Senior Benefits Consultant

Job Description:

Job Title:              Senior Benefits Consultant

Corporate Title:   Vice President

Location:           London

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.  We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth.  This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact.  Join us!

Location Overview:

Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.

Job Description

The Senior Pensions Consultant reports to the EMEA Head of Pensions & Benefits, with a day-to-day reporting line to the UK & Ireland Head of Pensions.  The role sits within the EMEA Pensions & Benefits function, a specialist team responsible for pension and benefits strategy, governance, risk and vendor oversight across the region including:

• UK & Ireland pensions (DB/DC governance and funding)
• UK & Ireland benefits (governance and vendor management)
• EMEA pensions & benefits (excluding UK & Ireland)
• Canada pensions & benefits

The team operates in a collaborative, matrix environment with strong shared standards and clear ownership across specialist areas. Most roles are based in London (2KES), with colleagues in Chester, Dublin, Toronto and Paris.

The team has been recognised externally, including UK Employee Benefits Awards for benefits supporting working carers and work–life balance.

The role has regular interaction with the UK Trustee Board, senior Finance/Legal partners and regional leadership, and provides meaningful scope to influence pension strategy, risk and outcomes.

We are a supportive, high-performing team and the Bank offers strong opportunities for development and progression.

Responsibilities:

• Support day-to-day governance and oversight of the Bank of America UK Retirement Plan (combined DB/DC; c.£4bn assets), ensuring effective co-operation within Trustee and Bank governance frameworks.
• Oversee the Bank’s UK legacy defined benefit arrangements (three schemes with complex benefit structures), including governance, adviser coordination and delivery against statutory and Trustee requirements.
• Partner with the different UK Trustee Boards to maintain high standards of governance, controls and decision-making in line with UK pensions legislation, regulatory expectations and the Trustee business plan.
• Own key adviser relationships (actuary, investment consultant, legal counsel, administrators and other providers), driving performance, challenge and outcomes through clear scope, governance and service standards.
• Manage and monitor pension-related budgets on behalf of the Trustee and the Bank, ensuring appropriate oversight, forecasting and cost control.
• Deliver complex UK pensions change and risk projects (e.g., de-risking, insurance/buy-in readiness, DC design and investment changes, member communications), including business case support and delivery governance.
• Monitor and support the Plan’s funding and journey planning, including engagement on the evolving UK DB funding regime and associated regulatory guidance.
• Partner with Finance to ensure accurate pension accounting and disclosures under US GAAP and IAS 19, including coordination of adviser inputs and governance of key assumptions.
• Work closely with internal partners (Legal, Finance, Risk, Tax, HR Operations) to identify, assess and manage pension-related risks and ensure timely, accurate information flows for governance and oversight.
• Support the Trustee and the Bank in shaping forward-looking UK pension strategy, including de-risking options, endgame planning and benefit design considerations, leveraging adviser insight and market intelligence.
• Oversee delivery of core governance and operational processes (e.g., statutory disclosures, annual benefit statements, contributions and salary changes, salary sacrifice), working with administrators and internal stakeholders to ensure accuracy and control.
• Handle escalated member and employee issues, including complaints and IDRP cases, ensuring fair outcomes and appropriate governance, documentation and adviser engagement.
• Oversee the production and governance of pension communications to members and employees on behalf of the Trustee and the Bank, ensuring technical accuracy, clarity and compliance.

Desired Skills:

• Significant UK pensions experience gained in-house and/or consulting (DB and DC), with demonstrable accountability for governance, delivery and outcomes.
• Proven ability to operate effectively within robust governance and control frameworks, including Trustee governance and regulated financial services environments.
• Experience influencing senior stakeholders in a complex, matrixed organisation, with the judgement to balance risk, cost, colleague outcomes and reputational considerations.
• Relevant professional qualification (e.g., APMI/FPMI) and/or actuarial qualification progress/credential appropriate for a senior UK pensions specialist role.
• Robust UK pensions technical capability, including the legislative and tax environment, Trustee duties and practical application in scheme governance and change delivery.
• Hands-on experience supporting and/or working with Trustee boards, including preparing papers, advising on decisions and driving follow-through across multiple workstreams.
• Working knowledge of pension accounting and disclosures under IAS 19 and US GAAP, and confidence partnering with Finance and advisers to deliver accurate outputs.
• Self-directed, highly organised and comfortable taking ownership, while working effectively as part of a broader regional benefits team.
• Demonstratable analytical skills and sound judgement; able to simplify complex issues, form clear recommendations and communicate effectively with non-specialists.
• PowerPoint and Excel capability for governance reporting, analysis and presenting recommendations to senior stakeholders.

Benefits of working at Bank of America:

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 access to school holiday clubs 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.
• Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.
• Access to an Employee Assistance Program for confidential support and help for everyday matters
• 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 program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions.
• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.

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 sex, gender identity or gender reassignment, marital or civil partner status, race, religious or similar philosophical belief, political opinion, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or 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.