Job Description
Location: Hertfordshire, London or Bristol Office.
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose
This role is to manage the delivery of all BPA payroll and administration to Trustees and individual policyholders. This includes the oversight, and management of the Third Party Administrator(TPA) of our BPA. This includes management and oversight of payroll and onboarding.
Key Accountabilities
1) Responsible for ongoing relationship management and oversight of our TPA for the BPA business. This includes ensuring capability and levels of service are in line with our proposition requirements, budgets and business growth plans. Responsible for the management of the performance of TPA and ensuring alignment to Major Outsourcing policy and standards. Ensuring TPA is operated to budget and process efficiencies are achieved with increasing scale and automation.
2) Ownership of the bulk annuity customer experience for a complex and a wide range of customers and Trustees. This includes
- Administration and payroll oversight including managing reconciliation and governance
- Develop and managed Governance Framework for BPA.
- Co-ordination of MI and ensure broader Canada Life teams receive appropriate reporting in a timely fashion. Generate MI and reporting for Bulk Director of Operations to present at Bulk Annuities SLT
- Monthly management of Third Party Administrator relationship through Stewardship reporting including enhanced reporting to take account of an evolving proposition.
- Working with Proposition and Projects Director to implement enhancements to existing and new schemes as appropriate.
- Providing on-going support to Business Development Director to leverage existing relationships to generate additional opportunities.
- Management of existing Trustee client relationships. Will include Trustee "beauty parades" and other external client and advisor contact at senior level on an ongoing basis.
3) Responsible for managing the onboarding to TPA of new Bulk Annuity Schemes, Data Verification, GMP Equalisation and ensuing this happens within agreed SLAs and overseeing the impact across the broader business.
4) Manage a team of administrators to maximise their effectiveness, and continually improve efficiency of BPA operations.
5) Ensuring our Bulk Annuity proposition is compliant with all appropriate regulations and in line with relevant Policies and Customer service proposition, performance standards and agreed Service Level Agreements.
6) Contribute fully to the Bulk Annuity Leadership Team including presentations at Executive level (as required).
Desired Knowledge / Experience / Skills
• Significant knowledge of, and experience in the UK Bulk Annuity market and operations, gained at a senior level
• Deep knowledge and experience of defined benefit administration
• Extensive experience of managing a team and resource planning is essential
• Analysing and reasoning skills, to reach sound and defensible conclusions / recommendations based on data but being pragmatic as situation and needs dictate.
• Strong communicator with the ability to communicate complex technical and pricing concepts to a variety of stakeholder to enable delivery of desired objectives
• Able to build excellent relationships with people at all levels.
• Understanding and ability to implement/maintain an actuarial control framework.
• Very credible individual who provides assurance to leaders across CLUK and Global on service and outsource governance. Clear understanding of the market and outsource management risks and obligations
Qualifications:
• Educated to degree level (desirable).
• Actuarial or Pensions administration qualifications.
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.
"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.