Defined Benefit - Transition Manager

Securing pensions over the long term can be a challenge for many businesses.

Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees.

We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises.

In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

We are currently looking for a Transition Manager to join our Transition team here at L&G.

In this role you will manage the complete end to end scheme implementation and on-boarding of a portfolio of new Pension Risk Transfer (PRT) business. You will also support the PRT Business Development team where required to assist in maximising both new and existing business opportunities at tender; including beauty parades, performing administration risk assessments, creating benefit specifications and leading site visits, as well as producing opportunity specific project documentation and marketing material.

You will also lead on the development of ‘scheme specific’ transition plans for a portfolio of transactions and provide these to all Trustees, their advisers and all interested parties within L&G to demonstrate how the transition project is being handled. This will involve working closely with stakeholders in PRT to establish and control the most efficient way to transition each scheme.

You will also take liaise with trustees, brokers and administrators, to agree a timescale and process for verifying data to ensure that benefits are costed accurately and reflect the legal liabilities being taken on by L&G. This will include establishing and monitoring actions against the agreed timetable and putting remedial actions in place if required. As well as undertaking a Post Implementation Review for each scheme, and meeting with or reporting to the Trustees, their advisers and administrators as appropriate.

You will also maintain an excellent knowledge of the Pension Risk Transfer proposition and processes of L&G along with any changes to pensions and de-risking legislation to further support the development of our Pension Risk Transfer Implementation capabilities across our UK business structures and future active territories.

This is a hybrid working opportunity based from our Hove Offices, which will allow you to work flexibly between your home and the office to find a work/life balance that works for you.

• Pension Qualification: Preferably holding or working towards PMI.
• Prince 2 Practitioner (desirable)
• Demonstrable experience in administering and on-boarding Defined Benefit (DB) pension schemes.
• Knowledge of pension regulations for DB schemes, including a detailed understanding of the requirements for schemes in the course of wind-up, and the interaction with PPF and FAS.
• An in-depth understanding of buy-out, buy in and an understanding of longevity insurance and reinsurance products and propositions.
• A deep understanding of systems and processes required to meet annuity commitments. This includes processes around data/benefit input, FR reconciliation, inception costings, administration processes and customer communication.
• An understanding of the current challenges and opportunities in the Pension Risk Transfer market.
• Keeps up to date with any legislative changes and understands the legal framework around de-risking and buy in/ buy out contracts (with an understanding of Part 7 Transfers being highly desirable)
• Highly customer focused and understands the need to maintain and improve relationships with both internal and external customers. This includes policyholders, scheme members, legislative bodies, third parties and your colleagues within L&G.
• Actively contributes to the enhancement of the overall performance of the team and takes ownership of and resolves any issues, referring to their manager only when required.
• Strong organisational and change management skills and attention to detail, with a demonstrated ability to prioritise and work independently, managing a high-volume of tasks and deadlines.
• Proficient in using Microsoft products, especially Excel.

• Competitive Salary
• Holiday Allowance – 27 days plus all UK bank holidays
• Pension Contribution – L&G match any personal contributions up to 5% and provide a further contribution of 5% per month
• Private Medical Insurance
• Life Insurance
• Income Protection
• As well as access to a host of further Optional Benefits upon joining L&G

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.