Benefits Specialist - Retirement

This review provides an in-depth look at the Benefit Specialist – Retirement role at Rolls-Royce, offering insights for prospective candidates to understand the opportunity and guide their career development.

Discover Your Impact at Rolls-Royce: Benefit Specialist – Retirement

Are you a seasoned professional looking to leverage your expertise in a role that directly contributes to the financial well-being of employees and the strategic success of a global leader? The Benefit Specialist – Retirement position within the Rolls-Royce Retirement Savings Trust (RRRST) presents a compelling opportunity to join a company with a rich history of innovation and a clear vision for the future.

At Rolls-Royce, individuality is celebrated as a driving force for innovation. This role offers a chance to be part of a high-performance culture where diverse perspectives are valued and actively sought after. The RRRST, a substantial trust with £2.1 billion in assets under management, plays a crucial role in supporting Rolls-Royce employees in the UK. As part of the GBS People Services, you will be instrumental in the accurate accounting, cash management, reporting, and operational compliance for this vital scheme.

Key Responsibilities and Your Contribution:

This role is central to the smooth operation and financial integrity of the RRRST. Your contributions will be critical in:

• Financial Stewardship: Preparing and presenting key financial documents, including the annual report, financial statements, quarterly management accounts, and budgets.
• Regulatory Compliance: Serving as the primary liaison for statutory auditors and HMRC, managing tax returns and all pensions-related tax reporting.
• Treasury Management: Overseeing the RRRST's bank accounts, managing liquidity, and ensuring accurate and timely benefit and employer contribution payments.
• Operational Oversight: Ensuring accurate audit records for retirement and death payments, and leading the oversight of internal controls.
• Budgetary Control: Managing RRRST and employer cost centre budgets, including complex recharge processes.
• Insurance Management: Owning RRRST insurance data, managing daily operations, claims, and renewals.
• Strategic Support: Contributing to policy development, assurance activities, and incident response planning.
• Cross-Functional Collaboration: Working closely with HR, GBS, Finance, and Payroll to manage employee lifecycle events impacting pensions, such as joiners, leavers, and pension cashouts.
• Performance Reporting: Monitoring and reporting key statistics to leadership and governance forums.

Advantages for Your Career Path:

This position offers significant advantages for ambitious professionals:

• Impactful Work: Directly contribute to the financial security of thousands of Rolls-Royce employees through the management of a substantial retirement fund. Professional Development: Grow your expertise in pensions administration, financial reporting, and regulatory compliance within a respected industry leader. The role encourages continuous learning and exposure to challenging opportunities.
• Strategic Exposure: Gain valuable insights into the governance and financial management of a large pension trust, working closely with a Trustee Board and key stakeholders. Collaborative Environment: Thrive in a team-focused setting where collaboration is encouraged, while also having the autonomy to work independently and take initiative.
• Innovation Culture: Be part of a company that values individuality and diverse perspectives, fueling innovation and a high-performance culture. Career Growth: This role is ideal for a mid-career professional looking to blend technical expertise with strong personal qualities, taking on leadership responsibilities and making confident decisions with support.

Key Considerations for Candidates:

To excel in this role, candidates should consider the following:

• Educational and Professional Foundation: A solid educational background (A Level or higher) is required, with a preference for a Pensions Management Institute or accounting qualification. Experience is Crucial: A minimum of 5 years of relevant experience in pensions operations, finance, or risk management is essential.
• Technical Proficiency: Familiarity with Intellicount, Bankline, MS Office, and SAP is expected. Key Skills: Strong troubleshooting and reporting skills, the ability to manage complex tasks, and lead projects to completion are highly valued.
• Interpersonal Abilities: Excellent communication and stakeholder engagement skills are paramount for effective collaboration. Mindset for Success: A collaborative mindset, a proactive approach to problem-solving, and a commitment to process improvement will be key to thriving in this role.

Rolls-Royce is committed to fostering a respectful, inclusive, and non-discriminatory workplace where everyone can thrive. If you are a driven and experienced professional seeking a role that offers both challenge and reward, this Benefit Specialist – Retirement opportunity at Rolls-Royce could be the perfect next step in your career journey.