Staff - Non Union
Job Category
M&P - AAPS
Job Profile
AAPS Salaried - Human Resources, Level B2
Job Title
Member Services Specialist, Faculty Pension Plan
Department
Faculty Pension Administration | Pension Office | Central Human Resources
Compensation Range
$7,283.75 - $10,474.08 CAD Monthly
The Compensation Range is the span between the minimum and maximum base salary for a position. The midpoint of the range is approximately halfway between the minimum and the maximum and represents an employee that possesses full job knowledge, qualifications and experience for the position. In the normal course, employees will be hired, transferred or promoted between the minimum and midpoint of the salary range for a job.
Posting End Date
February 8, 2025
Note: Applications will be accepted until 11:59 PM on the Posting End Date.
Job End Date
At UBC, we believe that attracting and sustaining a diverse workforce is key to the successful pursuit of excellence in research, innovation, and learning for all faculty, staff and students. Our commitment to employment equity helps achieve inclusion and fairness, brings rich diversity to UBC as a workplace, and creates the necessary conditions for a rewarding career.
Job Summary
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 VP, Human Resources (VPHR) portfolio.
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 Member Services Specialist 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.
Communications may be provided in written or verbal form and are frequently delivered through face-to-face meetings. The Member Services Specialist is the public face of the Faculty Pension Plan and is the liaison between the members and management.
Organizational Status
This position receives instruction and direction from the Manager, Faculty Pension Plan. The position works closely with the Executive Director - Investments, Member Services Associate, Pension Administration Representative, Communications Manager, Communications Coordinator and the Plan's Recordkeeper.
This position will act as a backup for the Manager, Faculty Pension Plan, as required.
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. Provides accurate and detailed information in the proper use of various investments and cash planning tools that the FPP provides. Must fully understand the financial and reputational risks involved with providing this information and know when the provision of information migrates into the provision of advice outside of the position's mandate.
- Designs and delivers presentations and conducts frequent virtual seminars for members approaching retirement. Presentation material must be updated for current information for each seminar and analyzed and amended in light of any changes to pension legislation, taxation legislation or amendments to the Plan as they occur.
- Prepares personalized retirement estimates and information packages for active members one year prior to their Normal Retirement Date. Creates communication emails for active members turning age 65 to provide information and articles on government benefits and update as required.
- Manages all aspects of RRIF-Type and LIF-Type accounts including enrolment, changes and queries. The RRIF-Type and LIF-Type accounts are rapidly expanding in numbers. Queries are becoming more frequent and complex. Functions as the intermediary between the members and the Recordkeeper. Works closely with the Recordkeeper to investigate and resolve issues in a timely manner.
- Manages all aspects of the Variable Payment Life Annuity accounts including enrolment, changes and queries. Reconciles monthly payments on reports from the Recordkeeper. Works with the Recordkeeper to investigate and resolve issues. Provides information to and reviews reconciliation with the FPP Auditor annually.
- Assists members and provides guidance with respect to transferring in benefits from other registered pension plans and retirement savings plans. Researches and advises on the specifics of members’ prior pension plans and the possible advantage or disadvantage of transferring these benefits into the FPP.
- Provides detailed information on the comparative fees structures between the FPP and the retail investment industry. Provides a clear comparison to members as to the benefits of maintaining assets in the FPP or transferring to third parties upon termination or retirement.
- Is responsible for ensuring all default options are processed as required by law. Responsible for ensuring the number of Active and Deferred members turning 71 are given adequate time to select their retirement income prior to year-end deadlines. May involve multiple contacts with members in advance of the deadlines.
- Explains the UBC Supplemental Arrangement, which is a non-registered plan and an extension of the FPP to members and prospective members. Manages member termination and retirement options to ensure default options are processed as required by law. . Reconciles monthly reports from the Recordkeeper.
- 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. Must be familiar with unlocking rules, regulations and tax consequences.
- Has responsibility for the delivery of member communication and education strategies for all members of the FPP and the UBC Supplemental Arrangement. Must analyze changes to legislation or to the FPP and the resulting impact to the educational materials.
- Works closely with all teams of the Recordkeeper to ensure documented processes are followed. Reviews issues and provides feedback for ongoing process improvement. On an annual basis or as changes occur, reviews website content/changes and tests calculators on the member website provided by the Recordkeeper.
- Responsible for training the Member Services Associate. Acts as a resource person for and provides direction to the Member Services Associate. Ensures the Member Services Associate is adequately prepared to provide accurate information to FPP members. Recommends any additional training or education for the Members Services Associate to the Manager, Faculty Pension Plan.
- Acts as backup to the Member Services Associate for responding to all general email queries, including queries on Voluntary Contributions sent through the Recordkeeper.
- Provides backup to the Manager, Faculty Pension Plan; must become knowledgeable about the office systems and procedures.
- Works with the Executive Director, Investments and the Communications Manager to develop and provide investment education for members so that they can make decisions regarding the investment choices available. Knowledge of the FPP’s investment options at a portfolio level is important to ensure members understand the risk profiles of certain investment classes.
- Attends pension industry conferences and seminars regularly to ensure the FPP is current with best practices.
- 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 to help them understand their options.
- Is responsible for ensuring all required pension specific application forms and accompanying documents are received in good order as required by legislative deadlines prior to processing any transactions.
- Responds to member pension specific enquiries, guides members through completing pension application forms and documentation and ensures timely preparation of member pension estimates.
- Establishes a close relationship with Third-Party providers contracted by the FPP and the University and advocates on behalf of members who experience issues with those providers.
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
Has primary responsibility for training, supporting and directing the work of the Member Services Associate. 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.
