Senior Pension Plan Specialist

Senior Pension Plan Specialist

Take a central role

The Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment. 

Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.  

With our defined-benefit pension plan, benefits, and high flexibility for work life balance - find out more about why we are annually ranked as one of Canada's top employers:  Working Here - Bank of Canada

Find out more about the next steps in our Recruitment process. 

The Pension Team
We are seeking candidates interested in joining our Pension and Benefits team! Reporting to the Director, Pension Plan you will join a multifaceted group tasked with delivering an exceptional pension and benefits program at the Bank of Canada. 

This opportunity will also allow you to have the full support of your leader and team to advance your career through the Bank’s customizable Learning & Development programs and relevant certifications.

What you will do
As a Senior Pension Plan Specialist, you will provide strategic, analytical and pension expertise to support the team in effectively managing the pension plan. You will be a key contributor in ensuring the pension plan is administered, funded, and communicated efficiently and sustainably and in compliance with all regulations, bylaws and policies. 

Leveraging your deep knowledge and analytical skills, you will support sound decision-making and drive high standards in governance, administration and funding oversight. Collaborating with third-party providers and a small group of experts in actuarial, legal, accounting, human resources and auditing, you’ll play a vital role in securing long-term value for members and fostering their understanding and appreciation of the pension plan. 

Governance of the plan is delegated by the Bank’s Board of Directors to a Pension Committee and two subcommittees: the Pension Administration Committee (PAC) and the Pension Fund Investment Committee (PFIC).

Key responsibilities

• Committee Participation: As a key member of the Pension Administration Committee (PAC), you will facilitate strategic meeting planning by preparing agendas, reports, and presentations. You’ll develop topics to engage the committee on long-term objectives and drive discussions to support organizational priorities.
• Training and Education: Act as a subject matter expert and provide education and training to senior officers on pension and benefits through the design, delivery, and continuous improvement of individual sessions. Develop and provide education sessions to various departments, as needed, to support understanding of pension program and retention efforts.
• Operational Oversight and Guidance: 
  •  Advise on complex pension and benefits matters with the Human Resources pension team and service providers; 
  • Monitor third party work activities and best practices to optimize quality and performance standards.
  • Support the Director, Pension Plan, by preparing Pension Committee documents, reviewing and providing advice on actuarial assumptions and valuation results, monitoring the Plan’s financial status and risk mitigation strategies.
• Policy, Compliance and Administration: 
  • Lead updates to funding policies, draft and review pension-related communication materials, including ensuring that they adhere to best practices.
  • Liaise and play an advisory role with the Canada Revenue Agency and the Office of the Superintendent of Financial Institutions.
  • Provide expert advice to internal teams, including other departments, on financial and risks aspects related to pension and benefits. 
• Mentorship and Escalation Support: Guide and mentor the Pension and Benefits Specialist, supporting them in resolving complex inquiries and developing technical expertise. 
• Project Leadership and Continuous Improvement: ensure policy and procedure adherence, plan and manage projects related to significant system changes by the service provider. Keep abreast of external trends and best practices to continuously refine policies, administration, and communications in alignment with the Bank’s vision.

In addition, you will:

• Provide advice and support on the financial review of benefits programs and supervise the annual benefits re-enrolment exercise.
• Lead the preparation of Pension Plan amendments and related communications, monitor all plan documentation and filings required by regulatory authorities for complete accuracy and timely submission; ensure that policies and procedures are adhered to.
• Inform, educate and influence colleagues, internal clients, Bank management and PAC of the benefits of any proposed changes.
• Research, design and recommend new approaches, services, programs, policies, guidelines and process improvements to meet evolving business and strategic objectives.
• Identify opportunities to enhance integration and streamlining, where appropriate, to ensure effective delivery of all pension-related policies, administrative services and communication initiatives.

What you will need to succeed 
You are a highly analytical problem-solver with a strong attention to detail and a collaborative mindset. Your ability to communicate effectively, influence others and work independently is key to success in this role. We are looking for someone who is or has:

• Deep expertise in Canadian defined benefit pension plan regulations and standards.
• Significant experience in pension and benefits administration and financial framework within a federally regulated environment, including knowledge of best practices and relevant legislation.
• Skilled in influencing and coaching others
• Excellent written, verbal and visual communications skills with the ability to analyze and communicate complex information. 
• Experience working effectively with third-party administrators and consultants.
• Strong MS Office skills 

Nice-to-have 

• Actuarial or pension administration certification 

Education and Experience 
This position requires a bachelor’s degree in business administration, human resources, finance, actuarial science or related field along with at least seven to ten (7-10) years of relevant experience in pension administration, pension policy development or pension regulatory compliance. A combination of relevant education & experience maybe considered. 

Language requirement
The Bank’s work environment is conducive to the use of both of Canada’s official languages - English and French.  The position language requirement is Level 5 (Fully Functional).  If a qualified candidate who meets the language requirement of the position is not found, a qualified candidate who does not meet the language requirement may be considered. Training may be provided to help reach the required level.  Both bilingual and unilingual candidates are encouraged to apply. 
 

What you need to know

• We have an openness to consider candidates for a 2 to 3 year secondment.
• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Reliability 
• Relocation assistance may be provided, if required
• Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.

Hybrid Work Model

The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider. 

• Salaries are based on qualifications and experience and typically range from $150,707 to $177,302 (job grade 19)
• The Bank offers an incentive for successfully meeting expectations at  7 to 10% of your base salary. The Bank offers additional performance pay (5%) for those who exceed expectations. Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
• Indexed, defined-benefit pension

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.