Third Party Administration Manager

The Rothesay Life Operations team is a dynamic division that partners with all areas of the business providing essential risk management whilst preserving and enhancing the assets and reputation of the business. The Operations Team is responsible for supporting the contractual commitments of the business. It is also a customer service unit providing first class policyholder service, client management and TPA (Third Party Administrator) management or our 3 administration providers.  It is responsible for over 400,000 policy holders with over £20bn of assets under management. It has a fundamental responsibility in our data management, data validation and data protection / client confidentiality.    The Operations Team seeks to exceed the standards set out in ‘Treating Customers Fairly’ and other guidelines from the FCA and the Pensions Regulator.

Key activities for this role include:

  • Support the management of our 3 third party administrators located in multiple UK locations – managing SLAs / KPIs, delivery against initiatives
  • Deliver first-class member/policyholder service (including active TCF engagement)
  • Perform operational reviews and audits of processes and calculations
  • Compliance and complaints management
  • Coordinate and implement key strategic initiatives
  • Cost and budget management
  • Efficiency drives – continuous improvement initiatives focussing on processes and core controls
  • Client relationship management
  • Keep abreast of legislative and industry practice changes and implement these in the business

Skills & experience:

  • Career pensions administrator with demonstrable knowledge of pensions administration process design, management of all scheme level events, internal controls, calculation automation and member communications
  • Strong understanding of risk management
  • Ability to analyse complex documentation and summarise key operation controls required to risk manage transactions
  • Enthusiasm for and experience of project work to drive continuous improvement
  • Possess a degree from a leading university in a relevant subject and/or have relevant industry qualifications
  • Accuracy and absolute attention to detail
  • Ability to manage multiple tasks across and stay focused on the operational risks
  • Very strong communication skills with ability to clearly articulate issues to senior management
  • Strong Excel skills
  • Ability to manage own workload and work as part of a team


  • Pensions insurance and/or reinsurance experience
  • Knowledge and understanding of the longevity risk market (eg: buy-outs, buy-ins, longevity swaps, reinsurance)  

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Transitions Manager

Working with key internal and external stakeholders the Transition Manager is accountable for the implementation phase for all de-risking transactions from initial due diligence through to final premium adjustments and issuance of Individual Policies if applicable.

Key activities include:
• Manage a portfolio of implementations acting as a single point of contact for Trustees and their advisors. 
•  Participate in new business pitches to present on our service capability.
•  For Buy Out transactions, conduct detailed due diligence on pension schemes and their data to ensure that key cleansing items are identified.
•  Work with the business development and execution teams to agree key contractual terms for each transaction.
•  Work with new business pricing teams to ensure that benefit specifications are accurately written and reflect the proposed pension scheme liabilities.
•  Develop and manage project plans ensuring that both contractual and customer commitments are delivered on time, chairing regular implementation meetings with clients and their administrators as appropriate.
•  Write individual policy documentation ensuring that the benefits described are in line with those secured and then oversee the issuance of the policies.
•  Work with the operations team to ensure a seamless handover of schemes once the implementation phase is completed.
•  Produce weekly and monthly management information.
•  Keep up to date with legislative, product and market changes affecting our core business and the products that we offer.

Skills & experience:
•  Technical pensions knowledge (ideally final salary) including regulation and benefit structures
•  Good understanding of de-risking market and associated products
•  Experience of final salary pension schemes and benefit structures gained through operations, implementation or consulting
•  Exposure to working with or for pension advisory firms.
•  Managing complex projects / stakeholder groups 
•  Report writing and delivery of presentations 
•  Good evidence of successful project management planning & delivery
•  Demonstrable skills at stakeholder management
•  Excellent verbal and written communication/presentation skills
•  Organisation and self-management 
•  Completer/Finisher

•  Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate financial/analytical skills
•  Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
•  Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations
•  Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions 
•  Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
•  Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives.  Sees the big picture and effectively analyses complex issues 
•  Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
•  Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions.  Takes a position on issues and influences others' opinions and presents persuasive recommendations

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Property Operations Associate

The Rothesay Life Operations Team is responsible for supporting the contractual commitments of the insurance, trading and structuring side of the business, including all hedging and investment activity.  It provides solutions to new asset structures, validates day to day trading activity, monitors contractual life cycle and regulatory obligations and creates effective and efficient controls and processes to support the business.  

The Property Team is a newly established team within Asset Operations responsible for supporting the execution and settlement of new secured lending transactions and to support the contractual commitments of our Real Estate and Loan investments, post-execution. Rothesay Life’s portfolio includes UK & International based Commercial Real Estate, UK Ground Rent and Equity Release Mortgages. The Property Team is the first point of contact for our Borrowers and their Servicers, and is responsible for managing the information flow between the Borrower and our internal trading and risk teams, with a view to managing Rothesay Life’s post-execution risks and to provide excellent client service to our Borrowers.

This is a permanent associate level role, and will suit an individual who has prior experience in a Bank Loan, Structured Finance, or Real Estate middle office support team, and is motivated by working in a dynamic, fast paced and demanding team environment. A track record of building controls and processes is essential given the team supports a rapidly growing asset class within Rothesay Life’s investment portfolio. You will gain a thorough understanding about how a cross asset trading business operates end to end, within the umbrella of an insurance company. You will need to be able to work independently as well as being part of a broader support team, and be able to present risks and solutions to day to day and longer term issues to immediate and senior management across the business.


Key activities include:

  • Execution support and management of new trade structures , including pre deal due diligence and system set up, and managing lifecycle events on our existing trades
  • Manage the support and independent control over Ground Rent and Loan transactions, including;
    • Calculate quarterly Loan to Value and Debt Service Cover Tests,  manage Borrower covenants and calculate and produce interest payment notices
    • Co-ordinate approval for any required Lender consent activity 
    • Perform operational reviews and audits of servicing agent processes and calculations
    • Manage tenant forfeiture processes, and complaints
  • Development of Management Information to the Risk and Management teams within Rothesay Life, and externally to the Borrowers where appropriate
  • Provide support for large scale projects in department wide initiatives, specifically working with the Risk and Trading teams to help set up and manage our internal governance processes within this growing asset class
  • Development of efficient processes and technology infrastructure
  • Efficiency drives - continuous improvement initiatives focussing on processes and core controls


Skills & experience


  • Minimum 3 years experience in a Bank Loan, Structured Finance, or Real Estate middle office team
  • Knowledge and understanding of real estate investments and the secondary loan market
  • Experience of loan administration including a sound understanding of the processes and procedures required to ensure borrower covenants are managed
  • Ability to analyse complex legal documentation and summarise key operational controls required to risk manage transactions, including borrower covenants
  • Strong Excel skills essential with use of VBA preferred
  • Ability to manage multiple tasks and stay focused on risk management, absolute attention to detail
  • Ability to manage multiple projects, manage own workload and work as part of team
  • Possess a 1st or 2:1 degree from a leading university 


  • Strong communications skills to clearly articulate status and issues to others
  • Strong analytical and presentational skills
  • Ability to work with complex documentation
  • Understanding of risk controls in a broad environment 

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