Covenant and Financial Analyst

About us:

More than half the UK working population rely on The Pensions Regulator (TPR) to regulate their retirement savings. With a career at TPR, you’ll be joining an organisation that will impact on millions of lives for decades to come.

Everyone at TPR plays an important role in helping to keep more than £2trn of savings safe. We’re committed to bringing people into TPR who are ready to make a difference and put UK savers at the heart of what we do.

It is important to us that TPR remains a great place to work. We do all we can to help our people reach their full potential with learning, secondment, and development opportunities. We put our 900+ employees first, supporting flexible working and offer a diverse, lively, and inclusive environment. This includes our Disability Network, LGBT+ Network (Proud), Minority Ethnic Network, Time to Change Champions (mental health), and Women’s Network which offer spaces to connect.

Our new corporate strategy outlines a bold and challenging vision of how pensions regulation should evolve to keep pace with a change in the scale and nature of the industry. We are at the start of that journey. Join us to find out what part you can play.

We operate a hybrid working model, with regular attendance in our Brighton office to connect with colleagues across the business.

Role:

Are you looking for an opportunity to make a significant difference to millions of pension savers? We are seeking a talented individual to provide specialist covenant and financial analysis advice in policy-related work and in the supervision of DC Master Trusts, DB pension schemes, consolidation vehicles, and other emerging areas of innovation.

Your expertise will help ensure the most appropriate outcomes, influencing market practices and gaining exposure to both DB and DC schemes. This is a fantastic opportunity to engage in a diverse range of projects and advance your career in a dynamic and evolving field.

Responsibilities:

You will:

• Provide covenant and financial analysis expertise to ensure the successful outcome of interventions and supervision in line with our statutory and corporate priorities and objectives.
• Supporting effective negotiations concerning pension liabilities in corporate transactions in order to protect savers benefits.
• Analysing impacts of corporate activity and contributing to development of new strategies.
• Critically assess viability of business plans for Master Trusts, consolidators, and other emerging models.
• Provide financial input to the development of policy including secondary legislation for Funding, NE’s, authorisation and supervision of Master Trusts and other emerging models.
• Reviewing recovery plans with emphasis on affordability, sustainable employer growth and cash management.
• Assist in the development of TPR’s operational procedures for the authorisation and supervision of Master Trusts, Consolidators and other emerging models Providing risk-based advice and analysis to project & case teams with specific, technical analysis and recommendations to assist clearance decisions/negotiations/arbitrations.
• Developing scheme funding plans for high-risk schemes in conjunction with scheme trustees.
• Taking a leadership role in business negotiations on recovery plans.
• Educating and mentoring case managers and team members on corporate financial and operational analysis and normal business practices.
• Contributing to constructive and useful learning on intervention approaches to the team and wider organisation.
• Contributing where relevant to best practice advice.

Essential & Desirable Criteria:

We are keen to hear from applicants with the following criteria as we seek to expand and evolve our supervision of the DC Master Trust market:

• Working in or with large financial institutions.
• Understanding of Prudential Risk frameworks.
• Experience of M&A in financially regulated sectors. (and/or post transaction integration)
• Understanding of FCA/PRA regulatory landscape. (i.e., Solvency II / ICARA)
• Regulatory market oversight.

Other desirable criteria are:

• Understanding of TPR guidance for scheme funders, employers, and trustees.
• Experience actively advising DC Master Trusts and/or defined benefit pension scheme trustees.
• Industry sectors knowledge and strong experience / commercial awareness.
• Corporate financial structures including familiarity with typical debt and equity terms.
• Deep understanding of fundamentals of covenant assessment and/or credit analysis.
• Business valuation approaches and techniques.
• Corporate structuring / re-structuring.
• Mergers and acquisitions.
• Key issues in the UK DB pensions environment and strategic trends.

Person Specification:

• Proactive and flexible.
• Ability to prioritise and use initiative.
• Calm under pressure.
• Problem solving and analytical skills.
• Strong Communication – written and oral.

Salary & benefits:

As well as a salary between £80,513 and £102,877, we offer:

• Civil Service Pension arrangements, which are recognised as some of the best in the pensions world.
• discretionary bonus arrangements.
• access to performance related pay progression.
• 25 days annual leave provision.
• flexible working arrangements.
• development opportunities.
• enhanced parental leave arrangements.
• a free employee assistance programme.
• an excellent office location in Brighton.

How to apply:

To apply please email recruitmentteam@tpr.gov.uk quoting role reference number 198467 along with:

• a covering letter with details of how your skills and experience meet the role requirements 
• a copy of your CV
• details of your notice period

Current TPR employees in their first 12 months of employment who want to apply for this vacancy should first contact their line manager to discuss their application.

We are an inclusive employer and offer equal opportunities regardless of an individual’s age, disability, gender identity, marriage or civil partnership status, pregnancy or maternity, race, religion or belief, sex, and sexual orientation.

As a Disability Confident employer, we’re committed to the recruitment, employment, retention, and development of people with disabilities, and to improving their employment opportunities. Candidates who declare that they have a disability and who meet the essential criteria for the job will be offered an interview.

Applications will be considered on a part time and job share basis. If you want your application to be considered as part of a job share, please apply with the hours you are available to work.

In accordance with Home Office guidance, the successful candidate will be required to provide their right to work in the UK before they start employment. Unfortunately, TPR is not able to offer sponsorship at the time. TPR is a UK-based organisation with a working location in Brighton, candidates must live in the UK to be employed by us.

The Pensions Regulator is an arm’s length government body and part of the public service.

Any offer of employment will be subject to the receipt of satisfactory background screening checks and criminal record checks (BPSS).

If you have any queries about this role, or if you have a disability and wish to request a reasonable adjustment at any stage of the recruitment process, please email recruitmentteam@tpr.gov.uk

Closing date: 8 August 2024.