Senior Pensions Consultant

Job Description

Job Title: UK Senior Pensions 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 work spaces 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 (2

KES), 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.

• 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…