Finance Officer

  • £27668 - £31601
  • Wolverhampton, England, United Kingdom Wolverhampton England GB
  • Permanent, Full time
  • West Midlands Pension Fund
  • 17 Apr 18 2018-04-17

The West Midlands Pension Fund is a local authority Pension Fund based in Wolverhampton, West Midlands. The Fund is one of the UK’s largest pension funds, managing and administering the pension interest of our members and scheme employers. We currently have over 280,000 scheme members, 600 employers with £15bn of assets under management.

An exciting opportunity has arisen to appoint a Pensions Finance Officer within the Fund’s Finance and Investments team.

We are seeking a highly organised and flexible Officer to deliver a high performing, customer focused finance service for the £15bn WMPF and WMITA, to provide support to pension and investment services decision making.

Key responsibilities will include:
• Assisting with the preparation of the year end Pension Fund Statutory Statement of Accounts including publication.
• Liaison with other service areas to ensure that late or missing contributions are properly accounted for and chased as appropriate.
• Accountable for the day to day management of the collection, control and reconciliation of contributions along with any other income from employers and members of the Fund.
• To assist with approval and payment of supplier invoices and paying amounts due to pensioners as notified by the pensions administration team.
• Assisting with the preparation and setting of annual Pension Fund budget.
• To liaising with budget holders particularly in relation to budgetary management, forecasting, savings and associated matters.
• To solve complex accounting and pensions finance problems under own initiative, referring the most difficult tasks to managers.

Job Purpose and Role:
Within the West Midlands Pension Fund (WMPF) to assist in carrying out a range of accounting, budgetary and financial administration duties in respect of the Pension Fund services and activities. To deputise for the Pension Finance Managers where appropriate.

To deliver a high performing, customer focused finance service for the £15bn WMPF and WMITA, to provide support to pension and investment services decision making.

Principal Duties and Responsibilities:

The post holder has the following principal areas of responsibility: -

1. To support and deputise for the WMPF Finance Manager with the organisation of the work of a high performing finance team in one or more of the specified financial services detailed below.
2. To support the WMPF Finance Managers to monitor the achievement of the financial objectives and targets for the WMPF service plan.


The post holder will assist and be accountable for one or more of the following areas of responsibility:


1. Pension Fund Central Finance

1.1. To assist with the maintenance and reconciliation of appropriate accounting records and systems.
1.2. Assisting with the preparation of the year end Pension Fund Statutory Statement of Accounts including publication
1.3. To assist with audit queries as required.
1.4. To assist with compiling complex financial information, multi financial year, statistical and analytical reports for the Pension Fund, including the preparation of quarterly accounts for the Fund.
1.5. To assist with the reconciliation of all input, output and balances from the accounting system including those with external records, e.g. bank statements, tax office, etc.
1.6. To assist with preparing, collating and presenting financial information in a clear, concise and practical way for stakeholders
1.7. Accountable for the day to day management of the collection, control and reconciliation of contributions along with any other income from employers and members of the Fund.
1.8. Liaison with other service areas to ensure that late or missing contributions are properly accounted for and chased as appropriate.
1.9. To assist with financial transactions relating to pensioner payroll.
1.10. To issue additional charges in line with the Pensions Administration Strategy Statement, collection of outstanding sums and maintaining accurate records for reporting.
1.11. To carry out debt monitoring and outstanding debt recovery and to make recommendations for follow up actions as appropriate.
1.12. Liaison with wider pension services and debt recovery agencies as required.
1.13. To assist with approval and payment of supplier invoices and paying amounts due to pensioners as notified by the pensions administration team.
1.14. To assist with providing information to the WMITA Pension fund including monthly cashflow analysis, invoicing, statement of accounts, etc. 
1.15. Assisting with the accounting for LAPFF to include statement of accounts, budget, budget monitoring and reporting. 

2. Investment Services/Budget Co-ordination

2.1. To assist with the treasury management function in relation to the pension fund cash daily, both in relation to sterling cash and foreign currency.
2.2. Assisting with the recording, analysing and reporting on the investment portfolio for accounting purposes and interfacing with financial systems to ensure accurate recording of investments
2.3. Checking and recording investment transactions, instructing and settling trades and liaison with external providers to resolve discrepancies. Reconciling investments to custody records. Dealing with corporate actions as required
2.4. To assist with investment performance data extraction, reconciliation, submission and reporting.
2.5. To assist with processing non-custody trades and drawdowns. Maintenance of direct property accounts and monitoring of cashflow for direct property including float payments and refurbishment costs.
2.6. Assist with transacting with LGPS Central in terms of subscriptions / redemptions / distributions / cashflow forecasting and reconciliations.
2.7. Assist with monitoring of all voting activity either direct or through LGPS Central.
2.8. Assisting with collation and compilation of cost transparency data, liaison with external suppliers including LGPSC. Assist with provision of reports on cost transparency and making recommendations as required.
2.9. Assisting with the preparation and setting of annual Pension Fund budget.
2.10. Assisting with monitoring and forecast against the Pension Fund budget, providing quarterly updates.
2.11. To work with budget holders in the detailed financial planning and review of the Pension Fund budget.
2.12. To liaising with budget holders particularly in relation to budgetary management, forecasting, savings and associated matters.
2.13. Assisting with the calculation of support service recharges with the Council.
2.14. Assisting with the development of and maintenance of a financial scheme of delegation for the Pension Fund.

3. General Duties for Post Holders

3.1. To assist with preparing and maintaining system/procedure notes relating to the duties undertaken by the post holder ensuring their continued relevance, accuracy and completeness.
3.2. To develop and analyse reports using the financial and pension administration systems.
3.3. To maintain awareness of funding sources with a view to maximising the resources available to the Fund.
3.4. To solve complex accounting and pensions finance problems under own initiative, referring the most difficult tasks to managers.
3.5. To identify and implement improvements to procedures and systems on an ongoing basis.
3.6. Dealing with Finance related queries.
3.7. To train and provide on-going support to junior officers with the finance team.
3.8. Assisting with the financial appraisal of projects and initiatives as required.
3.9. To undertake ad hoc assignments and financial analyses as necessary in support of the wider functions and responsibilities of the Fund.
3.10. Preparing and maintaining finance procedure manuals.
3.11. To act in accordance with the Council's Constitution and other Codes of Conduct.
3.12. To participate in staff development, appraisal and training as appropriate, including continuous professional development.
3.13. To attend officers’ meetings and working parties as required.
3.14. Responsible for responding to FOI requests and liaising with governance services as required.
3.15. To comply with the Council's agreed policies and procedures including but not limited to Health and Safety, and Equal Opportunities Policies, the Data Protection Act, Freedom of Information Act, Financial Management Regulations and other relevant Council and Government Regulations, Directives and City-wide priorities.
3.16. To undertake any other tasks, duties and responsibilities as directed and appropriate to the grade and role of the post subject to any reasonable adjustments under the Disability Discrimination Act 1995 as incorporated into the Equality Act 2010.
3.17. To participate in the wider development of the service and contribute to service improvement as required.
3.18. The City of Wolverhampton Council is committed to Corporate Parenting.
“Corporate Parenting is the collective responsibility of the Council to provide the best possible care and protection for children who are looked after.”

The ideal candidate will have experience of working within financial administration and have Fund accounting experience along with a reliable hard-working attitude.