Director of MRC Pensions

Medical Research Council, UK Research and Innovation

Salary: £77,453 - £87,304  plus London allowance (£3,727 + £1,402)

Full time, permanent post

London, UK

About the role

We are recruiting for the role of Director of MRC’s pension scheme (a funded defined benefit scheme).  The Director of MRC Pensions will have responsibility and oversight of the day-to-day operation of the scheme, including funding, investment strategy and pension administration.  The role works in conjunction with the Pensions Manager, the Trustee Board, appointed advisors and third-party pensions administrators, investment consultants, scheme actuary, legal advisors and investment managers to coordinate and ensure the successful operation of the funding, cash flow, regulatory compliance and day-to-day operation for the scheme. 

The role will lead in anticipating the effect on the scheme of policy and legislative changes, and co-ordinate any changes to the Trust Deed and Rules, Scheme documentation, asset allocation and funding, website, and risk register.

The role reports to MRC’s Chief Operating and Finance Officer and works closely with the Chair of the Trustee Board and UKRI, as Principal Sponsoring Employer.

The role is based in London however MRC are trialling hybrid office-home working.  The role also offers: 

• Flexible working
• Excellent pension scheme
• 30 days annual leave

 Key Responsibilities 

• Day-to-day operation of the Scheme including funding, investment strategy and pension administration;
• Extensive communications engagement with staff and members – produce scheme booklets as well as maintaining member website;
• Monitor investment consultant and work with Trustee Board to review investment manager appointments and performance;
• Embed new trustee directors and maintain trustee knowledge;
• Deliver triennial valuation within twelve months of effective date;
• Deliver annual scheme specific training day;
• Monitor management of risk within investment portfolio and wider scheme;
• Manage annual programme of activity for internal auditor.
• Comply with external audit of accounts and review management audit report;
• Completion of statutory audit from draft accounts to final;
• Triennial scheme valuations, scheme funding and investment strategy;
• Prepare and present an annual administration budget;
• Engagement with all stakeholders; and
• Line management of the Pensions Manager.

 About you

• Fully qualified pensions professional: Fellow of Pension Management Institute for a minimum of 5 years or equivalent.
• Minimum of 10 years defined benefit pensions experience.
• Interest in public sector pensions policy.
• Excellent working knowledge of funding defined benefit scheme structrues and current industry practice, including legal and regularory framework, investments strategy and defined benefit funding objections.
• Strong management and organisational skills.
• Excellent stakeholder management, influencing and communications skills.
• Ability to resond flexibly and positively to unexpected changes or demands, including
• Ability to co-ordinate strategic thinking into actions and plans and to delivery key objectives.
• Manage conflicts and scheme resources.
• Excellent written and oral communications skills with demonstable experience of drafting reports and papers to a high standard and conveying complex issues.
• Attention to detail.

About the Medical Research Council (MRC) 

Within UKRI, the MRC seeks to improve human health through world-class research. With an annual budget of over £800 m, MRC provides support both to individuals, through fellowships and grants, and to institutions, such as the MRC Laboratory for Molecular Biology and the Francis Crick Institute. The outcomes of our research span discovery science, improvements in public health and the development of new treatments for common diseases.   

For more information about MRC, please visit Medical Research Council (MRC) – UKRI

About UK Research and Innovtation (UKRI)

UKRI launched in April 2018, UKRI is a non-departmental public body sponsored by the Department for Science, Innovation and Technology (DSIT). 

Our organisation brings together the seven disciplinary research councils, Research England, which is responsible for supporting research and knowledge exchange at higher education institutions in England, and the UK’s innovation agency, Innovate UK. Together we build an independent organisation with a strong voice and vision to ensure the UK maintains its world-leading position in research and innovation. More information can be found at UKRI – UK Research and Innovation

Choosing to come to work at UKRI means that you will have access to a whole host of benefits from a defined benefit pension scheme, excellent holiday entitlement, access to employee shopping/travel discounts and salary sacrifice cycle to work scheme.  For more details, visit benefits of working for UKRI.

The role holder will be required to have the appropriate level of security screening/vetting required for the role.  UKRI reserves the right to run or re-run security clearance as required during the course of employment.

How we support EDI in the workforce 

At UKRI, we believe that everyone has a right to be treated with dignity and respect, and to be provided with equal opportunities to thrive and succeed in an environment that enables them to do so. We also value diversity of thought and experience within inclusive groups, organisations and the wider community. For further information, please visit ‘How we support EDI in the workforce’. 

Disability Confident Employer

As users of the disability confident scheme, we guarantee to interview all disabled applicants who meet the minimum criteria for the vacancy/ies. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation. 

How to Apply

For full details of this post and to complete an online application, click on the Apply button and submit a CV and covering letter which clearly outlines how you fulfil the criteria specified along with your motivation for UKRI and the role. Note that failure to address the above criteria or submit an application without a covering letter may result in the application not being considered.  

UKRI seeks to ensure it creates and maintains openness, fairness and inclusion – a collaborative, trusted environment, which is attractive to and accessible to everyone who is interested in developing their career with us.

The closing date for applications: 11 June 2023

£77,453 - £87,304  plus London allowance (£3,727 + £1,402)