Duties and responsibilities:
Under the supervision of the Plan Administrator, the consultant will provide services such as data retrieval and clean-up of membership data for actuarial purposes, fund accounting and IT application. Specifically; to:
- Develop Plan information resources for members through workshops, training sessions, brochures and written literature and Plan websites to enhance their general level of understanding of retirement planning, benefit entitlements and claim procedures;
- Recommend strategies for the improvement of financial management, accounting and information systems of the SRP, and assist in the implementation of approved solutions to promote transparency, integrity and consistency of the financial processes, use of funds and financial information in compliance with best practices and ensure the systems are up to date and suitable for the needs of the Plan;
- Ensure that accurate and complete records of the Scheme’s members are maintained as well as to identify information and system gaps that require maintenance to ensure accurate and timely valuation and reporting.
- Ensure that benefits are paid accurately and promptly in accordance with agreed targets and in accordance with the rules of the Plan, including responsibility for managing the pension payroll;
- Lead the engagement with Plan’s actuarial service providers to provide accurate and timely management reports and statistics as required to enable actuarial valuations, mortality studies and other technical projects; as well as to review the resultant reports for accuracy and relevance to the SRP, well as adherence to best practice standards;
- Assist in resolving complex or controversial issues that may arise with individual pension claims, in liaison with the Legal Department;
- Provide expertise in the formulation and implementation of a cohesive, well organised and investment policy and guidelines of the Plan; keeping abreast with the outlook of financial markets and advise on strategic and tactical asset allocation changes;
- Provide assistance to the well-functioning of the SRP management committees, including the preparation of technical research documents and board papers;
- To undertake any other duties as assigned by the Plan Administrator.