Senior Group Pensions and Benefits Specialist at Absa

We have an opportunity for a Senior Group Pensions and Benefits Specialist with previous experience in Benefits Design and strategic engagement with senior stakeholders is a non-negotiable.

In this role, you will support the Head of Pensions and Benefits, Africa in the application and delivery of global pensions and benefits policy, governance and strategy for the Group.

The successful candidate will need to understand and assist with all Group pension and benefit arrangements and the impact of current and forthcoming pensions and benefits legislation on the Bank and its arrangements. You will be responsible for ensuring that the requirements of regulatory and other statutory bodies are fully understood and implemented.

You will also be expected to be fully conversant with South Africa (SA) and our Africa Regional Offices (ARO) pension and benefit Scheme Rules, be able to interpret the Rules and provide guidance on the application of Rules.

RO pensions and benefits to the business units and raise the level of awareness/knowledge.

Key Accountabilities:

Assist the Head of Pensions and Benefits, Africa on African pensions and benefits governance issues:

• Manage and analyze group pensions and annual expense budgets and pension contribution requirements
• Support with pension funding negotiations with Trustees and strategic advice to the Bank
• Assist in ensuring effective pensions and benefits governance with internal and external stakeholders and committees.
• Manage global pension projects as required.
• Manage benefits governance as required.
• Manage local pension and benefit arrangements or provide expert support to local HR teams in all African locations and other international locations as required.

Technical Pensions and assisting in research and delivery of African pensions and benefits policy

• Anticipate and research pensions and benefits at a high technical level (including legislative and regulatory change) and analyse the impact for implementation, e.g. for projects, change, BAU
• Analyse legislation and produce technical impact briefings
• Assist in consulting on and Responding to Group Reward initiatives that impact on pensions and benefits e.g. redundancy, employee benefit improvements
• Assist in the delivery of African, and if required global, pension and benefit projects e.g. mergers, acquisitions and disposals, plan design changes, operational change
• Analyse technical African pension and benefit communications to ensure that the content is appropriate
• Respond to HR and pension legislation and case law that impact on African pensions and benefits.

Support the Head of Pensions and Benefits, Africa in the application of African pensions and benefits policy and delivery

• Be a technical point of reference for business units and provide technical support/advice to assist their commercial and HR objectives and pension education strategy
• Assist in sales, acquisitions, out-sourcing, etc. that assists the Group’s commercial negotiations
• Assist to manage the relationship with the Trustees and their advisers
• Assist in the working relationship with third party advisors, including administration, Investment and outsourced secretariat to ensure efficiency and ‘best in class’ practice
• Deliver presentations on pensions and benefits issues as required

Education and Experience Required

• B-degree (NQF level no. 7)
• 5 years African pensions and benefits experience in a technical role, preferable pan African
• Wide experience of commercial pensions activities
• Exposure to actuarial techniques and risk management procedures
• Up to date knowledge of current African and preferably international pensions legislation and environment
• Knowledge of pension and benefits administration practice/processes

Knowledge & Skills:

• Trust deeds and rules for each of the schemes
• African employment and pensions and benefits law. Previous international experience preferable
• Knowledge within the central Reward function and the Group:
  • pension and benefits strategy and HR objectives
  • pension and benefits best practices and compliance requirements
• Excellent knowledge of global pensions and benefits legislation, the global pensions market and the pension’s products. Previous international experience, particularly in Africa, preferable or able to utilise pensions knowledge and experience in an international role
• Good understanding of complex large corporate structures
• A thorough understanding of current and prospective Pensions and benefits
• Knowledge of global pension and benefits arrangements and governance, particularly for Africa

Competencies:

• Deciding and initiating action
• Learning and researching
• Entrepreneurial and commercial thinking
• Relating and networking
• Adapting and responding to change
• Persuading and influencing
• Creating and innovating