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Retail Pensions Operations Associate

Closing: Jan 12, 2023

This position has expired

Published: Jan 4, 2023 (27 days ago)

Job Requirements

Education:

Work experience:

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Job Summary

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Job Purpose:

To run with the day to day administration of individual retirement plans and individual retirement income products.

Knowledge, experience and qualifications required

  • Bachelor’s degree in a business-related field
  • Professional qualification in Pension Management or any other relevant qualification such as CPAK;
  • Knowledge of legislation governing Retirement Benefits and Insurance in Kenya;
  • Knowledge of MS Excel

Technical/ Functional competencies

  • Knowledge of pension administration industry and concepts
  • Knowledge of the Retirement Benefits Authority (RBA’s) regulatory requirements.


Responsibilities

Job Purpose:

To run with the day to day administration of individual retirement plans and individual retirement income products.

Knowledge, experience and qualifications required

  • Bachelor’s degree in a business-related field
  • Professional qualification in Pension Management or any other relevant qualification such as CPAK;
  • Knowledge of legislation governing Retirement Benefits and Insurance in Kenya;
  • Knowledge of MS Excel

Technical/ Functional competencies

  • Knowledge of pension administration industry and concepts
  • Knowledge of the Retirement Benefits Authority (RBA’s) regulatory requirements.


Key responsibilities

  • Prepare and issue of periodic member benefit statements i.e annual, monthly or quarterly;
  • Prepare and file returns with KRA, RBA and other regulators within statutory deadlines such as investment returns, contribution returns and tax returns;
  • Prepare and file Scheme Financial statements;
  • Present scheme financial statements to the Board of Trustees;
  • Accurately process and settle member benefits within the agreed timelines;
  • Prepare pensioners payrolls, commissions, expenses within the set turnaround times and regulatory deadlines;
  • Prepare and facilitate SMS payment confirmations to retirees;
  • Approve payments in line with the Delegation of Authority Matrix;
  • Promptly identify funds, receipt and accurately allocate to member accounts within set timelines;
  • Liaise with Policy Administration regarding Check off and Direct Debit contributions for retail customers;
  • Prepare and submit direct debit collection files to the DDA Team within the agreed turnaround times;
  • Ensure communication to DDA customers for any rejected cases on a timely basis;
  • Continuous suspense management in line with receipting and suspense management policy;
  • Ensure on boarding of new customers into Fundmaster within set timelines and laid out compliance guidelines;
  • Prepare and submit welcome calls data for the retail customers;
  • Carry out continuous end to end reconciliations of receipts, payments and balances within set deadlines;
  • Carry out bank reconciliations;
  • To work with Marketing and Customer Retention Functions in developing customer communications including organizing client’s briefings and trainings as required;
  • Prepare productivity and other management reports, including scheme reports such as administration, investment reports;
  • Prepare and issue monthly reports to Actuarial Function on Deposit Administration and Retirement Income products within agreed timelines;
  • Convene and attend Board of Trustee Meetings, Annual General Meetings, and Member Education training;
  • Train Front office staff to empower them in the handling of retail pension clients;
  • Carry out continuous data cleansing of retail pension customers’ information;
  • Coordinate scheme and internal company audits;
  • Actively participate in initiatives geared towards signing up customers in the portal and mobile applications;
  • Responding to client queries promptly;
  • Perform any other duties as may be assigned from time to time


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