The African Development Bank Group (AfDB) is a multilateral development finance institution established to contribute to the economic development and social progress of African countries. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
The Staff Retirement Plan is a special and autonomous entity established by the Board of Governors Resolution of 05/89 of 1989, and is tasked with the following principal objectives:
- To provide the regular staff of the Bank with a secure and stable pension upon retirement. Hence to administer benefits to beneficiaries of the Plan, i.e. normal or early retirement, withdrawal benefit, death benefit, child benefit, disability and other residual claims and benefits under the Plan.
- To manage the Staff Retirement Plan of the Bank; under the guidance of the Steering Committee and the Board and ensure its financial soundness through appropriate pension and investment policies.
Duties and responsibilities
Under the supervision of the Plan Administrator, the consultant will provide services such as data retrieval and clean-up of membership data for actuarial purposes, fund accounting and IT application. Specifically; to:
- Develop Plan information resources for members through workshops, training sessions, brochures and written literature and Plan websites to enhance their general level of understanding of retirement planning, benefit entitlements and claim procedures;
- Recommend strategies for the improvement of financial management, accounting and information systems of the SRP, and assist in the implementation of approved solutions to promote transparency, integrity and consistency of the financial processes, use of funds and financial information in compliance with best practices and ensure the systems are up to date and suitable for the needs of the Plan;
- Ensure that accurate and complete records of the Scheme’s members are maintained as well as to identify information and system gaps that require maintenance to ensure accurate and timely valuation and reporting.
- Ensure that benefits are paid accurately and promptly in accordance with agreed targets and in accordance with the rules of the Plan, including responsibility for managing the pension payroll;
- Lead the engagement with Plan’s actuarial service providers to provide accurate and timely management reports and statistics as required to enable actuarial valuations, mortality studies and other technical projects; as well as to review the resultant reports for accuracy and relevance to the SRP, well as adherence to best practice standards;
- Assist in resolving complex or controversial issues that may arise with individual pension claims, in liaison with the Legal Department;
- Provide expertise in the formulation and implementation of a cohesive, well organised and investment policy and guidelines of the Plan; keeping abreast with the outlook of financial markets and advise on strategic and tactical asset allocation changes;
- Provide assistance to the well-functioning of the SRP management committees, including the preparation of technical research documents and board papers;
- To undertake any other duties as assigned by the Plan Administrator.
Including desirable skills, knowledge and experience
- At least a Master’s Degree or equivalent in Mathematics, Actuarial Sciences, Finance, Business Administration or a related field;
- A minimum of seven (7) years’ relevant professional experience in pension management, investment management or actuarial services, in addition to familiarity with actuarial issues, finance and accounting activities and the functioning of the pension unit;
- Membership or affiliation to a respected professional society of actuaries will be a distinct advantage;
- Confirmed client service skills, good organizational skills, ability to multitask; and attention to detail;
- Fully conversant with Bank standard software applications (Word, Excel, and PowerPoint); SAP proficiency as well as familiarity with pension software would be an advantage;
- Excellent writing and oral skills in English or French, with a good working knowledge of the other language.
Method of Application
To apply, please send a full Curriculum Vitae (CV) together with a supporting statement, briefly highlighting your experience and skills against the requirements of the role, to firstname.lastname@example.org including the title SRPU/PENSION CONSULTANT in the subject line of your email.
NB : This is not a staff position. The duration of this assignment will be initially twelve (12) months. Depending on performance of the Consultant, and subject to agreed variations to the project scope, the terms and duration may be amended as necessary.