Pensions Engagement Specialist

3 weeks ago

Toronto, Ontario, Canada Financial Services Regulatory Authority of Ontario Full time

Position Overview

This is a Fixed-Term role lasting up to 1 year.

Objective of the Role

Responsible for aiding in the execution of the new FSRA Pensions engagement strategy with pension plan administrators, ensuring effective governance of plans, implementation of risk mitigation strategies, and safeguarding the rights of plan beneficiaries.

Key Duties

  • Collaborates with the Director and team members to formulate, execute, and disseminate innovative concepts, methodologies, and best practices to enhance relationship management strategies as part of developing and executing structured, measured, and proportionate action plans, on-site evaluations, and regulatory responses in a risk-sensitive manner for plans that may pose concerns regarding pension benefits and the rights of beneficiaries.
  • Facilitates discussions with subject matter experts across the Pensions Function (e.g., Pension Operations, Investment Risk, Actuarial, Advisory Services) and other internal stakeholders (Legal, Finance) to gather and compile complex issues, findings, and pertinent documents related to at-risk and distressed plans.
  • Develops a comprehensive summary of findings and key issues, collaborating with the Director to devise and implement strategies, plans, and approaches for engagements; ensures the preparation of materials for use in engagement meetings.
  • Organizes and participates in engagement activities, including targeted reviews, on-site evaluations, and teleconferences with actively monitored pension plans involving plan administrators, their advisors, and various stakeholders; prepares meeting summaries that require follow-up actions post-engagement.
  • Offers technical expertise concerning the management, negotiation, and resolution of significant, complex, and/or sensitive pension regulatory issues, as part of conducting financial audits/evaluations.
  • Provides technical guidance, advice, and recommendations regarding the development, implementation, and assessment of pension legislation, policies, and guidelines for the regulation of pension plans registered with FSRA.
  • Compiles reports detailing results, challenges, and recommendations as part of an ongoing feedback mechanism.

Required Qualifications

  • A degree in business, finance, actuarial science, accounting, auditing, mathematics, or a related discipline, or a relevant professional designation.
  • ACIA (Associate, Canadian Institute of Actuaries), FCIA (Fellow, Canadian Institute of Actuaries), CFA, or CA designation is advantageous.
  • A minimum of 5 to 7 years of experience in the pension-related industry, with a comprehensive understanding of the financial, actuarial, and operational aspects of pension plans to facilitate a holistic approach to issue analysis and management.
  • Experience in managing distressed pension plans or companies facing financial difficulties or similar recovery and restructuring scenarios.
  • Demonstrated experience in interpreting and applying provincial and federal pension legislation.
  • General experience in risk management.

Skills and Knowledge

  • Ability to drive and advocate for change through new methodologies, best practices, systems, and standards for a proactive and collaborative approach to stakeholder engagement.
  • Exceptional verbal and written communication skills are essential. Capable of conveying complex messages in a clear, comprehensive, authoritative, and persuasive manner.
  • Understanding of pension governance, risk management, regulatory review/audit principles, and methods related to pension plans, as well as insights into corporate and pension plan insolvencies.
  • Familiarity with the design and management of pension plans and the investment of pension funds.
  • Proficient in preparing technical reports, project plans, and policy recommendations.
  • Strong analytical, problem-solving, and negotiation skills to provide senior advisory and negotiating support on complex pension administration issues.

Employment Type

Fixed Term

Scheduled Weekly Hours

36.25

Commitment to Equity

FSRA is dedicated to fostering equity in employment. Our aim is to cultivate a diverse, inclusive workforce that mirrors the communities we serve and to ensure our services and communications are accessible to all individuals. Accommodation is available under the Ontario Human Rights Code.

Note: Only qualified candidates will be considered.

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