PURPOSE OF THE POSITION:
The position is responsible for:
Business growth/development of pensions and annuity portfolios by acquiring business and opening markets that drive growth of pensions and annuity.
Day to day administration of occupational and individual schemes operations by carrying out operations which include; maintenance of accurate member data, payments of retirement benefits to members, preparation of quarterly reports, preparation of member balances, income distribution and issuance of member statements, reconciliation of contribution schedules and posting in the system, schemes filing scheme returns to authorities, timely response to members and service providers queries and assisting in scheme compliance issues and to expand pension services and generate growth of the company’s portfolio under guidance from the supervisor.
KEY TASKS, DUTIES AND RESPONSIBILITIES
Responsible of new business acquisition in line with set targets in regard to pensions and annuity portfolio.
Pitch marketing sites in support of the agency forces in effort to onboard pensions business
Liaise with HR departments for referral pension business including transfers in from joiners and leavers from all affiliated companies.
Coordinate with the brokers with a view to keep cordial relationships with them and other marketing intermediaries.
Issuing annuity quotes and pensions write-ups as required at all times. Ensure that accurate and competitive quotations in respect of pension’s products are prepared and delivered promptly to prospective clients, brokers and intermediaries.
Evaluating market coverage and penetration, and proposing new methods e.g. designing mass prospecting strategies, for enhanced market coverage and penetration.
Ascertain new business requirements and documentations for contractual agreements and policy document issuance.
Meeting established business development and organic growth targets in sales, new business acquisition, renewals and premium income through coordinated marketing strategies.
Visiting pension administrators and other pension houses to solicit for any transfers into our IPP or Umbrella fund and annuity purchases.
Facilitating and attending Annual General Meetings, making presentations and training the scheme members.
Arranging and diarizing Trustee meetings for the calendar year, with agreement of the Chairman and the other members of the Trustee Board.
Facilitating, attending quarterly Trustee meetings and taking minutes of the meetings, advise and update Trustees on any relevant legislation and present quarterly reports.
Following up on clients’ queries and complaints.
Informing clients of new products in the market and preparing Trustee Papers for Trustee review.
Organizing Trustee activities e.g. trustee elections, trustee trainings, and member education programs.
Maintaining contact and correspondence with the Trustees of the scheme so as to bolster good working relationship and providing information on the emerging trends and RBA/KRA regulations.
Organizing for clients visits.
Establishing a structured roll out of pension services to new clients through an active Marketing Plan that targets institutional and retail clients.
Ensuring that marketing materials such as slide shows and marketing materials are current and useful.
Establishing an active marketing program that continually contacts organizations without pension schemes.
Managing Annuity business including issuing annuity quotes, processing annuity payroll and onboarding new annuitants.
Preparation and submission of correct Audit Data, IPS data and DB Scheme Valuation.
Review contributions received from clients and posting in to the system on monthly basis.
Preparation of quarterly returns and filling of the same with the retirement benefits authority.
Preparation of member balances are maintained both hard and soft copy for each client.
Avail reconciled and up to date member balances to facilitate preparation of income allocation paper.
Income distribution to member accounts as per the income paper and issuance of member statements.
Document filing, archiving and retrieval and maintain scheme records both hard copy and soft copy.
Make use of systems and make recommendations on upgrades.
Preparation discharge forms for payments and seeking approvals for payment from the scheme.
Timely payment of service providers’ fees, trustee allowances, consultancy fees and withdrawal/retirement benefits payment. Timely submission of fee computations to accounts for invoicing.
Maintain a register of withdrawals for all schemes, compute withdrawal benefit computation as they fall due and ensure that all withdrawal payments, pension payrolls are settled within stipulated time.
Reconciliations with bank accounts and reports from service providers on contributions and scheme expenses.
Review quarterly reports and submit to the relationship manager and ensure continuous improvement on quality of quarterly reports to meet the set standards.
Issuing annuity quotes and sourcing for annuity business.
Onboarding new annuitants.
Processing monthly annuity payroll.
Updating annuity data and maintaining an up to date record of annuity information.
Responding to annuity queries from clients and general customer service.
Attending of trainings to gain skills and knowledge relevant to the position.
Mentoring, coaching and mentoring of direct reports i.e. interns and/or any others.
Performance measurement of direct reports.
REQUIREMENTS
Bachelor’s Degree in Actuarial, Economics, Mathematics or related field.
Post Graduate Diploma in Actuarial, Economics, Mathematics or related field.
Professional Qualifications in business related field
Over 2 years’ relevant experience preferably in pension administration
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