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 : Pension Fund Accounting Officer (1 Position)
Reporting to : Pension Administration Manager
Subordinate : None
Location : Head Office – Blantyre
Type of Contract : Full time
Position Overview:
The Pension Fund Accounting Officer is responsible for maintaining the financial records of the pension fund, ensuring that all transactions are accurately recorded, and that the fund’s assets are properly managed. This role requires collaboration with pension plan administrators, auditors, and senior management to ensure the fund’s financial health and regulatory compliance.
Key Responsibilities:
- Financial Record Keeping:
- Maintain accurate and up-to-date financial records for the pension fund.
- Ensure that all fund transactions are recorded in the FundworX Administration System
- Oversee and reconcile general ledger accounts related to pension funds.
- Financial Reporting:
- Prepare and present monthly, quarterly, and annual financial reports to senior management and stakeholders.
- Ensure timely and accurate preparation of financial statements, including balance sheets, income statements, and cash flow statements.
- Assist in the preparation of reports for regulators, trustees, and other parties as required.
- Investment Monitoring:
- Monitor and reconcile investments, including the recording of gains, losses, and distributions.
- Work with external investment managers to ensure timely and accurate reporting of investment activities.
- Track the performance of the pension fund’s investment portfolio.
- Regulatory Compliance:
- Ensure the pension fund complies with all relevant laws, regulations, and industry standards.
- Liaise with auditors and regulators during audits and examinations.
- Stay informed about changes in pension laws and accounting standards and implement necessary updates to the accounting process.
- Financial Controls and Risk Management:
- Develop and implement internal controls to safeguard the fund’s assets.
- Monitor pension fund risks and ensure that financial practices minimize risk exposure.
- Provide recommendations to improve financial management processes.
- Collaboration and Communication:
- Work closely with pension administrators, legal team, and investment managers to ensure smooth operation of the pension fund.
- Assist in the preparation of actuarial reports and collaborate with actuaries as needed.
- Provide financial advice to senior management and trustees on pension fund matters.
- Audit and Reconciliation:
- Lead the preparation for audits, working closely with external auditors to ensure that the fund’s financial activities are in compliance with standards.
- Perform monthly reconciliations of pension fund accounts and resolve discrepancies.
- Contribution and Benefit Management:
- Oversee the accurate recording of pension fund contributions from both employees and employers.
- Ensure that pension benefits are properly calculated and paid to retirees according to the fund’s rules and policies.
Qualifications:
- Education:
- A degree in Accounting, Finance, or a related field is typically required.
- Professional accounting qualification is preferred.
- Experience:
- Proven experience in pension fund accounting or financial management, usually 3 years.
- Experience with pension plan regulations and accounting standards
- Skills and Competencies:
- Strong understanding of pension fund management, accounting principles, and regulatory requirements.
- Proficiency in accounting software and financial management systems
- Advanced Excel skills.
- Attention to detail, accuracy, and problem-solving skills.
- Ability to communicate financial information clearly to non-financial stakeholders.
- Analytical skills to evaluate fund performance and make recommendations for improvement.
Working Conditions:
- Typically, a full-time office-based role, with possible flexibility for hybrid working.
- Regular working hours with the possibility of overtime during reporting periods or audits.
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, 17th 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.”