Pensions Administrator

Roles and responsibilities

Pension Administration:

Oversee the enrolment, contributions, and withdrawal processes of the various Pension Scheme for eligible employees, ensuring accurate and timely administration.

Compliance:

Ensure compliance with the Federal Law regarding pensions for UAE and GCC Nationals, regularly updating processes to reflect changes in legislation.

Liaison with Pension Authorities :

Act as the main point of contact between the company and the various Pension Authorities , ensuring smooth communication and resolving any pension-related issues.

Employee Support & Education:

Provide expert guidance and support to UAE and GCC National employees regarding their pension rights, entitlements, and any queries. Develop and deliver informational sessions or materials as needed.

Data Management:

Maintain accurate records of all pension-related activities, including employee eligibility, contributions, and benefit calculations. Ensure data is updated and managed in compliance with company policies and government requirements.

Reporting:

Prepare regular reports for management on pension contributions, liabilities, and compliance status. Support internal and external audits related to pension matters.

Stakeholder Collaboration:

Collaborate with HR, Payroll, and Finance teams to ensure that pension contributions are processed accurately and on time. Provide insights and recommendations for improving pension-related processes.

Continuous Improvement:

Stay updated on changes in pension regulations and best practices. Propose and implement improvements to the pension administration process to enhance employee experience and organizational efficiency.

Qualifications

• Must have aBachelor's degree in Finance, Business Administration, or a related field.
• Minimum 2 years of experience in pension administration, with a focus on GCC Nationals’ pension schemes, good exposure to GPSSA and ADPF GOSI and compliance with pension regulations.
• In-depth knowledge of various pension schemes and laws, with up-to-date awareness of federal regulations and ongoing changes in pension programs.

Desired candidate profile

1. Pension Plan Administration and Management

• Plan Design and Implementation: Developing, reviewing, and managing pension plan designs (e.g., defined benefit plans, defined contribution plans, hybrid plans) to meet the needs of both the employer and employees. This includes understanding employee demographics, industry standards, and regulatory requirements.
• Contribution and Benefit Calculations: Ensuring the correct calculation of pension contributions, benefit payments, and ensuring that all statutory requirements are met, such as minimum contribution levels or pension guarantee rules.
• Plan Maintenance: Monitoring the ongoing operation of pension plans, updating them as needed, and ensuring they are well-managed and operating in line with the terms of the plan documents.
• Third-Party Coordination: Coordinating with external pension administrators, actuaries, custodians, and financial service providers who help manage the investment and distribution aspects of pension plans.

2. Regulatory Compliance and Reporting

• Compliance with Pension Legislation: Ensuring that pension plans comply with national and international pension laws, tax laws, and regulatory standards (such as the Pension Protection Act (PPA) in the U.S., Auto Enrolment Regulations in the UK, or the European Pension Funds Regulation in the EU).
• Governance and Risk Management: Advising on the governance structure of pension plans and ensuring that plans are adequately protected from potential financial or operational risks. This may involve the review of plan documents, risk mitigation strategies, and investment portfolios.
• Regulatory Reporting: Preparing and filing necessary reports for pension regulators, government agencies, and tax authorities. This may include annual actuarial valuations, Form 5500 filings (in the U.S.), and other regulatory submissions.
• Audits and Reviews: Organizing and managing internal or external audits of pension schemes, ensuring that all contributions, distributions, and investments are accurately recorded and compliant.

3. Pension Plan Communication and Employee Education

• Employee Communications: Communicating pension plan benefits to employees through presentations, meetings, or written materials. This includes explaining plan features, benefits, and the process for claiming retirement benefits.
• Pension Education and Guidance: Providing individual pension counseling to employees regarding retirement options, savings strategies, and pension benefits. This could include explaining different retirement plans (e.g., 401(k), IRA, or state pension) and the best ways to maximize retirement savings.
• Benefit Statements and Updates: Ensuring that employees receive regular pension statements and updates, including account balances, projected retirement income, and other relevant information.
• Workshops and Seminars: Organizing or leading educational seminars on topics such as retirement planning, pension options, tax implications, and investment strategies for retirement.

4. Investment Strategy and Fund Management

• Investment Management: Overseeing the investment strategy for pension funds, ensuring that the portfolio aligns with the objectives of the plan and its beneficiaries. This may involve working with asset managers, fund managers, and external investment consultants.
• Risk and Return Analysis: Evaluating the performance of pension funds and investment portfolios to ensure they meet the financial goals of the plan. Pension specialists must assess the appropriate mix of assets (e.g., stocks, bonds, alternative investments) based on the risk tolerance and time horizon of the plan.
• Fund Selection and Monitoring: Researching and selecting appropriate investment funds, regularly reviewing fund performance, and adjusting the investment strategy as necessary based on market conditions and plan needs.

5. Actuarial and Financial Analysis

• Actuarial Valuations: Collaborating with actuaries to conduct regular actuarial valuations of pension funds to ensure they are adequately funded. This includes determining the plan's liabilities, forecasting future benefit payouts, and assessing the overall financial health of the pension scheme.
• Funding and Solvency: Analyzing the funding status of defined benefit plans (DB plans) to ensure that there are sufficient assets to meet future liabilities. This includes monitoring the plan's solvency and funding ratios, as well as ensuring that contributions are made to avoid funding shortfalls.