Head of Pensions Investment & Funding

Shape the future of DB & DC schemes, leading the Pensions Investment & Funding Team of specialists to develop & implement investment & funding strategies that deliver quality outcomes for our members. Accountable to the Group Pensions Director & the Trustee, the role is responsible for oversight of the schemes' investment & funding arrangements. Senior role within in-house Group Pensions, supporting the Trustee on the most appropriate approach to funding & investment strategy & risk management, including the management of covenant risk. You act within parameters set by the Trustee covering hedging, liquidity, asset allocation, & selection, monitoring & termination of Fund Managers. Accountability spans the Group's main staff DB & DC pension schemes, for some 350,000 members.

Duties:

• Be responsible to the Group Pensions Director & the Trustee for the effective & compliant management of c£35bn of assets & liabilities managed in the various Group pension schemes, within the delegated authorities set by the Trustee.
• Support the Trustee in forming suitable strategic objectives & risk tolerance related to funding, investment & 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 & where appropriate collaborative challenge on strategic thinking.
• Work closely with the Chairs of the Investment & Funding Committee, Investment Oversight Committee & Trustee's strategic investment advisor; to ensure effective delivery of the investment & funding strategies for the DB schemes, & facilitate engagement with the Group over future investment & funding strategies for the Schemes
• Provide analysis, views & challenge to support the Trustee in developing, regularly reviewing & changing (when necessary) suitable investment strategies, such as hedging of key risks (LDI, FX, longevity), & 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 & opportunities, taking opportunities to de-risk as the Schemes grow over time.
• Be accountable for execution & 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 & investment strategy.
• Maintain & manage liquidity, being aware of benefit payments, contributions, cash calls & other settlements.
• Ensure the Trustee receives appropriate & 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 & 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 & 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, & reflect regulatory guidance.
• Collaborate with the Group on activities or opportunities impacting the funding position including asset performance, hedging, liquidity & 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 & management information and reports which enable the Trustee to provide appropriate oversight & enable the Group to understand the evolution of the financial position of the schemes & reflect its exposure to the Schemes' liabilities through its financial and regulatory reporting.
• Develop & 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 & motivate a team of specialist investment professionals