Head - Pension/Retirals - Bank

Role: Head of Pensions ( Head of Retiral)

Business Function: HR Policy & Proposition - Pensions

Reports to: Head of Pensions International & Finance

Business Division: Group Central Functions

Purpose of the role:

- To design, implement and manage pension in India that support the recruitment and retention of talent in the context of the overall reward proposition.

- To manage the relationship between the bank's pension policy team and the HR and leadership teams of the bank's businesses in India, primarily bank Business Services Pvt Ltd.

- To provide subject matter expertise to BANK India's leadership teams on pension matters.

- To determine appropriate approaches to settle the pension obligations of BANK NV in India as part of the bank's wind down programme.

- To ensure effective benefit governance and operational risk management processes are embedded across india and that pension arrangements are managed in compliance with relevant legislation, bank wide strategy and central pensions governance.

- To deliver pension projects against a backdrop of ongoing management of policy and process implementation through a HR shared services function.

- Designand implement a framework for the efficient end to end management BANK's pension programmes in India.

Deliverables:

- Manage and apply the governance framework to ensure that the bank's pension objectives are met and that pension arrangements are managed in compliance with the bank's principles and relevant legislation.

- Manages the relationship between the bank's pension policy team and the pension and benefits administration and other support teams.

- Leads the pension aspects of strategic corporate activity in country, such as acquisitions, divestments and restructuring..

- Manages stakeholders across India (particularly Finance, Risk and Legal) and within HR (particularly Reward, Employee Relations, Employment Law and People Services & Delivery) to ensure the bank's pension strategy is executed successfully.

- Act as the bank's subject matter expert and thought leader on all aspects of pension policy within India.

- Ensure all communications meet ongoing regulation

- You- ll produce and distribute reports showing pensions data as requested up, spend and other metrics, including producing exception reports.

- You- ll provides support to the Head of Pensions International & Finance on allocated project work. You- ll also be in charge of workstreams as appropriate

Second Line of Defence (2LOD)

- Actively consider the inherent, material risks of the business relative to Pensions within India. Analyse the risk profile and seek confirmation that the risks are being appropriately identified, assessed and mitigated to the desired level (i.e. within Risk Appetite)

- Embed the robust risk and control frameworks which meet the strategic needs of pensions, including communication, training and awareness of these frameworks

- Provide expert support and advice to the business on the management of the risks which are overseen or controlled. This includes interpreting and complying with the relevant risk policy standards and risk management framework

- Provide Head of Pensions International & Finance with relevant management information and reports and escalate concerns where appropriate.

Critical Competencies: skills and abilities required for the role

BANK People Standards:

- Build trust

- Focus on customers

- Enable others to succeed

- Collaborate with others

- Make sound decisions

- Act with integrity

- Deliver lasting results

- Learn and adapt

Experience:

- BANK has around 10,000+ employees in India, primarily in its operations hub, which provides services to the bank's franchises globally. Across its six legal entities, BANK sponsors 12 trust based retiral arrangements ((either defined benefit pension; Provident Fund; Gratuity; or Superannuation) with obligations in excess of INR 300 Crore.

- Accordingly, we are looking for a seasoned reward professional with significant experience of managing large pension arrangements and at least 5 years- experience advising sponsors or Trustees on the management of their pension obligations as a consultant or as an in-house reward manager.

- Experience of international pension legislative and governance frameworks.

- Strong financial acumen.

- Experience of managing relationships with Trustees and other fiduciary bodies and reaching mutually acceptable agreements.

- Experience of the pension aspects of corporate transactions.

- Strong project and programme management discipline.

- Experience of managing large and complex pension schemes

- In depth understanding of the role of pensions in the context of a total reward package. Strong awareness of current market best practice.

- Successful delivery of change initiatives in commercially focussed organisation

Risk management experience.

Other Significant Role Requirements:

- Act consistently with the Bank's values.

- Able to think clearly and analytically, with intellctual gravitas.

- Ability to communicate effectively and with impact..

- Able to think strategically and articulate strategic thinking clearly.

- Strong written and verbal communication skills, particularly the ability to explain complex issues clearly.

- Able to balance multiple conflicting priorities across a wide range of different disciplines (actuarial, financial, legal, HR).

- Able to operate at a strategic and operational level as required.

- Regular review of the bank's pension policy to ensure it continues to meet business objectives and financial parameters. Significant experience of the Indian pension environment and maintain up to date knowledge of trends.

Scope of Role:

- India with links to central Pensions, Products & Policy team

Technical Knowledge:

- Pension governance best practices.

- The pension, Provident, gratuity and Superannuation fund environment.

- Knowledge of international state, occupational and private pension frameworks.

- Detailed knowledge of all aspects of defined benefit and defined contribution plan funding, investment, communication, administration and governance in India.

- Knowledge of the roles and responsibilities of plan sponsors and Trustees.

Financial Management:

- Management of budgets with external actuarial and legal advisers