Head of UK Pensions

The Role

The Head of UK Pensions will effectively manage the Imperial Tobacco Pension Fund, the UK’s pension scheme comprised of £2.5bn of assets and £2.25bn of liabilities in the DB section and £97m of AUM in the DC section (as at 31/3/24).

This role primarily supports the Trustee in the effective running of all aspects of the UK plan, including management, administration, governance and compliance. Additionally, this role will collaborate and support the business in Company-led initiatives such as derisking exercises and benefit renewals. 

At all times, the jobholder will seek to bring best practice and thought leadership to the role to promote continuous improvements to the operation of the plan and effective Trustee/Company collaboration.

Principle Accountabilities

• To lead the Pension Fund Office (PFO) team in managing all aspects of the UK pensions arrangements, including both DB and DC plans.
• To ensure that the Fund complies with legislation and best practice, including managing the internal risk management function.
• To support the Trustee Board through changes in legislation and best practice reviews whilst ensuring compliance with legislation is maintained
• To maintain and manage relationships with the Trustee Board, particularly the Chair, and act as Secretary to Trustee Board.
• To advise the Trustee Board on investment and act as Secretary to the Trustees Investment Committee. Ensuring that investment managers manage the Fund’s assets in accordance with agreed parameters and monitoring performance of the Fund’s investments and managing cashflow and liquidity.
• To maintain and manage relationships with external professionals / advisors / auditors (including budget negotiation) and internal points of contact.
• To support the Trustee Board and Chair in managing the relationship with the Company both in joint working groups and also routinely with the Company’s internal pension adviser, mindful of the needs of both the Trustee and the Company.
• To manage scheme administration, including pensioner payroll and resolution of Member queries.
• To provide technical information to Members, including drafting communication materials from the Scheme, Trustee or Company and financial reporting.
• To support the Trustee and Company in relations with Member groups, including attending meetings of IMPAC.
• To provide technical support to senior personnel including proposing appropriate solutions to deal with pensions issues.
• To answer questions from, and provide information to, individual Fund members, particularly those at a senior level, on a confidential basis.
• To maintain a full and up-to-date knowledge of UK pensions regulation and all matters relating to the Fund so as to be able to act as the in-house expert on these matters.
• To ensure the Pensions team has the team structure, capabilities and ways of working and systems/tools to deliver this in an efficient and effective way, building capabilities within the team.
• To maintain and manage ancillary benefits (medical insurance and group income protection) and the relationships with the provider and broker.
• Undertake business planning control of current projects (Pensions Dashboards, GMP equalisation, de-risking)

Skills and Experience Required

• Proven experience of managing both UK Defined Benefit and Defined Contribution schemes
• Experience of providing support to a Trustee Board or similar on scheme management, investments and legislation
• Good management of Trustee and Company relationships, promoting and fostering collaboration between the parties.
• Fully APMI or ACCA qualified
• Experience of leading pension de-risking exercises
• Ability to confidently challenge advice where required
• Fluent English (spoken and written) with the ability to present clear, well-structured papers and reports
• Excellent negotiation, leadership and communication skills
• Experience of managing resources, both people and financial

What We Offer

In return for playing your part in building our future, you will receive a comprehensive compensation package with salary, bonus scheme and many extras including a great pension scheme, generous holiday entitlement and hybrid/flexible working opportunities as well inspiring places to work and collaborate with purpose. Here at Imperial we will give you the opportunity to grow and learn, innovate at pace and be a part of our purpose to forge a path to a healthier future for moments of relaxation and pleasure for our consumers.

Everyone Belongs

Everyone belongs in Imperial. We are proud of being a truly inclusive organisation. We encourage and welcome applications from people of all ages, genders, ethnicities, nationalities, disabilities, sexual orientation, religions or beliefs and of neuro divergence. We give fair and equal consideration to all our applicants. Please contact us at recruitment@impbrands.com to let us know if we can provide support in helping you complete an application and/or attend an interview.

About Us

We're a truly international company, fourth largest in our industry and operating across 120 markets. An inclusive, innovative global FMCG business supported by 25,000 employees. As we embrace a new era of growth, we are transforming. Our ways of working and culture are driven by a challenger mindset, constantly questioning the status quo where people can bring their best selves to work. Our agility and collaboration are driving our ambitions, innovation and success all supported by our award-winning development programmes that creates exciting and rewarding career opportunities for all.  Encouraging inclusion at local levels and supporting a developing and robust diversity agenda globally, we’re fully committed to creating and maintaining an environment that celebrates and respects difference.