Head of Pensions Investment & Funding

Are you passionate about delivering excellence in pensions investment and funding?

This is a fantastic opportunity to shape the future of our Defined Benefit (DB) and Defined Contribution (DC) schemes by leading our Pensions Investment and Funding Team of specialists, to develop and implement investment and funding strategies that deliver high-quality outcomes for our members.

Accountable to the Group Pensions Director and the Trustee, the role is responsible for the day-to-day oversight of the schemes’ investment and funding arrangements.

This is a senior role within the in-house Group Pensions Executive Team, supporting the Trustee on the most appropriate approach to funding and investment strategy and risk management, including the management of covenant risk. You act within parameters set by the Trustee covering hedging, liquidity, asset allocation, and the selection, monitoring and termination of Fund Managers. Accountability spans the Group’s main staff DB and DC pension schemes, for some 350,000 members with c£35bn in assets.

Day to day, you will

• Maintain effective working relationships with the Trustee, Advisers, Fund Managers, Regulators and the Company.
• Be responsible to the Group Pensions Director and to the Trustee for the effective and compliant management of c£35bn of assets and liabilities managed in the various Group pension schemes, within the delegated authorities set by the Trustee.
• Support the Trustee in forming suitable strategic objectives and risk tolerance related to funding, investment and covenant to ensure alignment towards the long-term health of the schemes. This support is primarily through providing input to the Trustee’s strategic investment advisor on implementation considerations and, where appropriate, collaborative challenge on strategic thinking.
• Work closely with the Chairs of the Investment and Funding Committee, Investment Oversight Committee and Trustee’s strategic investment advisor; to ensure effective delivery of the investment and funding strategies for the DB schemes, and facilitate engagement with the Group over future investment and funding strategies for the Schemes
• Provide analysis, views and challenge to support the Trustee in developing, regularly reviewing and changing (when necessary) suitable investment strategies, such as hedging of key risks (LDI, FX, longevity), and the balance between different asset classes from across capital markets that are within the Trustee’s risk appetite.
• Manage the portfolio within delegated authorities, maintaining hedges, maintaining the return potential at an acceptable level, responding to threats and opportunities, taking opportunities to de-risk as the Schemes become more mature.
• Be accountable for execution and implementation of strategy, setting mandates, monitoring managers’ performance, holding managers to account, challenging managers on portfolio matters when required, as well as other key third party relationships. This involves ongoing collaboration with the Investment Operations Team.
• Ensure delegated authorities remain appropriate for the effective ongoing management of the portfolio in line with the Trustee’s funding and investment strategy.
• Maintain and manage liquidity, being aware of benefit payments, contributions, cash calls and other settlements.
• Ensure the Trustee receives appropriate and timely advice on suitable DC investment strategies (eg default strategy, investment funds, portfolio construction) to reflect the Trustee’s overall DC objectives.  Identify opportunities for reviewing and implementing changes to make sure fund choices for DC Scheme members remain appropriate.
• Ensure a robust internal control environment exists, regarding taking of decisions, and implementation under delegated authority.  Be responsible for the identification of emerging risks and implementation of effective risk management and de-risking strategies on behalf of the Trustee.
• Supporting funding discussions with the Group on behalf of the Trustee, ensuring that outcomes remain appropriate within Trustee risk and long-term funding targets, and reflect regulatory guidance.
• Collaborate with the Group on activities or opportunities impacting the funding position including asset performance, hedging, liquidity and collateral optimisation.  Maximise opportunities to create value for the Schemes and work closely with the Group to identify synergies for mutual benefit.
• Deliver regular performance, risk and management information and reports which enable the Trustee to provide appropriate oversight and enable the Group to understand the evolution of the financial position of the schemes and reflect its exposure to the Schemes’ liabilities through its financial and regulatory reporting.
• Develop and maintain the Trustee’s policies in relation to responsible investment and the management of climate risk. Engage with the Trustee’s advisors on such matters, as relevant.
• Lead and motivate a team of specialist investment professionals, setting an appropriate culture within the team, consistent with Group and Trustee values. Ensure resource remains appropriate to meet the Trustee’s requirements as they evolve.
• Stay abreast of market developments.

What you'll need

• Proven leader with demonstrable success in a large organisation, ideally with experience working for a major pension fund or in a senior investment role
• Exceptional stakeholder management skills, able to manage relationships in a politically sensitive way, to balance and align stakeholders sometimes with conflicting objectives and confident engaging with senior stakeholders including trustees, advisers, providers, and within the Group.
• Proven experience of navigating highly complex and technical pension funding and investment concepts, such as knowledge and understanding of liability structures and actuarial assumptions, broad investment knowledge across multiple asset classes and sub-classes, derivatives and leverage, portfolio construction, techniques to model liabilities and assets and to hedge risk, contingent capital arrangements.
• Inspiring people leader and respected strategic thinker.
• CFA or FIA qualification desirable.

We also offer a wide-ranging benefits package, which includes:

• A generous pension contribution of up to 15%
• An annual performance-related bonus
• Share schemes including free shares
• Benefits you can adapt to your lifestyle, such as discounted shopping
• 30 days’ holiday, with bank holidays on top
• A range of wellbeing initiatives and generous parental leave policies

About working for us

Our focus is to ensure we’re inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms. We’re committed to creating a consciously inclusive workplace where our colleagues can be themselves, thrive and perform at their best. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer Initiative.

As an inclusive employer, we offer Workplace Adjustments for colleagues with a disability (which may include long-term health and neurodivergent conditions) where it is reasonable to do so. This could include flexibility with regards to office attendance, location, and working pattern.

We also provide adjustments that are reasonable throughout the recruitment process to reduce or remove barriers for applicants with a disability, long-term health condition or neurodivergent condition. If you’d like an adjustment to the recruitment process just let us know

If you’re excited by the thought of becoming part of our team, get in touch. We’d love to hear from you.