African Development Bank (AfDB) - Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank's development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.
The Staff Retirement Plan Unit (SRPU or the Plan) is a special and autonomous entity established by the Board of Governors Resolution of 05/89, and is tasked with the following principal objectives:
- To provide beneficiaries of the Plan with secure and stable pension upon retirement, and administer benefits, i.e. normal or early retirement, withdrawal benefit, death benefit, disability and other benefits under the Plan;
- To manage the Staff Retirement Plan (SRP) 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 direct supervision of the Plan Administrator & Head of the SRPU, the Principal Pension Officer will have the following responsibilities:
- Lead the interaction with Plan’s actuarial service providers to deliver accurate and timely reports and statistics as required to enable actuarial valuations, asset liability management, mortality studies and other related projects.
- Provide accurate and timely management reports and statistics as required, for actuarial valuation purposes as well as other studies and projects and cooperating closely with the scheme's professional and technical advisers.
- Communicate with members on the benefits of the Plan and enhance the general level of understanding of the Plan provisions and benefits to members.
- Ensure the systems in use to keep record and perform calculations are up-to-date and suitable for the needs of the Plan and in line with best practices.
- Recommend strategies and methodologies for the improvement of financial management, accounting and information systems of the SRP and help implementing solutions.
- Ensure that accurate and complete records of the members of the Plan are maintained in order to have reliable actuarial valuation, and make correct benefits’ payments in compliance with Plan rules and regulations.
- Ensure that schemes operate effectively and meet performance, quality and customer care targets, as well as complying with best practice where possible.
- Registration of new members of the Plan, reconcile members’ register with periodic contributions, as well as updating of personal records while maintaining confidential communications with Plan members.
- Develop annual and other financial reports for presentation to the Steering and Investment Committees as well as communication to members.
- Ensure the transparency, integrity and consistency of the financial processes, use of funds and financial information in compliance with best practices and that systems are up to date and suitable for the needs of the Plan.
- Resolve complex or controversial issues that may arise with individual pension claims, in liaison with the Legal Department.
- Develop information resources, including the provision of seminars, training sessions and writing scheme literature such as leaflets and update websites, for scheme members and potential members.
- Undertake any other duties as directed by the Head of SRPU.
Including desirable skills, knowledge and experience
- At least a Master’s Degree or equivalent in Actuarial Science, Mathematics, Economics, Finance, Accounting, Business Administration or a related field.
- A minimum of six (6) years of relevant professional experience in pension benefit management, investment of assets of pension schemes in the capital market or actuarial services.
- Familiarity with actuarial issues, finance and accounting activities and the functioning of the pension unit.
- Experience of pension management with international organizations and/or actuarial practice would be an advantage.
- Confirmed analytical skills, good organizational skills, ability to multitask; work with attention to details.
- Fully conversant with Bank standard software applications (Word, Excel, and PowerPoint); ERP proficiency as well as familiarity with pension software would be an advantage.
- Excellent writing and oral skills in English and/or French with a good working knowledge of the other.
Method of Application
To apply, visit AfDB Career Page