The Bank of England is the UK\'s central bank and our mission is to deliver monetary and financial stability for the people of the United Kingdom. Employing around 4,800 staff this is an opportunity to become involved in shaping our approach to rewarding colleagues within this institution, under the People & Culture directorate.

The Pension and Benefits Manager sits within the Reward team in People and Culture, working closely with various teams across the wider People & Culture and Shared Services directorates.

The P&C Reward team have wide-ranging responsibilities predominantly covering reward, performance and job evaluation. The successful candidate will join the existing team as a pension and benefits expert and jointly contribute to the implementation and maintenance of the Reward strategy for the Bank.

Job Description

This is a challenging and varied role which involves overseeing the benefits offering of the Bank as part of our total reward package, including our pension. 

This role will provide exposure to a numerous stakeholders across the organisation and the opportunity to drive our approach to the benefits we offer our colleagues as part of our overall employee value proposition. 

The role holder will also specifically oversee, manage and coordinate all strategy and policy relating to pensions and benefits within their remit.

Responsibilities include:

• Developing and maintaining our benefits strategy, policies and procedures in line with Bank vision and mission, ensuring our offerings meet our employee needs, comply with legal requirements; are cost effective and that we are competitive in the benefits we offer
• Working in partnership with our Shared Services area, who administer the benefits scheme, on our benefit policy and approach
• Working with wider teams including our Culture, Diversity & Inclusion Team and Talent Acquisition team from a benefits perspective as part of our overall employee value proposition
• Oversee the relationship with our internal and external provider/s and own all of our benefits related contracts
• Communications with Bank wide colleagues both in terms of annual events and any changes

 

Specifically from a pension perspective, the role holder will also:

• Ensure the pension schemes complies with statutory requirements and incorporate new legislation
• Work with our Pension Trustees on specific pension issues or changes
• Oversee the Bank’s Annual report production and accounts related to our pension, ensuring all audits are managed appropriately as well as all disclosures and annual reports to the HMRC, Pensions Regulator and all members are drafted, managed and circulated as per the regulated timeframes
• Responding to technical or complex pension queries
• Oversee the Supplementary Pension Plan (SPP) meetings

Role Requirements

Minimum Criteria

• A strong working knowledge of pensions and benefits legislation and practice is essential, with experience working in a reward/benefits environment. 
• Detailed knowledge of both Defined Benefit and Defined Contribution pension arrangements
• Broad knowledge of the regulatory landscape
• Understanding of equality considerations in the reward (specifically pensions and benefits) context
• Qualified or studying towards an APMI (Associate of the Pensions Management Institute) qualification
• A full understanding of the requirements of the Pension Regulator
• Ability to develop strong working relationships with internal and external stakeholders
• Comfortable engaging with and supporting all levels of the organisation and excellent communication skills
• Excellent attention to detail
• Advanced Excel skills and the ability to analyse and visually present data in an impactful and engaging way
• Experience of managing change in organisations

 

Desirable Criteria

• CIPD qualification
• Experience in procuring contracts and the tender process
• Experience of benefits in a public sector environment
• An understanding of taxation issues in relation to benefits
• Broader reward experience
• Experience of team management and/or mentoring

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks,

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to flexible working patterns. 

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this.  We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.  

This specific role offers a base salary of £61,000 - £68,000 per annum, along with our comprehensive benefits package as follows:

•    A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
•    A discretionary performance award based on a current award pool.
•    A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
•    25 days annual leave with option to buy up to 13 additional days through flexible benefits.
•    Private medical insurance and income protection.