Pension Liablities Manager

Recruiter
Location
Rotterdam,Zuid-Holland,Netherlands
Salary
Competitive
Posted
09 Nov 2016
Closes
06 Jan 2017
Ref
NL59623377_E1
Contract Type
Permanent
Hours
Full Time
ABB ( ) is a leader in power and automation technologies that enables utility and industry costumers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 120,000 people. For our center of expertise in Rotterdam, we are currently looking for a Pension Liabilities Manager.

Tasks:

• Ensure compliance of the ABB Group companies with the Accounting & Reporting Guidlines (A&RG) for compensation-retirement benefits, map ABB's pension liabilities and actively seek ways to improve their risk profile.
• Coordinate the annual re-measurement of the ABB Defined Benefit plans. Set out detailed instructions and deadlines for the year-end reporting process.
• Prepare the Employee Benefits footnote in 1) the annual ABB USGAAP consolidated financial statements and 2) quarterly summary financial information. This includes 1) reviewing the data reported in Hyperion by the reporting units for reasonableness, obtaining clarifications and requesting re-reporting where necessary; 2) for year-end disclosure obtain, review and follow-up the information required for the disclosure of fair values of plan assets.
• Review, assess and advise on all pension accounting-related issues which may result from changes in pension plans (e.g. settlements, curtailments) and from de-risking and market movement scenarios.
• Prepare years end pension assumptions
• Maintain and update SOX processes, controls, documentation and test plans in respect of pensions.
• Review of new accounting pronouncements on pensions, analyze the impacts and update A&RGs where applicable.
• Compile training material as part of the Financial Competency Program.
• Liability modeling: primary contact for evaluating risk profile of liabilities in major ABB countries and potential de-risking strategies. Employee impact to be evaluated in coordination with HR benefits.
• Mergers and Acquisitions (M&A): provide due diligence support in evaluating pension liabilities in relation to potential acquisitions. Work to include calculation of liabilities, funding gaps and fair value as well as negotiate appropriate adjustments to purchase price. Integration of acquired people into ABB funds to be evaluated in coordination with HR benefits
• Defined Contribution plans:
o Design structuring with HR benefits.
o Act as responsible for implementation of new DC programs including asset manager and platform selection.

Pension Management:

• Provide input to the specific designated Country Investment Committee on all elements that influence the funded status and investment risk and performance of the pension plans (new due to extended scope of countries).
• Monitor the plans' assets and liability developments.
• Provide management reporting to the head of the team and other pension plan stakeholders. These reports include the asset manager and pension plan performance, risk measures and funded status, on a local level to the country and regional CFOs, Treasurers and Boards and to the head of the function and treasurer at group level.
• Participate in the global asset management selection and monitoring process. This process involves coordination of the search process for new managers, and participating in the review process of existing managers and communication of the findings to the Investment Committee or Board.
• Review the performance of asset managers, share the analysis and conclusions with the team and propose action plan in case of sustained underperformance or risk elements. Obtain approval from the group function and Investment Committee on the action plan, and communicate and implement the action agreed with the asset manager.
• Provide input to the accounting assumption setting process (discount and inflation rates) for the year end closing.
• Calculate funding position of the plan on a monthly basis, and communicate these to the relevant stakeholders.

Requirements:
Skills and Requirements of Center of Expertise Team Members

• University degree in Finance/Business Administration
• Relevant experience minimum 8 years in liabilities, asset and pension fund management
• Relevant experience of work with plan boards and committees
• Relevant capital market experience
• Certified Financial Analyst designation, Actuarial Degree, Investment Management
• Fluent in written and verbal English
• Excellent leadership skills, interpersonal skills and ability to cooperate with other teams and stakeholders
• Self-motivation and senior judgment to provide efficient and independent decision making, analytical mindset and maintain an interest in capital markets