Pension Administration Officer

JOB OPPORTUNITIES

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 Administration Officer (1 Position)

Reporting to : Assistant Manager – Pension Administration

Subordinate : None

Location : Head Office – Blantyre

Type of Contract : Full time

Position Overview:

The Pension Administration Officer is responsible for the efficient administration of pension plans, including processing member contributions, calculating and paying benefits, and ensuring compliance with pension laws and regulations. The role requires strong communication skills, as well as a deep understanding of pension schemes and member services.

Key Responsibilities and Duties:

1. Pension Scheme Administration:

1. • Administer the day-to-day operations of pension schemes, ensuring all member data is up-to-date and accurate.

1. • Maintain and update member records, including contributions, transfers, and benefit elections.

1. • Process pension contributions from employees and employers in accordance with the fund rules.

1. • Ensure that pension benefits are paid accurately and on time, including retirement, death, and disability benefits.

2. Member Support and Communication:

1. • Serve as the first point of contact for pension scheme members, providing assistance and answering queries regarding their pension benefits, contributions, and options.

1. • Communicate regularly with members about changes to their pension plans, benefits, or other relevant information.

1. • Provide members with statements, retirement projections, and other requested pension-related documentation.

3. Pension Benefits Calculation:

1. • Calculate retirement benefits, early retirement options, and survivor benefits in accordance with pension fund rules.

1. • Prepare and process retirement and other benefit claims, ensuring accuracy and compliance with fund provisions.

   • Handle complex pension benefit calculations, including deferred pensions, lump-sum payouts, and pension adjustments.

4. Compliance and Regulatory Requirements:

1. • Ensure that pension scheme administration complies with legal, regulatory, and tax requirements, including but not limited to pension law and regulations.

1. • Assist with audits and provide the necessary documentation and reports for regulatory inspections.

1. • Keep up to date with changes in pension legislation and communicate relevant updates to members and management.

5. Record Keeping and Reporting:

1. • Maintain accurate and comprehensive records of pension scheme members and their benefits, including contribution histories, retirement dates, and benefit payments.

1. • Prepare regular reports for internal stakeholders, such as trustees or pension fund managers, and external auditors as required.

1. • Ensure that all documentation related to pension schemes is securely stored and easily accessible for audits or future reference.

6. Pension Plan Transfers:

1. • Process member transfers, including the transfer of pension benefits from one scheme to another, and ensure that the transfer is in line with legal requirements.

1. • Provide guidance to members on transfer options and implications for their pension entitlements.

7. Data Management and System Updates:

1. • Use FundworX Administration System to maintain member data and process transactions efficiently.

1. • Perform data cleansing activities to ensure that member records are accurate and complete.

1. • Ensure timely updates of member details, such as changes in employment status, personal information, or pension choices.

8. Benefit Statements and Correspondence:

1. • Prepare and send out benefit statements, retirement estimates, and other relevant correspondence to scheme members.

1. • Ensure that all written communication with members is clear, accurate, and in line with the pension scheme rules.

Qualifications:

• Education:

  • A degree in Business Administration, Finance, or a related field.

• • Professional qualifications related to pensions or administration, would be an advantage.

• Experience:

  • Proven experience in pension administration or a similar role, typically 2-3 years.

• • Strong knowledge of pension schemes and the regulatory framework governing them.

• • Experience with pension administration software and databases is a plus.

• Skills and Competencies:

• • Strong attention to detail and accuracy.

• • Excellent communication skills, both written and verbal.

• • Strong organizational and time-management abilities to handle multiple tasks and deadlines.

• • Problem-solving skills to handle complex pension issues.

• • Ability to work with a variety of stakeholders, including members, trustees, and external service providers.

Working Conditions:

• This is typically a full-time office-based role, though hybrid or remote work arrangements may be possible.

• Standard working hours, with occasional overtime during busy periods such as year-end reporting or audit time.

• Regular communication with members via phone, email, and in person

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: [email protected]

 

“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.”