Member Services Specialist, Faculty Pension Plan

Member Services Specialist, Faculty Pension Plan

The UBC Faculty Pension Plan (the "Plan" or "FPP") is among the most valued benefits offered by UBC, and helps faculty and administrative executive staff invest and save for their financial future and retirement. The UBC Supplemental Arrangement is an extension of the FPP. FPP members who have reached their maximum annual contributions to the FPP will have their excess contributions directed to the UBC Supplemental Arrangement. Both Plans are administered by the UBC Pension Administration Office (PAO) under the direction of the UBC Faculty Pension Board and in partnership with the Vice President, Human Resources (VPHR) unit.

The FPP is a defined contribution pension plan with just over 7,200 members and an asset value of approximately $3.2 billion. The UBC Supplemental Arrangement, an extension to the FPP, has approximately 1,400 members and $145.6 million in total assets.

The Member Services Specialist provides specific key services to individual members and groups belonging to the FPP and UBC Supplemental Arrangement. The role executes the Faculty Pension Plan Board of Trustee's mandate to provide education and detailed financial information to the FPP membership. It includes the provision of consultation and guidance on a broad array of services from enrolment to termination or retirement from the FPP as well as the post retirement period. Embedded in this role is the real risk of providing inaccurate information which could subject the FPP or the Board of Trustees to financial and reputational loss.

The position must be knowledgeable in all areas of retirement income, including private and government schemes, domestic and international taxation, investment and cash flow planning and other broad aspects of estate planning. Member account balances in the FPP can be significant and may also represent just a portion of the member's entire financial picture. A member's financial position and requirements may be complex and the Member Services Specialist must be able to provide accurate information to enable the member to make appropriate decisions for their specific circumstances; however, the Member Services Specialist does not act in the role of financial advisor. The Trustees of the FPP, the University, and the UBC Pension Administration Office, or its respective employees, do not provide financial advice nor endorse any particular advisors.

The Member Services Specialist is the public face of the Faculty Pension Plan and is the liaison between the members and management.

Work Performed:

• Conducts individual meetings with members and/or their spouses to provide guidance relating to issues of retirement planning, retirement income and other retirement benefits including government schemes. Discussions may be complex and cover investment strategies for the accumulation stage as well as the deaccumulation stage of retirement.
• Designs and delivers presentations and conducts frequent virtual seminars for members approaching retirement.
• Prepares personalized retirement estimates and information packages for active and/or deferred members one year prior to their Normal Retirement Date.
• Verifies all termination and retirement data and notifies the third-party service provider so that packages are sent out in accordance with legislated deadlines.
• Manages all aspects of RRIF-Type and LIF-Type accounts including estimates, enrolment, changes and queries.
• Manages all aspects of the Variable Payment Life Annuity accounts including estimates, enrolment, changes and queries.
• Assists members and provides guidance with respect to transferring in benefits from other registered pension plans and retirement savings plans.
• Provides detailed information on the comparative fees structures between the FPP and the retail investment industry.
• Ensures all default options are processed as required by law.
• Explains the UBC Supplemental Arrangement, which is a non-registered plan and an extension of the FPP to members and prospective members.
• Responsible for the annual Supplemental Pension (Xmas Bonus) payments including confirmation of eligibility, cost of living increase, payment issuance and tax slips.
• Cross border taxation issues, particularly with the United States, have become increasingly complex over recent years and the Members Services Specialist must be able to inform members of potential issues with respect to the account balances or retirement income.
• Has responsibility for the delivery of member communication and education strategies for all members of the FPP and the UBC Supplemental Arrangement.
• Works closely with all teams of the Recordkeeper to ensure documented processes are followed.
• Manages all aspects of members' voluntary contributions.
• Provides backup to the Manager, Faculty Pension Plan.
• Works with the Executive Director, Investments and the Communications Manager to develop and provide investment education for members.
• Provides content and maintains all member forms, Plan guides and information sheets.
• Attends pension industry conferences and seminars regularly.
• Collaborates with the Communications Manager and the Communications Coordinator on the design of new communication print and web content.
• Conducts individual meetings with faculty and senior executives being recruited by the University.
• Ensures all required pension specific application forms and accompanying documents are received in good order.
• Responds to member pension specific enquiries.
• Works with the Pension Clerk to ensure members' requests have been accurately transacted.
• Establishes a close relationship with Third-Party providers contracted by the FPP and the University.
• Performs other related duties as required.

Consequence of Error/Judgement:

Good judgment to convey information in a credible, transparent, objective, and a non-prejudicial manner (put onus on members to choose/select options). Inappropriate or inaccurate information places the FPP, the Board of Trustees and the Pension Administration Office in a position of significant financial and reputational risk and possible liability. The Board of Trustees maintains the fiduciary responsibility for the FPP and places heavy reliance on the highly professional execution of services offered by the FPP and by the Member Services Specialist in dealing with the membership.

Communicates in a sensitive, thoughtful and empathetic manner when members or spouses/relatives are faced with traumatic situations such as marriage/family breakdown, divorce, illness and death. A callous, insensitive approach would jeopardize credibility of the FPP's service and delivery.

Comport self by maintaining a high level of confidentiality regarding contents of member files or consultations with members. Lack of discretion can cause loss of confidence in the Member Services Specialist by members, negatively affect FPP management and possibly result in employment termination, and lawsuits against FPP management and staff.

All member information is confidential and staff must be familiar with the Freedom of Information and Protection of Privacy Act of British Columbia. All staff must be constantly aware that no one, including a member's manager, Director, or Dean is permitted to have access to any information. There is zero tolerance for a conscious breach of confidentiality.

Supervision Received:

Must be able to work autonomously with little or no supervision. Receives guidance from the Manager, Faculty Pension Plan through an annual work plan outlining goals and objectives to be met.

Supervision Given:

Provides direction, training and guidance to other support, clerical and professional staff.

Minimum Qualifications:

Undergraduate degree in a relevant discipline. Minimum of four to five years of related work experience, or the equivalent combination of education and experience. - Willingness to respect diverse perspectives, including perspectives in conflict with one's own.

- Demonstrates a commitment to enhancing one's own awareness, knowledge, and skills related to equity, diversity, and inclusion

Preferred Qualifications:

University graduation with a business-oriented degree and/or relevant experience. Significant experience in the financial services or pension industry, delivering retirement information to retail investors or pension plan members. Additional experience in retirement benefits, investments, human resources and pension administration is preferred. A financial planning designation would be considered an asset. Thorough knowledge of options permitted, benefits, and legislation to accurately convey the multiplicity of choices available to members and beneficiaries of members. The Member Services Specialist must also keep up-to-date with changes to the Pension Benefits Standards Act, the Family Law Act and the Income Tax Act as they relate to pensions.

Skills:

• Strong interpersonal skills and ability to deliver information in a respectful way.
• Ability to exercise tact and discretion in dealing with confidential matters.
• Strong verbal and written communication skills together with the ability to present to audiences.
• Must have good attention to detail and proficient time management skills.
• Ability to work independently with no supervision and effective organizational skills to coordinate own work with others to meet departmental workflow requirements.
• Ability to write clear, concise business English and possess mathematical reasoning.
• Advanced computer experience required especially with the following software; Microsoft Word, Excel, and PowerPoint.
• Prior experience with Workday an asset.