to work on their own and in a wider benefits team

  • Demonstrated ability to think critically, analyse data, listen, clarify, solve problems and work independently

  • High level of proficiency in Excel as well as Word and PowerPoint

  • We are supportive as a team and the bank offers some great opportunities for career development and progression within the bank

Bank of America

Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team. A key aspect of driving responsible growth is doing so in a sustainable manner, a critical pillar of which is being a great place to work for our teammates.

In line with these values, in EMEA we have 9 Employee Networks, a wide range of Sports & Social clubs, and other development and networking opportunities so that you can enjoy a range of experiences and connect with colleagues across the bank. We also offer exclusive discounts to some of the most iconic cultural experiences for you to enjoy in your spare time outside of work. 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.

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.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements. 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-21059497

Band: H5

Manages People:

Manager:

Talent Acquisition Contact:

Adrian Michal Zuber

Referral Bonus:

0

Street Address

Primary Location:
2 King Edward St, London, EC1A 1HQ