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Requisition Number:  3316
Position Type:  Permanent
Position Length:  Indeterminate
Location: 

Ottawa (Downtown), ON, CA

Closing Date:  March 1, 2020 - 23:59 EST

Diversity and Inclusion
As one of Canada’s Top 100 Employers, we offer you a superior work environment that allows you to reach your full potential both professionally and personally. We make career growth and professional development a priority. We are committed to developing inclusive, barrier-free recruitment and selection processes, and a work environment that supports our diverse workforce.

Let our team know if you need accommodation or support during the recruitment process due to a disability or other reason. We can provide support in multiple ways, from using this site and submitting your application, right through to the interview process. If you are the successful candidate, you can also discuss accommodation needs when you receive your offer.

Contact accessiblecareers@bankofcanada.ca to discuss how.

Director, Pension Plan


Take a central role

Do you want to be the Bank’s pension expert? Do you want to provide leadership and oversight on issues related to administration and governance?

 

As a leading central bank with significant influence and impact, we attract top talent from across Canada and around the world. Yes, we’re already diverse, but that doesn’t mean we can’t do even more to make sure we reflect the Canadians we serve. We want you to take a central role to continue to build on and create new and meaningful inclusion practices within the culture of the Bank.

 

About the position
Reporting to the Managing Director of Human Resources, the Director, Pension Plan is responsible for the overall effective administration of the pension plan, including the assurance of compliance with all regulations, bylaws and policies, as well as proper financial reporting and controls.

 

The Director, Pension Plan is part of HR’s leadership team and leads the work of a small group of pension and benefit experts. You are supported by external providers/advisers and internal experts (actuaries, legal, accounting, HR, audit). You are an ex officio member of the Bank's Pension Administration Committee (PAC) and of the Bank's Pension Fund Investment Committee (PFIC) and you attend Pension Committee meetings. 

 

The Bank of Canada has a defined-benefit pension plan, administered through a registered pension plan (RPP), with assets close to $2 billion and a supplementary pension arrangement (SPA). Plan membership is close to 4,000 (1,500 active employees, 1,800 retirees or surviving spouses, and 500 deferred). Governance of the plan is delegated by the Bank's Board of Directors to a Pension Committee and two subcommittees: PAC and PFIC.

 

Your future responsibilities

  • provide advice and recommendations on pension matters (administration and governance), including plan interpretation and administrative policies
  • lead the preparation of documents submitted to the Pension Committee on administrative matters and be the lead presenter to the Committee on such matters
  • oversee management of the Bank’s contracts with service providers of pension and benefits consulting, actuarial and administration services, act as main Bank contact with the providers, and monitor their performance
  • take an active part in the Human Resources leadership team and participate in Human Resources strategic initiatives as appropriate
  • recommend to the Pension Committee, on an annual basis, an expense budget, and approve expenses to be charged to the Fund 
  • make recommendations to the Pension Committee and Bank senior management on plan changes, and direct the development and implementation of pension plan text amendments and administrative guidelines
  • ensure effective communication and coordination between Bank departments/staff as they pertain to pension activities 
  • responsible for the communication strategy and the contents of regular pension publications for the membership
  • provide role-related guidance and briefings to committee members and coach Bank staff as required
  • provide advice in the review of actuarial assumptions and valuation results
  • actively participate in monitoring and updating of the funding policies for both the RPP and SPA
  • monitor all plan documentation and filings required by regulatory authorities for complete accuracy and timely submission; ensure that policies and procedures are adhered to
  • report on any non-compliance matters and prepare periodic reports to the Board on behalf of the Pension Committee 
  • keep current on actuarial, accounting, audit, performance reporting, legal and taxation issues as they affect pension administration
  • liaise with the Canada Revenue Agency, the Office of the Superintendent of Financial Institutions and pension industry associations
  • provide strategic advice on the pension program as part of the Bank’s total compensation offering and on the other components of total compensation, including the benefits program

 

Your education and experience

  • university degree in a relevant field with a minimum of ten years of experience providing strategic advice in pension design, governance and administration
  • a minimum of three years of experience in a leadership role, managing staff
  • experience with investments, preferably pension fund investments

 

or

 

  • an equivalent combination of education and experience may be considered

 

Assets

  • Fellow of the Canadian Institute of Actuaries
  • pension or benefits certification or training

 

Your knowledge and skills
We are looking for an experienced leader with pension expertise who has well-developed analytical and conceptual thinking skills, with excellent judgment. You must have a forward-looking approach and be able to develop and establish long-term plans and objectives, and plan for contingencies. You should also have a strong understanding of how pension programs fit into an employer’s total compensation and a good understanding of other components of total compensation, including benefits programs.

 

As a member of the leadership team, we expect you to be involved in broader HR projects and work, as required.  As a leader, you must showcase the necessary skills to lead and inspire people, and to develop and maintain positive relationships with various internal and external partners and stakeholders. You must be an effective communicator, with the ability to identify and implement appropriate communications strategies, and skilled in preparing briefing documents addressed to executives and board members. You must showcase strong teamwork and collaboration skills with a client focus and an ability to work effectively with individuals at all levels, including external partners and senior management.

 

You must have applied knowledge of concepts, best practices, legislative requirements and services related to pension administration and governance and demonstrated project-management and planning skills.

 

Language requirement
English and French essential (bilingual) with a minimum starting level of functional (level 4) in second official language. Training may be provided to help reach the required level of fully functional (level 5) in second official language.

 

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career.

 

  • Salaries are based on qualifications and experience and typically range from $135,200 to $168,900 (job grade 21)
  • Depending on performance, you may be eligible for performance pay for successfully meeting (7 to 10% of your base salary) or for exceeding expectations (15% of your base salary). Exceptional performers who far exceed expectations may be eligible for higher performance pay.
  • Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
  • Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
  • Indexed, defined-benefit pension

 

For more information on key benefits, please visit www.bankofcanada.ca/careers/working-here.
 
Additional information

  • Priority will be given to Canadian citizens and permanent residents
  • Security level required: Reliability 
  • Relocation assistance may be provided, if required

 

We encourage applications from women, Indigenous peoples, veterans, persons with disabilities, members of visible minorities and persons of all races, ethnic origins, religions, abilities, sexual orientations, and gender identities and expressions.

 

We wish to thank all applicants for their interest and effort in applying for this position; however, only candidates selected for interviews will be contacted.