Rare opportunity to join a new role being established within Shell’s in-house pension department to lead integrated risk management for Funding, Investment and Covenant activities to the UK pension funds and to lead on wider actuarial matters.
The role combines excellent technical funding and actuarial knowledge, very strong communication and influencing skills, good knowledge of strategic investment matters together with the ability to develop and respond to innovative solutions.
The Actuarial and Funding Pension Manager will be responsible for leading the executive support to the newly formed Investment and Funding Committee for Shell’s largest UK pension plan. This Committee comprises four of the eight Trustee Directors and the successful applicant will be the main day-to-day contact for the Chair of the Investment and Funding Committee. In addition, the role will provide similar support and advice to the other funded defined benefits plans.
Where you fit in?
The role reports directly to Head of UK Pensions and is responsible for overseeing the integrated funding strategy alongside the Head of UK Pensions. Shell sponsors six UK-linked pension schemes covering around 50,000 members, has around £25 billion of assets and makes benefit payments approaching £900 million a year. In addition to the principal UK defined benefit plan there are other funded and unfunded defined benefit plans in the UK, an international plan with benefits in over 40 countries and over 30 currencies and a UK defined contribution plan.
The role is part of the leadership team of Shell’s UK Trustee Services Unit which provides executive pensions support to the trustees of Shell’s pension schemes in the UK. The Trustee Services Unit operates as a division of Shell International Limited and is part of Group Treasury.
As a member of the Trustee Services Unit Leadership Team, the successful candidate will work across the team supporting other initiatives and leading development of the wider team.
What’s the role?
The Actuarial and Funding Pension Manager is responsible for the strategic development and implementation of actuarial and funding matters for the UK linked pension plans.
The pension plans have well developed Journey Plans which target reduced investment risk and funding risk being taken over time, towards the aim of having low reliance on the Sponsor. The Journey Plans integrate the Covenant Assessment of a large multi-national energy company with the funding needs and investment strategy to achieve the objective. The Actuarial and Funding Pension Manager will continue to develop the strategy to ensure it remains appropriate for the changing external environment and requirements of the plans, working with the Head of UK Pensions, Chair of the Investment and Funding Committee and Chairs of the trustee boards.
The successful candidate will be accountable for the following:
- Leading the executive support and being the Secretary to the Investment and Funding Committee for the principal UK pension plan which has around £17 billion of assets. These duties are currently undertaken by the Head of UK Pensions and will be transitioned to this new role. The Investment and Funding Committee oversees the investment management of the plan, monitors the funding position and investment performance and recommends the investment strategy and funding strategy to the Trustee Board. Day-to-day investment management for the plan is undertaken by Shell Asset Management Company (SAMCo), with the person in this role working closely with SAMCo on strategic investment matters, whilst monitoring SAMCo’s overall performance.
- Alongside the Head of UK Pensions, integrate the Covenant Assessment for the pension plans into the funding and investment strategy, with the output forming the risk budgets for funding and investment decisions.
- Work with the external actuarial, investment and covenant advisers to ensure high quality advice is provided to the trustee boards and committees on all relevant matters.
- Provide actuarial support to the wider Trustee Services Unit, including the in-house pensions administration team. This would include support on complex member benefit matters, working with the external actuarial advisers on scheme factors and assisting with the actuarial aspects of the GMP Equalisation.
What we need from you?
The successful applicant is expected to have the following:
- Actuarial qualification (e.g. Fellow of the Institute and Faculty of Actuaries)
- Excellent knowledge of UK defined benefit pension schemes
- Deep knowledge of UK pension legislation and pension scheme funding requirements
- Knowledge and experience of external market practices and products in pensions
- Good knowledge of strategic investment matters and asset liability modelling
- Self-starter and effective team player
- Ability to influence, develop and lead
- Able to focus on the detail without losing sight of the broader issue or strategy
- Ability to contribute to the development of the broader Trustee Services Unit.
In addition to the salary and benefits offered by Shell, travel is expected to The Hague or other locations when required (likely to be around two to four times a year).
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