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- Tasks: Lead the Pensions Team, managing pension schemes and supporting members through transitions.
- Company: Abbott is a global healthcare leader focused on improving health through innovative science.
- Benefits: Enjoy competitive salaries, private healthcare, life assurance, and flexible benefits.
- Why this job: Join a dynamic team in a reputable company with diverse opportunities for growth and impact.
- Qualifications: Extensive experience in DB and DC pension funds; APMI qualification preferred.
- Other info: Office-based role in Solihull or Maidenhead; budget management responsibility.
The predicted salary is between 48000 - 72000 £ per year.
JOB DESCRIPTION:
About Abbott
Abbott is a global healthcare leader, creating breakthrough science to improve people’s health. We’re always looking towards the future, anticipating changes in medical science and technology.
The Opportunity
We will shortly begin actively recruiting for a Pensions Manager for our Corporate Financial Services division, to be office-based from a UK site location (Solihull or Maidenhead most ideal).
What You’ll Do
- Lead the in-house Pensions Team, providing support and information to Company Management, the Trustee Directors and all active members of both pension schemes across multiple sites and business divisions. This involves ensuring that adequate support is in place to support members transitioning as a result of corporate acquisitions or divestments within a complex corporate group and to members seeking to understand their options as they approach retirement.
- Actively supports the UK entity and the Trustee in the relationship with the US parent company.
- Act as Secretary to the Trustee of the Abbott Laboratories Pension Fund (1966), supporting the Chairman of the Trustee in taking decisive action to deliver the objectives of the Board.
- Act as a technical expert in support of both the Trustee Board and the Company, including the continuous assessment of the requirements of pension schemes due to the evolving regulatory environment and the implications of pensions tax regulations.
- Lead, manage and direct all elements of pension administration and communication for the Abbott Laboratories Pension Fund (1966), Abbott Retirement Saver (2015) including automatic enrolment of all new hires, and similar support for a closed DB scheme and an open DC scheme in Ireland.
- Manage all aspects of governance, support and delivery for the Trustee Board, including preparing, running and minuting Trustee Meetings.
- Lead representation in all key relationships with professional advisors to both the Trustee and the Company. Seeks and evaluates expert technical advice to deliver structured and targeted support to decision makers. Monitors administration performance against service level agreements and ensures all member issues are resolved in a timely fashion.
- Lead in the production of all member communications for the Abbott Laboratories Pension Fund (1966). Ensures consistent high quality of communication content and presentation through a rigorous review process, including oversight of the scheme website and its frequent updates. Similar for Abbott Retirement Saver (2015), optimising member communications.
- Ensure compliance with applicable legislation, regulation and Regulator guidance as well as the delivery and coordination of all necessary training for the Trustee Board. Responsible for ensuring adequate internal financial controls and administrative procedures are maintained throughout the pensions function. Responsible for ensuring that the Trustee’s Annual Report and Accounts is prepared, audited and signed off within the statutory deadline.
- Lead the Trustee Board in operating Integrated Risk Management, including the regular review of the Trustee Risk Register.
- Partner with HR and Payroll in benefit design and administration issues.
- Directs all activities of the pensions office staff ensuring adequate resourcing, training and development, and direct line management of one individual. Manages the activities of the third party administrator of the Abbott Laboratories Pension Fund (1966) and of the provider of the Abbott Retirement Saver (2015).
- Coordinates and evaluates detailed technical analysis in support of funding issues arising from triennial actuarial valuations.
- Budgetary responsibility for management of Trustee expenditure exceeding £2 million annually, and budgetary negotiations.
- Oversees the application of the Trustee Internal Dispute Resolution procedure for the Abbott Laboratories Pension Fund (1966) to ensure any member complaints are dealt with quickly and appropriately, as well as any member issues with the Provider of the Abbott Retirement Saver (2015).
- Oversees automatic enrolment and automatic re-enrolment to ensure that all Abbott employers in the UK comply with their duties and that compliance is registered with The Pensions Regulator.
- Manages the annual renewal processes.
- Supports the annual Corporate audit.
- Proactively identifies pension related issues creating opportunities or requiring decisions from the Company and the Trustee, making suitable recommendations.
- Excellent stakeholder management – leads multiple relationships with professional advisors, the management of Trustee Board activities etc.
What You’ll Need
- Extensive experience of managing all aspects of both DB and DC pension funds including acting as Secretary to the Trustee.
- Ability to communicate effectively at all levels within a complex corporate environment.
- Project management experience.
- Thorough understanding of personal taxation as it relates to pensions and specifically high earners.
- Professional qualification to APMI or equivalent with membership of PMI.
What We Offer
As you’d expect from a global healthcare company, we offer a fantastic range of benefits to support you and your family, including competitive salaries, a superb defined contribution pension scheme, private healthcare, life assurance and a flexible benefits scheme.
Follow your career aspirations to Abbott for diverse opportunities with a company that can help you build your future and live your best life. Abbott is an Equal Opportunity Employer, committed to employee diversity.
The base pay for this position is
N/A
In specific locations, the pay range may vary from the range posted.
JOB FAMILY: Compensation & Benefits DIVISION: IFO International Finance LOCATION: United Kingdom : Blythe Valley Park , Elder (Plot C1b), Central Boulevard Solihull ADDITIONAL LOCATIONS: WORK SHIFT: Standard TRAVEL: Not specified MEDICAL SURVEILLANCE: Not Applicable SIGNIFICANT WORK ACTIVITIES: Not Applicable #J-18808-Ljbffr
Pensions Manager UK & Ireland employer: Abbott
Contact Detail:
Abbott Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Pensions Manager UK & Ireland
✨Tip Number 1
Familiarise yourself with the specific pension schemes mentioned in the job description, such as the Abbott Laboratories Pension Fund and the Abbott Retirement Saver. Understanding their structure and recent changes will help you engage in meaningful conversations during interviews.
✨Tip Number 2
Network with professionals in the pensions industry, especially those who have experience with DB and DC funds. Attend relevant seminars or webinars to gain insights and make connections that could lead to referrals or recommendations.
✨Tip Number 3
Stay updated on the latest regulatory changes affecting pensions in the UK and Ireland. Being knowledgeable about current legislation will demonstrate your commitment to compliance and governance, which is crucial for this role.
✨Tip Number 4
Prepare to discuss your project management experience in detail, particularly how it relates to managing pension funds. Be ready to provide examples of how you've successfully led projects or initiatives that improved pension administration or member communication.
We think you need these skills to ace Pensions Manager UK & Ireland
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights your extensive experience in managing both DB and DC pension funds. Include specific examples of your project management experience and any relevant qualifications, such as APMI or equivalent.
Craft a Strong Cover Letter: In your cover letter, emphasise your ability to communicate effectively within a complex corporate environment. Mention your experience acting as Secretary to the Trustee and how you can support the Trustee Board's objectives.
Showcase Stakeholder Management Skills: Demonstrate your excellent stakeholder management skills by providing examples of how you've successfully led relationships with professional advisors and managed Trustee Board activities in previous roles.
Highlight Compliance Knowledge: Discuss your thorough understanding of personal taxation as it relates to pensions, especially for high earners. Mention any experience you have with compliance and regulatory guidance to show you are well-versed in the evolving pension landscape.
How to prepare for a job interview at Abbott
✨Understand the Role Thoroughly
Before the interview, make sure you have a deep understanding of the Pensions Manager role. Familiarise yourself with both defined benefit (DB) and defined contribution (DC) pension schemes, as well as the specific responsibilities outlined in the job description.
✨Prepare for Technical Questions
Given the technical nature of the position, be ready to answer questions about pensions regulations, tax implications, and governance. Brush up on your knowledge of the evolving regulatory environment and be prepared to discuss how it impacts pension schemes.
✨Showcase Stakeholder Management Skills
Highlight your experience in managing relationships with various stakeholders, including Trustee Boards and professional advisors. Be prepared to provide examples of how you've successfully navigated complex corporate environments and resolved issues.
✨Demonstrate Leadership Experience
As this role involves leading a team, be ready to discuss your leadership style and experiences. Share examples of how you've managed teams, ensured effective communication, and supported staff development in previous roles.
