Job ref: 208809
TPR grade: AP grade 6 - Principal
About us
More than half the UK working population rely on The Pensions Regulator (TPR) to regulate their retirement savings. With a career at TPR, you’ll be joining an organisation that will impact on millions of lives for decades to come.
Everyone at TPR plays an important role in helping to keep more than £2 trillion of savings safe. We’re committed to bringing people into TPR who are ready to make a difference and put UK savers at the heart of what we do.
It is important to us that TPR remains a great place to work. We do all we can to help our people reach their full potential with learning, secondment, and development opportunities. We put our 900+ employees first, supporting flexible working and offer a diverse, lively, and inclusive environment. This includes our Disability Network, Family Network, LGBT+ Network (Proud), Minority Ethnic (ME) Network and Women’s Network, which offer spaces to connect.
Our new corporate strategy outlines a bold and challenging vision of how pensions regulation should evolve to keep pace with a change in the scale and nature of the industry. We are at the start of that journey. Join us to find out what part you can play.
We operate a hybrid working model, with regular attendance in our Brighton office to connect with colleagues across the business.
Role
Provide specialist covenant and financial analysis advice in policy related work and in relation to interventions and supervision of Defined Contribution (DC) Master Trusts, Defined Benefit (DB) pension schemes, consolidation vehicles, and other emerging areas of innovation in the marketplace with the aim of bringing about the most appropriate outcomes.
Responsibilities
You will:
- provide covenant and financial analysis expertise to ensure the successful outcome of interventions and supervision in line with our statutory and corporate priorities and objectives
- support effective negotiations concerning pension liabilities in corporate transactions in order to protect savers benefits
- analyse impacts of corporate activity and contributing to development of new strategies
- critically assess viability of business plans for Master Trusts, consolidators and other emerging models
- provide financial input to the development of policy including secondary legislation for Funding, NE’s, authorisation and supervision of Master Trusts and other emerging models
- review recovery plans with emphasis on affordability, sustainable employer growth and cash management
- assist in the development of TPR’s operational procedures for the authorisation and supervision of Master Trusts, Consolidators and other emerging models Providing risk-based advice and analysis to project and case teams with specific, technical analysis and recommendations to assist clearance decisions / negotiations / arbitrations
- develop scheme funding plans for high-risk schemes in conjunction with scheme trustees
- take a leadership role in business negotiations on recovery plans
- educate and mentor case managers and team members on corporate financial and operational analysis and normal business practices
- contribute to constructive and useful learning on intervention approaches to the team and wider organisation
- contribute where relevant to best practice advice.
Essential and desirable criteria
We are keen to hear from applicants with the following criteria as we seek to expand and evolve our supervision of the DC Master Trust market:
- Working in or with large financial institutions.
- Understanding of Prudential Risk frameworks.
- Experience of M&A in financially regulated sectors (and/or post transaction integration).
- Understanding of FCA/PRA regulatory landscape (i.e. Solvency II / ICARA).
- Regulatory market oversight.
Other desirable criteria are:
- Understanding of TPR guidance for scheme funders, employers and trustees.
- Experience actively advising DC Master Trusts and/or defined benefit pension scheme trustees.
- Industry sectors knowledge and strong experience / commercial awareness.
- Corporate financial structures including familiarity with typical debt and equity terms.
- Deep understanding of fundamentals of covenant assessment and/or credit analysis.
- Business valuation approaches and techniques.
- Corporate structuring / re-structuring.
- Mergers and acquisitions.
- Deal structures and financing.
- Financial analysis.
- High level knowledge of valuation methodology of UK DB pension scheme liabilities.
- Key issues in the UK DB pensions environment and strategic trends.
Person specification
- Proactive and flexible.
- Ability to prioritise and use initiative.
- Calm under pressure.
- Problem solving and analytical skills.
- Strong Communication – written and oral.
Salary and benefits
As well as a starting salary from £80,513, we offer:
- Civil Service Pension arrangements, which are recognised as some of the best in the pensions world
- discretionary bonus arrangements
- access to performance related pay progression
- 25 days annual leave provision
- flexible working arrangements
- development opportunities
- enhanced parental leave arrangements
- a free employee assistance programme
- an excellent office location in Brighton
How to apply
To apply please email recruitmentteam@tpr.gov.uk quoting role reference number 208809 along with:
- a covering letter with details of how your skills and experience meet the role requirements
- a copy of your CV
- details of your notice period
Current employees in their first 12 months of employment who want to apply for this vacancy should first contact their line manager to discuss their application.
We are an inclusive employer and offer equal opportunities regardless of an individual’s age, disability, gender identity, marriage or civil partnership status, pregnancy or maternity, race, religion or belief, sex and sexual orientation.
As a Disability Confident employer, we’re committed to the recruitment, employment, retention and development of people with disabilities and to improving their employment opportunities. Candidates who declare that they have a disability and who meet the essential criteria for the job will be offered an interview.
Applications will be considered on a part time and job share basis. If you want your application to be considered as part of a job share, please apply with the hours you are available to work.
In accordance with Home Office guidance, the successful candidate will be required to provide their right to work in the UK before they start employment. Unfortunately, TPR is not able to offer sponsorship at the time. TPR is a UK-based organisation with a working location in Brighton, candidates must live in the UK to be employed by us.
The Pensions Regulator is an arm’s length government body and part of the public service.
Any offer of employment will be subject to the receipt of satisfactory background screening checks and criminal record checks (BPSS).
If you have any queries about this role, or if you have a disability and wish to request a reasonable adjustment at any stage of the recruitment process, please email recruitmentteam@tpr.gov.uk.