Head of Finance

  • £61008.00 - £64802.00
  • Wolverhampton, England, United Kingdom Wolverhampton England GB
  • Permanent, Full time
  • West Midlands Pension Fund
  • 24 Apr 18 2018-04-24

An opportunity has arisen for an experienced professional to join one of the largest Local Government Pension Schemes and play a key role in leading the West Midlands Pension Fund in Accounting and Financial Services. 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.

We are currently seeking a Head of Finance who will be a key member of the Senior Management Team and will provide a full pension fund accounting and financial service to both West Midlands Pension Fund (WMPF) and West Midlands Integrated Transport Authority (WMITA).

Duties will include:
• Lead and manage a team undertaking fund accounting and investment administrative functions and ensure work is performed to a high standard adhering to strict deadlines.
• To be accountable for all financial processes including budget preparation and closure of accounts and to prepare, produce and present the fund’s annual report & accounts following internal procedures, accounting standards and regulatory requirements.
• Management of the Fund’s asset servicing, investment accounting, banking and safe custody of assets.
• Responsibility for driving cost efficiency and managing financial risks.
• Responsibility for the financial management and systems development of the Finance function.
• Management of external and internal audit activity and annual reporting requirements.

Job Purpose and Role:

Responsible for the financial management and systems development of the function and to drive financial process change to improve effectiveness and efficiency.

Provide a full range of accountancy services to WMPF and WMITA including the preparation and review of annual report and accounts. Establish investment administration procedures and manage the safe custody and recording of Fund assets. Responsible for ensuring Payroll compliance with statutory and HMRC requirements. Manage the preparation of external/internal audit plan requirements and implementation, resulting in a clean audit outcome. Management of the finance team undertaking financial and administrative functions. Manage the Fund’s asset servicing, investment accounting and safe custody of assets.

Principal Duties and Responsibilities:

• To lead and manage the Finance function and develop all direct reports within the service area.

• To be responsible for all financial recording and reporting system.

• To support and contribute to the strategic development of the pension service.

• To ensure that all financial arrangements e.g. employer contributions and operational finance incomes are collected and accurately recorded.

• To be accountable for the assurance control framework, monies and cheques.

• To provide the AD Investments & Finance with professional and management advice on financial matters relating to maintaining and developing the service.

• Ensure that arrangements are in place for setting best practice service standards and that performance is regularly monitored against targets.

• Identify key financial management risks and establish mitigating controls, reporting and managing these on an on-going basis.

• Key decision-maker for the operational finance function in accordance with statutory requirements and the council’s standing orders.

• Performance management of staff who are managed by the post holder:-
o Management of attendance (all stages through to dismissal)
o Disciplines/Grievances/Capability
o Diversity issues
o Appraisals (SMART Objective setting)
o Workload monitoring; KPI’s; non KPI’s; Priorities; unplanned work; backlogs
o Development/CPD Actives
o Relevant training
o Coaching
o Mentoring
o Management skills

• To be accountable for the financial management of the pension fund under the direction of the AD Investments & Finance, ensuring that internal controls are established to enable proper stewardship.

• To be accountable for all financial processes including budget preparation and closure of accounts and to prepare, produce and present the fund’s annual report & accounts following internal procedures, accounting standards and regulatory requirements.

• To manage the Investment Accounting, Banking, Treasury Management, Fund reporting, performance measurement and financial control measures.

• To manage the budget monitoring process and advise options for corrective action if required. This will also include producing Business Plans, Appraisal reports and LEAN systems saving reports.

• To ensure that procedures, practices and systems are operated, maintained and developed to control settlement and accounting outcomes within suitable controls/procedures appropriate to an environment of high financial values and high transaction volumes.

• To manage internal/external audit queries.

• To contribute to and complete a variety of financial and statistical returns, e.g. FRS17, HMRC, SF3, CIPFA Benchmarking etc.

• To be accountable for managing the different settlement procedures of all markets in which the Fund invests and be aware of FSA and LGPS Investment Regulations. To ensure that investment administration service is delivered in accordance with relevant regulations, stock exchange rules and committee policy and strategy.

• To draft financial reports for Pensions Committee and interpret new legislation which has financial implications for the Fund.

• To promote best practice in relation to accounting and investment administration through benchmarking and performance reporting.

• To exercise skill, judgment and expertise within the finance function as expected of an experienced, qualified accountant.

• To oversee the analysis of errors within accounting systems and develop appropriate solutions which may have a direct impact on the Funds reputation and financial stability.

• To be responsible for monitoring and management of the of the investment accounting system to ensure the proper inclusion of all transactions and to provide an interface with the Council’s mainframe accounting system for all portfolios, in accordance with approved policies and objectives of the Fund.

• Due regard is given to current industry practices and developments, particularly accounting practice and statutory reporting requirements.

• Complete analysis and inclusion of dividends, rental income, capitalisation issues, currencies and taxation issues etc.

• Due regard is given to the reporting requirements of the Fund and the administering authority.

• Counterparty monitoring is undertaken and appropriate action taken.

• Reporting and analysis is presented to the Director of Pensions and Fund Trustees.
• To act in accordance with the Council's Constitution and other Codes of Conduct.

• To participate in staff development, appraisal and training as appropriate, including continuous professional development.

• 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.

• 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.

• To participate in the wider development of the service and contribute to service improvement as required.

• 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.”