About Abbott
Abbott is a global healthcare leader, creating breakthrough science to improve people’s health. We’re always looking towards the future, anticipating changes in medical science and technology.
The Opportunity
This position works out of our Maidenhead location in the Corporate Financial Services division.
MAIN PURPOSE OF JOB
Leads the in-house Pensions Team providing support and information to Company Management, the Trustee Directors and all active members of both pension schemes across multiple sites and business divisions. This involves ensuring that adequate support is in place to support members transitioning as a result of corporate acquisitions or divestments within a complex corporate group and to members seeking to understand their options as they approach retirement. Actively supports the UK entity and the Trustee in the relationship with the US parent company in relation to Treasury and HR functions.
The role acts as Secretary to the Trustee of the Abbott Laboratories Pension Fund (1966), supporting the Chairman of the Trustee in taking decisive action to deliver the objectives of the Board. This encompasses the ownership of multiple relationships with key professional advisors and management of a budget in excess of £2 million.
Acts as a technical expert in support of both the Trustee Board and the Company. This includes leading the continuous assessment of the requirements of pension schemes due to the evolving regulatory environment and the implications of pensions tax regulations on individuals in a changing environment.
This position leads, manages and directs all elements of pension administration and communication for the Abbott Laboratories Pension Fund (1966), dealing with around 4,000 members.
This position leads, manages and directs all elements of pension administration and communication for Abbott Retirement Saver (2015) including automatic enrolment of all new hires, dealing with over 1,700 employees who are members.
KNOWLEDGE AND EXPERIENCE
- Extensive experience of managing all aspects of both DB and DC pension funds including acting as Secretary to the Trustee.
- Ability to communicate effectively at all levels within a complex corporate environment.
- Significant project management experience.
- Thorough understanding of personal taxation as it relates to pensions and specifically high earners.
- Professional qualification to APMI or equivalent with membership of PMI.
ACCOUNTABILITIES
Manages all aspects of governance, support and delivery for the Trustee Board through the role of Secretary to the Trustee, including preparing, running and minuting Trustee Meetings.Leads representation in all key relationships with professional advisors to both the Trustee and the Company. Seeks and evaluates expert technical advice to deliver structured and targeted support to decision makers. Monitors administration performance against service level agreements and ensures all member issues are resolved in a timely fashion.Leads in the production of all member communications for the Abbott Laboratories Pension Fund (1966) seeking appropriate input from third party experts, internal stakeholders and the Trustee Board. Ensures consistent high quality of communication content and presentation through a rigorous review process, including oversight of the scheme website and its frequent updates. Leads the relationship with the provider of the Abbott Retirement Saver (2015) to optimise member communications within the constraints of operating within a Master Trust, including the content of the scheme website and of the members’ guides for the employees of the various employers.Ensures compliance with applicable legislation, regulation and Regulator guidance maintaining an up to date knowledge in these areas including the delivery and coordination of all necessary training for the Trustee Board. Responsible for ensuring adequate internal financial controls and administrative procedures are maintained throughout the pensions function. Responsible for ensuring that the Trustee’s Annual Report and Accounts is prepared, audited and signed off within the statutory deadline.Leads the Trustee Board in operating Integrated Risk Management, including ensuring that there is an adequate covenant review driving the Trustee Board’s approach to funding and investment matters. Leads the regular review of the Trustee Risk Register and proactively addresses issues identified.Partners with HR and Payroll in benefit design and administration issues to ensure all appropriate administration and tax considerations have been captured. Leads the review of the Company’s pension provision and of features of the two pension schemes. Evaluates the impact of changes in taxation and provides recommendations to address strategic challenges.Leads and directs all activities of the pensions office staff ensuring adequate resourcing, training and development of key personnel. Manages the activities of the third party administrator of the Abbott Laboratories Pension Fund (1966) and of the provider of the Abbott Retirement Saver (2015). Drives achievement of optimal levels of operational and administrative support for members of both schemes. Coordinates and evaluates detailed technical analysis in support of funding issues arising from triennial actuarial valuations. This support is provided to both the Finance Director and the Trustee and it is critical that the jobholder must be able to remain independent and manage any tension between responsibilities to the Company and to the Trustee.Budgetary responsibility for management of Trustee expenditure exceeding £2 million annually. Negotiates with key providers to ensure value for money and conducts supplier evaluations and tender exercises as required.Oversees the application of the Trustee Internal Dispute Resolution procedure for the Abbott Laboratories Pension Fund (1966) to ensure any member complaints are dealt with quickly and appropriately. Raises any member issues with the Provider of the Abbott Retirement Saver (2015) and ensures that they are resolved effectively. Oversees automatic enrolment and automatic re-enrolment to ensure that all Abbott employers in the UK comply with their duties and that compliance is registered with The Pensions Regulator. Manages the annual renewal processes following every annual pay review, including calculation and supply of the necessary earnings data for Mercer. Manages the checking and where necessary corrections of the benefit statement data generated by Mercer.Liaises as required with EY, providing them with information and documentation whi