Head of Pensions Investment & Funding

Description

Are you passionate about delivering excellence in pensions investment and funding?

This is a fantastic opportunity to shape the future of our Defined Benefit (DB) and Defined Contribution (DC) schemes by leading our Pensions Investment and Funding Team of specialists, to develop and implement investment and funding strategies that deliver high-quality outcomes for our members.

Accountable to the Group Pensions Director and the Trustee, the role is responsible for the day-to-day oversight of the schemes’ investment and funding arrangements.

This is a senior role within the in-house Group Pensions Executive Team, supporting the Trustee on the most appropriate approach to funding and investment strategy and risk management, including the management of covenant risk. You act within parameters set by the Trustee covering hedging, liquidity, asset allocation, and the selection, monitoring and termination of Fund Managers. Accountability spans the Group’s main staff DB and DC pension schemes, for some 350,000 members with c £35bn in assets.

• Maintain effective working relationships with the Trustee, Advisers, Fund Managers, Regulators and the Company.
• Be responsible to the Group Pensions Director and to the Trustee for the effective and compliant management of c £35bn of assets and liabilities managed in the various Group pension schemes, within the delegated authorities set by the Trustee.
• Support the Trustee in forming suitable strategic objectives and risk tolerance related to funding, investment and covenant to ensure alignment towards the long-term health of the schemes. This support is primarily through providing input to the Trustee’s strategic investment advisor on implementation considerations and, where appropriate, collaborative challenge on strategic thinking.
• Work closely with the Chairs of the Investment and Funding Committee, Investment Oversight Committee and Trustee’s strategic investment advisor; to ensure effective delivery of the investment and funding strategies for the DB schemes, and facilitate engagement with the Group over future investment and funding strategies for the Schemes
• Provide analysis, views and challenge to support the Trustee in developing, regularly reviewing and changing (when necessary) suitable investment strategies, such as hedging of key risks (LDI, FX, longevity), and the balance between different asset classes from across capital markets that are within the Trustee’s risk appetite.
• Manage the portfolio within delegated authorities, maintaining hedges, maintaining the return potential at an acceptable level, responding to threats and opportunities, taking opportunities to de‑risk as the Schemes become more mature.
• Be accountable for execution and implementation of strategy, setting mandates, monitoring managers’ performance, holding managers to account, challenging managers on portfolio matters when required, as well as other key third‑party relationships. This involves ongoing collaboration with the Investment Operations Team.
• Ensure delegated authorities remain appropriate for the effective ongoing management of the portfolio in line with the Trustee’s funding and investment strategy.
• Maintain and manage liquidity, being aware of benefit payments, contributions, cash calls and other settlements.
• Ensure the Trustee receives appropriate and timely advice on suitable DC investment strategies (eg default strategy, investment funds, portfolio construction) to reflect the Trustee’s overall DC objectives. Identify opportunities for reviewing and implementing changes to make sure fund choices for DC Scheme members remain appropriate.
• Ensure a robust internal control environment exists, regarding taking of decisions, and implementation under delegated authority. Be responsible for the identification of emerging risks and implementation of effective risk management and de‑risking strategies on behalf of the Trustee.
• Supporting funding discussions with the Group on behalf of the Trustee, ensuring that outcomes remain appropriate within Trustee risk and long‑term funding targets, and reflect regulatory guidance.
• Collaborate with the Group on…