Scheme & company overview:
The BT Pension Scheme (BTPS) is the second largest defined benefit pension Scheme in the UK with total assets of c. £50bn as of June 2017, paying over £2bn in pension payments per year. The Scheme closed to new members in 2001, but remains responsible for securing the long-term financial well-being of approximately 300,000 current and future pensioners.
Based in Chesterfield, Derbyshire, the pension scheme administration of BTPS is currently provided by c. 100 individuals across all functions, managing the membership experience. The administration of BTPS is being insourced to BTPSA a subsidiary of BTPSM the organisation responsible for ensuring the pension scheme is managed effectively on behalf of the Trustee. This transfer of operations back into the direct control of BTPS represents a new chapter in the delivery of these services and an opportunity to make a real difference.
Main function of this job:
The job holder will be responsible for the financial and management control of BT Pension Scheme Administration Limited (BTPSA). This will include the maintenance of books and records, management information reporting, budgeting and help with the preparation of statutory financial statements.
The job holder will be required to travel to London as required to meet directly with the BTPSM Finance team.
Main tasks and responsibilities:
Financial Reporting and Control:
- Production of annual financial statement in accordance with FRS 102, best practice and agreed timelines,
- Obtain Board approval for financial statements,
- Maintenance of books and records on Sun Accounts,
- Perform all balance sheet reconciliations,
- Month end closure including accruals and prepayments,
- Responsible for the development and maintenance of financial controls.
- Lead contact with the Auditor for statutory financial reporting and AAF reporting,
- Arrange year end audit planning meeting,
- Liaise with Auditors throughout year end process.
Board Reporting & Management Information:
- Prepare and report full management accounts to the BTPSM Finance function,
- Manage and prepare the annual BTPSA budget,
- Report on project costs when necessary
- Provide internal reporting of management information by department, including project cost management,
- Provide ad-hoc management information as required.
Assist in Oversight of Procured Services:
- Maintain register of service contracts,
- Annual review of outsourced service providers’ fees for inclusion in BTPSA budget.
Fees and Charges:
- Maintenance of expense lifecycle including recording of invoices on P2P and purchase ledger payments.
- Raise fee income requests and recording of receipt.
Cash Management and forecasting:
- Produce monthly cash flow budget for BTPSA,
- Reconcile bank accounts
- Monitor and report on the investment of surplus cash by the BTPSM Treasury Function.
- Oversight of payroll provider filings
- Oversight of Companies house filing for financial statements
- Provision of information to the Group Tax for completion of corporate tax and VAT returns, and PSA returns.
A confident, articulate individual with strong communication and interpersonal skills and the ability to gain credibility quickly. A diplomatic yet tenacious approach together with the ability to manage multiple priorities in a challenging project.
Essential experience and skills required:
- Qualified accountant with +3 years PQE as management accountant
- SUN Systems accounting package experience
- Experience performing all aspects of a corporate accounting function
- Excellent Excel skills
- Strong verbal and written communication.
Desirable experience required:
- ProActis P2P user
- Project management skills
- Pro-active, enquiring approach to actual and potential business activities.
- Exercise initiative, lateral thinking and flexibility with accuracy and attention to detail and propose practical, realistic recommendations.
- Team player.