Pensions Administrator - Define Benefit Schemes
Location: Portsmouth
Employment Type: Permanent, Full Time
Grade: Senior Associate
Hybrid
REQ003761
About XPS Group:
XPS Group is a prominent UK consultancy and administration firm within the pensions and insurance sectors. As a FTSE 250 company with over 2000 employees, we leverage expertise alongside advanced technology to serve over 1,400 pension schemes and their sponsors. Our goal is to foster a workplace where diverse talents thrive.
About the Role:
Our teams of pension administrators provide services to a wide range of trust-based company pension schemes, including defined benefit, defined contribution, career average revalued earnings, and hybrid schemes.
Our administrative approach is scheme-based; one team is responsible for every aspect of each client’s service, enabling us to build the best possible relationships and provide the clarity of focus each scheme deserves.
Ultimately, pension schemes are there for their members; we place just as much emphasis on delivering excellent customer service as we do on technical proficiency and quality control.
Key Responsibilities:
- Adhering to best practice procedures in all aspects of pensions administration related tasks as defined by the Company.
- Participating in annual projects such as renewals, benefit statements, life assurance, PHI and pension increases. Handling any data processing and administration tasks, ensuring projects are fully monitored and completed in line with customer and legislation requirements.
- Ensuring standard documentation is scheme specific and incorporating them into existing procedures.
- Monitoring on going procedural developments and implementing changes to procedures where required.
- First level checking of work completed by more junior staff. In addition, final checking of non-financial work e.g., change of address.
- Informal training and mentoring of more junior members of the team.
- Receiving and handling internal and external telephone queries and where applicable becoming first point of contact for clients.
- Running automated systems calculations.
- Performing manual benefits calculations.
- Developing intermediate knowledge and awareness of their clients and associated schemes.
- Taking responsibility for ad-hoc projects and exercises.
- Assisting the team with project related work e.g. bulk mailshots to scheme members.
- Updating relevant pension administration databases and systems.
- Dealing with more complex pensions queries.
- Handling both Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) queries.
- Assisting in non-client related work such as technical committees, training and events.
- Working closely with other departments/teams both internal and external to the Company to provide a total service to our clients. E.g., Pensions Accounts, Payroll, Administration Support and ITM (3rd party IT software provider).
- Ensuring the accurate updating of time recording system (Virtual Office) for both chargeable and non- chargeable activities and meeting required utilisation targets.
Your Profile:
Essential:
- Able to demonstrate a fundamental knowledge of pensions administration activities and can apply this knowledge to any scheme.
- Previous pensions administration experience of Defined Benefit (DB) schemes (including leavers, retirements, deaths, transfers in, transfers out, monthly processing and investment, benefit statements, renewals, and pension increases. This role is likely to appeal to individuals with a minimum of 2 years’ experience although not exclusive as all applications will be considered on an individual basis.
- Experience of current pensions legislation and framework is essential, especially the regulatory requirements of the various Pensions and Finance Acts which impact on pensions administration.
- Experience of checking and mentoring more junior members of staff would be desirable.
- Third party pensions administration experience preferred, although strong all-round experience within an in-house pensions department, which is not purely process driven will be considered.
- Able to demonstrate a numerical aptitude evidenced by work related experience or academic achievements as listed below.
- IT proficient, Microsoft Word, Excel & Outlook
Qualifications:
- Educated to a minimum of A Level or Degree or equivalent standard.
- Ideally a minimum of three C grades or above at A Level or equivalent qualification.
- Strong Maths and English GCSE or equivalent qualification - minimum grade B.
Desirable:
- Studying for or a willingness to study for a relevant pension’s qualification e.g., CPC/QPA/DPC/RPC/APMI.
- Experience of involvement in informal mentoring and management of more junior staff.
What We Offer:
Enjoy a competitive salary, annual discretionary bonus, and 25 days’ holiday with buy/sell flexibility. Benefits include pension matching, healthcare plans, life assurance, and retailer discounts. We support our team with a flexible benefits scheme, employee assistance, and digital GP service. Participating in volunteering events is encouraged with paid volunteer days available. Referral bonuses are offered for introducing suitable candidates to XPS.
How to Apply:
Interested candidates should submit applications below or contact [email protected]. Join XPS Group and contribute to a dynamic and inclusive workplace.
Equal Opportunity Statement:
XPS Group is committed to diversity and equal opportunities. We welcome applications from all candidates, irrespective of sex, race, disability, sexual orientation, religion, or belief. As a Disability Confident employer, we ensure accessible and supportive work settings for all employees.
Eligibility:
Any employment offer made will be conditional upon you satisfying DBS Disclosure checks, Employment or educational references, Satisfactory credit checks and eligibility to work in the UK before an offer can be made. XPS Group is not able to provide sponsorship to employees.
Who are we:
To find out more please visit: www.xpsgroup.com
