Pension and Benefits Administration Specialist (UK) (London - Human Resources)

RBC

Jun 30, 2024

Applications are closed

Job
Full-time
Mid Level
People, HR & Administration
London

Requirements

Must-have:
Proven Pension & Benefits administration experience.
Ability to relate to and interpret HR business processes.
Ability to prepare accurate documentation with a high standard of presentation and confidentiality.
Adaptable with the ability to work under pressure in a team environment.
Ability to work on own initiative diligently and without constant supervision, applying analytical thinking and problem solving.
Superior organisational skills with ability to manage high volume of work, attention to detail.
Excellent communication skills to work effectively within HR team and with employees.
Good working knowledge of HR, Payroll and Benefits systems; and Microsoft Office products used extensively to support HR and Business requirements.
Good working knowledge of case management tool.
Strong acumen in Excel required.
Job Skills:
Annuities, Communication, Data Gathering Analysis, Detail-Oriented, Insurance Finance and Actuarial Concepts, Operational Delive

Responsibilities

You will be responsible for day-to-day administration of the company Benefits schemes and Group Insurance policies.
You will also be responsible for working with the business, Benefits Centre of Expertise (COE) and third parties to ensure all Benefits data is accurate and processed in a timely manner.
Primary Responsibilities:
Respond to and manage Benefits policy queries via the case management system, phone and email within agreed SLAs, maintaining a high level of confidentiality.
Responsible for reconciliation of Benefits scheme contributions/deductions between Benefit tool and Payroll.
Responsible for correspondence to employees, ex-employees when required.
Responsible for administration of the company benefits schemes including but not limited to private health insurance, dental insurance, eyecare and staff travel scheme.
Responsible for ensuring timely payment of invoices to third party providers.
Ensure all department and company driven processes are completed within SLA, whilst identifying any gaps, risks or improvements.
Ensure Benefits processes and procedures are up-to-date and version controlled.
Provide ad hoc, quarterly and annual reporting to Payroll and Compliance groups.
Employee Shares Ownership Plan (ESOP) – administer employee contribution details within the vendor system including uploading contributions and leaver details, submitting payments, managing suspensions and quarterly forfeiture reports for Finance.
Accountable for maintaining employee demographic details in the Benefit tool and completing the monthly payroll activities to ensure any employee benefit changes are sent to Payroll for processing.
Maintaining a listing of Green Car Scheme members including adding new members to Benefits tool, collecting fines, back payments for leavers and recovering payments from vendor for leaves.
Maintenance of the Benefits tool including updating site, documentation and links ensuring information is correct and relevant.
Manage Pension policy queries via the case management system, phone and email within agreed SLAs.
Liaise with Pension scheme COEs in respect of requests/queries from employees or pension vendors.
Resolve employee and Payroll discrepancies providing solutions and direction to RBC UK Payroll on adjusting entries.
Ensure new enrollments adhere to RBC policy and are in line with UK pension legislation.
Send reports of all pension / saving contributions to third party Administrators, ensuring amounts for employees are accurate each month.
Liaise with third party Administrators to investigate and manually correct any discrepancies owing to changes in employee records, providing instructions to Payroll as necessary.
Ensure bank account is funded for the payment of contributions.
Monitor and investigate employee contribution rejections, requesting disinvestments with Pension provider and refunding employees funds within documented timelines.
Review each New Joiner and Leaver for the UK GPPP Pension & Savings Plans and provide employee personal information updates to Pension providers.
Determine if new employees are eligible to join RBC pension scheme by reviewing against RBC’s Pension policy and the UK’s Auto Enrolment legislation.
Prepare the monthly Auto Enrollment Report for the Associate Director Pension & Savings to plan and document our compliance with HMRC pension legislation.
Calculate and advise Payroll of adjusted pension / savings contributions for employees on paid or unpaid leave (maternity/paternity; sabbatical etc).
Maintain a high standard of customer/partner service quality by taking ownership and accountability, prioritising incoming inquiries, issues and highlighting key areas requiring immediate attention or escalating as necessary.
Identify and recommend solutions to issues, process gaps, service efficiency and effectiveness opportunities to Manager.
Document processes, create and update job aids ensuring instructions are continuously maintained.
Continuously review processes for operational risk and efficiency improvements.

FAQs

What are the primary responsibilities of a Pension and Benefits Administration Specialist in this role?

The primary responsibilities include responding to Benefits policy queries, reconciling Benefits scheme contributions, administering company benefits schemes, ensuring timely payment of invoices, providing reporting to Payroll and Compliance groups, administering employee shares ownership plan, maintaining employee demographic details, managing pension policy queries, resolving employee and Payroll discrepancies, ensuring new enrollments adhere to policy, sending reports of pension contributions, monitoring employee contribution rejections, reviewing new joiners and leavers for pension plans, preparing Auto Enrollment reports, advising Payroll of adjusted contributions, and continuously reviewing processes for improvements.

What are the must-have qualifications for this role?

The must-have qualifications include proven Pension & Benefits administration experience, ability to interpret HR business processes, ability to work under pressure in a team environment, superior organizational skills, excellent communication skills, knowledge of HR, Payroll and Benefits systems, familiarity with case management tools, and strong acumen in Excel.

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Mission & Purpose

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.