Assistant Manager (Pension Administration) – Vanguard Pension Services Company Ltd

Job Description

Vanguard Pension Services Company Limited (VPSC) is a subsidiary of Vanguard Life Assurance Company Limited, established in 2014 following the separation of the life insurance and pension service business units in Malawi. This was in pursuant to the Reserve Bank of Malawi’s Directive on the licensing and registration of pension entities under the Financial Services Act, 2010. The Company is dedicated to providing financial security and long-term investment solutions to organizations, groups and individuals through pension funds administration and other related financial services. The Company also serves as a Corporate Trustee for the Vanguard Unrestricted Pension Fund, which accommodates employer-sponsored restricted pension schemes.

Vanguard Pension Services Company has job opportunities and, therefore, seeks to recruit suitably qualified and experienced candidates for the following positions:

Position: Assistant Manager – Pension Administration (1

position)

Reporting to : Pension Administration Manager

Subordinate : Pension Administration Officers

Location : Head Office – Blantyre

Type of Contract : Full time

Position Overview:

The Assistant Manager, Pension Administration, assists in the management and oversight of pension administration functions. This role involves supervising pension administration staff, ensuring compliance with pension laws and regulations, and handling complex pension queries and issues. The Assistant Manager will work closely with the Pension Administration Manager to improve processes, ensure efficient service delivery, and maintain the integrity of member records.

Key Responsibilities and Duties:

1. Unrestricted Pension Fund Administration:
   • Oversee the accurate and timely processing of the unrestricted pension fund benefits, including retirement, death, and withdrawal benefits.
   • Ensure compliance with the Pension Act 2023, including related directives and other regulatory requirements, and maintain up-to-date knowledge of changes in pension law.
   • Monitor pension fund performance and work with the Pension Administration Manager to resolve any issues or discrepancies.
   • Supervise the calculation and payment of pension benefits, including the verification of participant records.
2. Team Management & Development:
   • Supervise a team of pension administrators, providing guidance, coaching, and performance management.
   • Assist with training new employees and provide ongoing education and support for the team to ensure best practices in pension administration.
   • Delegate tasks effectively to ensure high productivity and efficiency within the team.
   • Foster a positive, collaborative team environment.
3. Customer Service and Stakeholder Communication:
   • Act as a point of contact for fund members, scheme sponsors, and other stakeholders, addressing inquiries and resolving issues promptly and professionally.
   • Ensure that members’ concerns regarding their pension benefits are handled with care and in a timely manner.
   • Prepare clear and concise communications for plan members, including benefit statements, letters, and informational materials.
4. Compliance & Reporting:

• Assist in the preparation of regulatory filings, including Reserve Bank of Malawi Return & call reports, actuarial reports, and compliance audits.

1. • Monitor plan performance metrics and report on any discrepancies or concerns.
   • Maintain records and ensure all documentation is compliant with internal policies and external regulatory requirements.
2. Process Improvement:
   • Identify opportunities to streamline processes and improve the efficiency of pension administration operations.
   • Work with the Pension Administration Manager to implement new technologies, tools, or procedures to enhance the quality of service and reduce operational costs.
3. Risk Management:
   • Identify and manage potential risks to pension plan operations, including financial and compliance risks.
   • Collaborate with the compliance and legal teams to resolve any issues related to plan operations, ensuring that the pension plan complies with both internal policies and external regulations.
4. Data Management & Analysis:
   • Oversee the accurate maintenance of pension data, including member records, contributions, and benefit history.
   • Prepare and analyze reports related to the pension fund, using data to identify trends and provide insights for decision-making.

Qualifications:

Education & Experience:

• Bachelor’s degree in business, Finance, Accounting, or a related field.
• A minimum of 3 years of experience in pension funds administration, retirement planning, or employee benefits.
• Experience in managing or supervising a team is preferred.
• Pension-related certifications would be an advantage.

Skills & Knowledge:

• Strong knowledge of pension laws and regulations.
• Experience with pension administration software and data management systems.
• Excellent organizational and time management skills with the ability to manage multiple tasks.
• Strong analytical skills and the ability to interpret complex pension plan documents and financial data.
• High level of attention to detail and accuracy.
• Ability to communicate effectively with internal and external stakeholders.
• Leadership and team management skills, including coaching and developing staff.

Personal Attributes:

• Strong problem-solving skills and the ability to handle challenging situations effectively.
• Ability to work independently as well as part of a team.
• A proactive approach to identifying and resolving issues.
• Excellent customer service orientation and interpersonal skills.

Working Conditions:

• Full-time, with standard office hours (additional hours may be required depending on deadlines or project needs).
• Occasional travel for meetings or conferences may be required.

Qualified and interested candidates should apply to the address below, enclosing their curriculum vitae indicating three names of traceable referees with valid telephone numbers and email addresses and copies of relevant academic and professional certificates.

All applications must reach the addressee below not later than Friday, 17^th January 2025.

The Human Resources Officer

Vanguard Pension Services Company Ltd

Old Air Malawi Building

Robins Road

P.O Box 1625

Blantyre

OR

Email: recruitment@vanguardlifemw.com

“Vanguard Pension Services Company Limited is an equal opportunity employer, so, all qualified applicants will receive consideration for employment without regard to race, colour, religion, gender, tribe, disability status, or any other characteristic protected by law.”