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Head of Pensions - UK & Ireland

London, , United Kingdom

Job Description:

Job Title: Head of Pensions – UK & Ireland

Corporate Title: Senior Vice President (SVP)

Location: London, UK

Company Overview:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection.  Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

The Team:

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 & Canada, you will be responsible for the governance and management of Pension Plans in UK and Ireland.

Role Description:

Within your role, you will be responsible for the bank’s Defined Contribution and Defined Benefit pension plans, with assets over £3.5bn. You will work closely with Trustee Boards, Chairs, and 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. You will be instrumental in ensuring alignment of the plans with the bank’s overall pensions and benefits strategy. You will also take a principal part in supporting the development of Pensions and Benefits strategy in the UK and Ireland, whilst considering the peer market landscape and business strategy.

Responsibilities:

  • Oversee the Pensions Plans and associated Trust based insurances in the UK & Ireland. Work with bank and Trustee vendors to ensure plans are well governed; you will act as secretary to the Trustee. You will guide, coach and supervise on a day-to-day basis a team of 5 pensions specialists

  • You will work in partnership with finance, payroll, tax and compensation teams to ensure compliance and plan governance whilst ensuring effective operational delivery. You will work 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.

  • In partnership with the Trustee, you will be responsible for driving both bank and Trustee projects including GMP equalisation, implementation of the General Code, de-risking projects as well as DC Pensions Plan design reviews.

  • You will be responsible for partnering with the Pension Plan administrator in delivering operational excellence in member administration on behalf of the Trustee. This will include process transformation as well as SLA monitoring and re-design.

  • You will be responsible for control of all third-party expenses and budgets involved in the operation of pension plans for both the Bank and Trustee. To ensure effective oversight of board sub-committees (investment and administration) and partnership with Chairs to ensure their effective operation. Our will work with the Trustee board to drive effective communication across the membership including the evolution of effective technology.

What we are looking for:

  • A senior qualified actuary / APMI /FPMI professional with experience in either in-house or from a consulting background in which you have experience of an in-house secondment.

  • Experience in a professional services firm or International / Global Bank is preferred. Experience of DB / DC and Hybrid schemes with highly detailed benefit design structures including offshore and unfunded arrangements.

  • A solid understanding of US GAAP, IFRS and PRA stress testing requirements. Demonstrable understanding of the capital impact of DB Pensions on UK regulated entities and have experience of advising on the impact of DB Pensions at board level.

  • Experience of running a team to develop and coach team members, building both technical skills and consulting skills. Project capability, with the ability to balance multiple projects simultaneously as well as across the team. An ability to communicate with poise with senior stakeholders across as well as the skill to distill and simplify highly detailed issues.

UK

  • Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner

  • Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons

  • 20 days of back-up childcare including virtual tutoring and 20 days of back-up adult care per annum

  • The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc

  • Use of a flex fund to use towards benefits

  • Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services

  • Ability to donate to charities of your choice directly through payroll and the bank will match your contribution

  • Opportunity to access our Arts & Culture corporate membership programme and receive discounted entry to some of the UK and Ireland’s most iconic cultural institutions

  • Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local area

Bank of America

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.

Learn more about this role

Full time

JR-23014654

Manages People:

Street Address

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