Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
• The job purpose is to provide day to day operational support for the management of our existing and new bulk annuity business.
• The role holder will be considered a specialist for the company in respect of the Defined Benefit pensions administration and bulk annuity business with an in-depth understanding of the end-to-end bulk annuity process and the external market.
• They will all provide day to day oversight and analysis as to the performance of Mercer administration of the existing book of business.
• The role will include responsibility of administration and payroll checks and reconciliation, coordination of MI checks with Finance and oversight of the relationship with our Third-Party Administrators.
Duties & Responsibilities:
• Key member of the governance of the Mercer administration relationship with attendance at Mercer Stewardship meetings. Day to day management of client relationships to deliver and maintain highest standards of customer service for Trustees, Sponsors and Members.
• Maintenance of membership records and other scheme documentation in line with the company procedures and including regular review of access control of Kiteworks.
• Create, analyse and distribute regular MI on the performance of our operations team against SLA, contractual obligations, regulatory requirements and reinsurance requirements.
• Review scheme data and ensure Mercer deliver good Customers Outcomes and subject to Scheme Rules and Benefit Specification.
• Support Operational Actuarial team reviewing and summarising any reporting/MI received from Mercer.
• Support Administration Manager with on-going review (Annual) of Stressed and Planned Exit documentation to ensure they remain appropriate for an evolving proposition.
• Analysis of Quality Assurance data and appropriate oversight of Mercer Third Party Administration service e.g. quarterly complaint sampling.
• Ownership of the annual Due Diligence exercise that takes place for a Tier 1 Outsourcer.
• Audit of Mercer systems and controls through review of Quality Assurance within Mercer. Own and deliver actions as a result of Internal Audit for operations.
• Ensure we maintain within Risk appetite and provide appropriate reporting for RCSA and CORC reporting as required.
• Oversight of payroll including finance reporting and enhanced checks and reconciliations.
• Complete business readiness analysis for changes to Mercer systems and controls as we enhance our proposition.
• Support project work as SME for bulk operations e.g. compliance with Consumer Duty.
• Manage key internal relationships for operations aspects of bulk annuities including Finance, Compliance and Risk.
• Liaising with Mercer Admin team to resolve technical queries providing initial analysis and supporting pricing team.
• Supporting Operational Actuarial Team to provide factors to EBCs/PRA (e.g., benchmarking)
Receiving and logging all TV (including divorce) and Trivial Commutation cases, liaising with Operational Actuarial team and Mercer admin team to ensure SLAs are met.
• On-going oversight of the invoice and expense process for our Third-Party Administrator to ensure service is delivered to a high standard and within agreed budgetary constraints. Challenging Mercer to drive down cost through operational and process efficiency.
• Quarterly finance reconciliation of bank account to zero balance and taxation accounting sign off
• Support Administration Manager with annual budget exercise to ensure that business plan meets with expense plan from operational perspective.
• Provision of technical information both verbally and in writing
• Calculation of scheme benefits in accordance with the scheme rules and benefit specifications.
• Maintain up to date knowledge of the Bulk Annuity proposition and processes along with any changes of pensions and de-risking legislation and market developments.
• Ensure team across Mercer and Canada Life are operationally ready to deliver the desired customer outcomes as the market and our proposition develops.
• Strong knowledge of DB pensions and previous experience in dealing with DB pensions administration in particular deferred liabilities.
• Experience of working on projects or implementations
• An understanding of DB pensions, pension scheme administration requirements and systems.
• An understanding of DB de-risking administration requirements and how they differ from standard pensions administration
PC literate and experienced in using MS Office.
• Strong numeracy and analytical skills.
• Ability to grasp complex financial/actuarial concepts and methodologies.
• Able to organise work under pressure and to tight deadlines.
• Good knowledge of all products, processes and procedures within team.
• Able to assist between all teams as demand requires.
• Able to develop good working relationships within team and with internal and external customers
• Attained or working towards diploma level qualification or equivalent industry standard qualification.
What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.
Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for.