Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management
Job Title: Team Lead, Retiree Benefits - SIPML
BA, BSc, HND
Main Purpose of the Job
The Team Lead – Retiree Benefits is responsible for the general supervision and monitoring of payment to retirees, follow up on clients with outstanding documents/requirements for payment and rendering of periodic reports on the activities of the unit.
The Team Lead – Retiree Benefits must ensure the following:
Act as a 2nd level check in the approval process of benefits applications.
Timely and Accurate payments to clients based on approvals received from PenCom.
Timely Processing of payments on AES Funds based on instructions received from Fund Sponsors in accordance with the Funds’ operational documents.
Effective management of the Programmed Withdrawal payroll for relevant Retiree Funds.
Review of the Excess Remittance Fund, Death Benefits and Retiree Fund Accounts to ensure clients eligible for payments are contacted and advised to apply and appropriate resolution.
Effective management and follow up for clients whose payments could not be processed due to issuesABU.
Effective management and follow up for clients whose payments were returned by their banksNEFT.
Prompt and appropriate responses to email requests from stakeholders with respect to update, information, documentation required for treatment of client’s requests.
Conducting Annual Annuitant Verification for applicable Retired Funds.
Preparation of Prompt and accurate Administrative Fees Invoices for applicable funds.
Preparation of Statutory Reports as required by the Commission and Fund Sponsors on a monthly basis and based on requests.
Preparation of Management reports relating to BMU for the Operations Monthly performance Review and Monthly KRI.
Performing all other duties as may be required from time to time to ensure effective transaction processing.
Key Performance Measures
Zero processing error
Zero regulatory infractions, sanctions for transaction processing issues.
Timely processing of clients’ applications
Reliable reporting system - timely and accurate Reports rendition
Satisfactory Audit rating
Positive, Green risk ratings on department operations.
Seamless succession within the team in the absence of unit head or team lead.
Operational loss < 0.1% of total BMU expenses
Key Dimensions of the Job
Ensure that benefits payments are processed accurately and in strict compliance with prevailing guidelines, regulations and circulars.
Ensure the provision of appropriate information to all enquiries received for benefit applications
Ensure prompt delivery of applicable Reports
Ensure practical and efficient succession/back up plans within the team.
Mentor and supervise team members to aid development.