Outsourced Administration Manager
PIC, United Kingdom
Job Description
Pension Insurance Corporation (PIC) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At yearend 2022, PIC had insured 302,200 pension scheme members and had 41 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes.
As a result of growth, a newly created vacancy has arisen here at PIC and we have an exciting opportunity for an experienced pension administration professional to join our Pension Services team as Outsourced Administration Manager here.
Role purpose:
- To manage the day-to-day relationship with PIC’s chosen outsourced administrators to make sure our policyholders are receiving an excellent standard of service and in line with Consumer Duty requirements.
- Make sure schemes transition successfully into the PIC operating model.
- To understand and work within Pension Insurance Corporation’s Guidelines on Consumer Duty.
- Closely monitor Third Party Administrators to ensure they adhere to Consumer Duty guidelines.
- To manage ad-hoc operational projects where required.
- Identify and implement improvements/efficiencies in PIC’s administration model.
Key responsibilities:
- Manage all outsourced administration partners top deliver an excellent service, hitting all their KPI’s and other commitments.
- Identify where agreed service levels are not being achieved and ensure any remedial action required is completed.
- Liaising with and reporting to PIC Senior Management.
- Make sure schemes transitioning to PIC successfully transfer into the PIC operating model.
- Identify and implement improvements/efficiencies in PIC’s administration model.
- Successfully manage all non-BAU tasks such as Consumer Duty reviews, quality, and efficiency monitoring with the outsourced administrators.
- Successfully manage pension increases exercises.
- Successfully manage projects between outsourced administrators and PIC.
- Develop more junior members of the PIC team to help them expand their role and increase responsibility.
- Prepare for and run client meetings with outsourced administrators.
- Liaise with and satisfy requirements of PIC assurance functions.
- Produce high quality and accurate MI for senior management.
- Take a lead role in developing and driving PIC administration forward particularly in areas such as vulnerable customers, communications, technology etc.
- Championing initiatives and actions to support vulnerable customers at PIC.
Requirements
Essential:
- Pension administration experience at least at team leader/team manager level.
- Experience of managing the performance of an outsourced administrator.
- Client/supplier facing experience.
Desirable:
- Knowledge of pension buy-outs and transition process.
- Operational Management experience.
Qualifications:
- Professional qualifications eg. PMI, FPC desirable but not essential
Benefits
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.
This role offers hybrid working, and we are open to discussing flexible working arrangements too.