The
Retirement Benefits Authority is a public sector organization tasked with the
role of regulating a key socio-economic sector in Kenya.
The
Authority is seeking qualified and experienced talent to join it core team in
the following positions:
Actuarial Officer
1 Post
Ref. HCD RBA/4/3/1/AO
Primary
Purpose of the Job: Reporting
to the Senior Actuarial Officer and the incumbent will be responsible for
providing support to the actuarial officer in the generation of advise /
guidance on matters relating to pensions.
In addition
the officer shall assist with complex pensions administration operations
requiring actuarial input.
Duties
and Responsibilities
KRA 1: Provision
of specialized actuarial services
- Assisting
in a wide range of actuarial and pensions administrative tasks including
reviewing of actuarial valuation reports
- Drafting
of valuation reports and other valuation communications when required.
- Assisting
in the preparation and analyzing of data using Excel spreadsheet
applications including any ad-hoc Excel project work and any other
relevant application.
- Calculating
and checking member benefits and transfer values for individuals.
- Assisting
in the actuarial determinations as required.
- Providing
support to technical sub-committees (TSC) e.g. updating technical websites,
with basic query handling.
KRA 2: Risk
Profiling
- Assisting
in the review of schemes to ensure compliance with the statutory
requirements prior to registration.
KRA 3: Risk
Profiling
- Work
with the senior Actuarial officer in the carrying out of risk assessment
of schemes and propose the supervision stance to be applied
- Participate
in review of risk profile of schemes and update the score with input
received from the enforcement team
- Work
with other officers to ensure that the average risk score is maintained as
per the score prescribed in the department annual target
- Contribute
to continuous improvement of the RBS toolkit and assessment guidelines
KRA 4: Financial
Analysis
- Participate
in carrying out financial analysis of financial statements
- Participate
in inspection of schemes to ensure compliance with financial requirements
- Participate
in financial analysis on retirement benefit schemes financial statements
and evaluate contribution returns
KRA 5: Statutory
Returns
- Prepare
statutory returns analysis reports
- Participate
in analysis of actuarial valuation reports to ensure scheme funding is in
compliance with the law and consistency with best practice
- Facilitate
in preparing reports and design templates to be utilized as source of
information in carrying out risk profiling of schemes.
KRA 6: Remedial
Plans
- Participate
in design of templates to track remedial plans for underfunded schemes
- Work
with other officers to monitor and review of the remedial plans
- Contribute
to recommendations on courses of actions for schemes not complying to
their remedial plan
- Work
with other officers to ensure schemes in difficulties submit remedial
plans
- Coordinate
with the supervisory team in the enforcement and implementation of the
remedial plans.
- Participate
in taking prompt action on the defaulters of remedial plans
- Participate
in implementation of internal audit and external audit
recommendation
KRA 7: Mergers,
Conversions& Winding-up
- Team
up with other officers to review and approve applications for scheme
design, conversions and ensure protection of rights of members and
sponsors
- Ensure
that the winding-up process is executed in a timely manner.
KRA 8: Annual
General Meetings
- Participate
in training of trustees and other stakeholders in the industry
KRA 9: ISO Standards
- Participate
in implementation of ISO audit recommendations
- Participate
in continuous improvement of department ISO procedures
KRA 10: Enforcement
- Participate
in the development of practice notes relevant to the pension industry
- Work
with other officers to enforce compliance with statutory directions
- Contribute
to the development and improvement of the RBS enforcement manual
Requirements for Appointment
- Bachelor’s
degree in Actuarial Science;
- Proficiency
in computer applications;
- At
least 4 professional ACT papers
Key Personal Competencies
- Ability
to work as part of a multi-disciplinary team, work closely with both our
pensions administration and support teams.
- Ability
to undertake comprehensive research and analysis of financial data.
- Ability
to communicate effectively both verbally and in writing with people at all
levels.
- Ability
to work on projects independently and with initiative
- Ability
to plan and co-ordinate activities and meet critical timelines
- Ability
to establish sound and effective working relationships
- Ability
to contribute innovative ideas to improve departmental processes
Experience
- Experience
in research and analysis work
- Experience
in the collection of data for analysis work
- Experience
in the use of computer analysis software and financial modeling.
Senior Actuarial Officer
1 Post
Ref. HCD
RBA/4/3/1/SAO
Primary Purpose of the Job: Reporting
to the Manager, Supervision, and the incumbent will be responsible for
providing high-level pensions actuarial advise / guidance on matters relating
to pensions and supervision of retirement benefits schemes.
Work closely with all members on
assigned actuarial tasks to ensure effective execution of the Authority’s
mandate. In addition the officer shall assist with complex pensions administration
operations requiring actuarial input.
Duties and Responsibilities
KRA 1: Provision of specialized actuarial services
- Participation in a wide range of actuarial and
pensions administrative tasks including reviewing of actuarial valuation
reports
- Drafting of valuation reports and other
valuation communications when required.
- Preparing and analyzing of data using Excel
spreadsheet applications including any ad-hoc Excel project work and any
other relevant application.
- Calculating and checking member benefits and
transfer values for individuals.
- Undertaking other actuarial determinations as
required.
- Provision of support to technical
sub-committees (TSC) e.g. updating technical websites, with basic query
handling.
- Providing ad-hoc support to the supervision
teams as and when required in pensions calculation, drafting letters on
ad-hoc pensions administration cases requiring actuarial advice.
- Reviewing of ad-hoc annual pensions
administration projects e.g. pension increases or benefit statements.
- Analyzing and providing data to assist in
producing papers, reports and presentations.
- Consulting and liaising with stakeholders to
facilitate pre-emptive identification and resolution of issues.
- Working collaboratively with all senior
managers to ensure strategic business issues are addressed and best
practice initiatives are introduced.
- Facilitate in the development, implementation
and monitoring of financial policies and procedures.
- Provide support services to the supervision
team and other departments.
- Participate in forums, which involve
communication of actuarial concepts.
- Participate in the formulation of practice
notes and guidelines to the retirement benefits industry.
- Train and supervise junior officers within the
same function.
- Monitor industry trends and advise
accordingly.
- Share knowledge of actuarial best and
successful interventions with colleagues.
- Provide pertinent actuarial information to
enable effective negotiation and arbitration for dispute concerning
pensions liabilities in corporate transactions in order in order to
protect member’s benefits.
- Contribute in setting out risk indicators for
schemes.
- Review the appropriateness of work done by
other actuaries in the industry other than actuarial valuation e.g.
investment advice and determination of commutation factors.
- Review applications for provision of actuarial
services to the industry.
KRA 2: Risk Profiling
- Review schemes to ensure compliance with the
statutory requirements prior to registration.
KRA 3: Risk Profiling
- Carry out risk assessment of schemes and
propose the supervision stance to be applied
- Participate in review of risk profile of
schemes and update the score with input received from the enforcement team
- Work with other officers to ensure that the
average risk score is maintained as per the score prescribed in the
department annual target
- Contribute to continuous improvement of the
RBS toolkit and assessment guidelines
KRA 4: Financial Analysis
- Participate in carrying out financial analysis
of financial statements
- Participate in inspection of schemes to ensure
compliance with financial requirements
- Participate in financial analysis on
retirement benefit schemes financial statements and evaluate contribution
returns
- Prepare statutory returns analysis reports
- Participate in analysis of actuarial valuation
reports to ensure scheme funding is in compliance with the law and
consistency with best practice
- Facilitate in preparing reports and design
templates to be utilized as source of information in carrying out risk
profiling of schemes.
KRA 5: Remedial Plans
- Participate in design of templates to track
remedial plans for underfunded schemes
- Work with other officers to monitor and review
of the remedial plans
- Contribute to recommendations on courses of
actions for schemes not complying to their remedial plan
- Work with other officers to ensure schemes in
difficulties submit remedial plans
- Coordinate with the supervisory team in the
enforcement and implementation of the remedial plans.
- Participate in taking prompt action on the
defaulters of remedial plans
- Participate in implementation of internal
audit and external audit recommendation
KRA 6: Mergers, Conversions & Winding-up
- Team up with other officers to review and
approve applications for scheme design, conversions and ensure protection
of rights of members and sponsors
- Ensure that the winding-up process is executed
in a timely manner.
KRA 7: Annual General Meetings
- Participate in training of trustees and other
stakeholders in the industry
KRA 8: ISO Standards
- Participate in implementation of ISO audit
recommendations
- Participate in continuous improvement of
department ISO procedures
KRA 9: Enforcement
- Participate in the development of practice
notes relevant to the pension industry
- Work with other officers to enforce compliance
with statutory directions
- Contribute to the development and improvement
of the RBS enforcement manual
Requirements for Appointment
- Bachelors degree in Actuarial Science
- Masters degree in Actuarial Science
- At least 10 professional ACT papers
- Proficiency in computer applications;
Key Personal Competencies
- Ability to work as part of a
multi-disciplinary team, work closely with both our pensions
administration and support teams.
- Ability to undertake comprehensive research
and analysis of financial data.
- Ability to communicate effectively both
verbally and in writing with people at all levels.
- Ability to work on projects independently and
with initiative
- Ability to plan and co-ordinate activities and
meet critical timelines
- Ability to establish sound and effective working
relationships
- Ability to contribute innovative ideas to
improve departmental processes
Experience
- Experience in the area of superannuation
actual analysis
- Experience in research and analysis work
- Experience in the collection of data for
analysis work
- Experience in the use of computer analysis
software and financial modeling.
Candidates who meet the requisite
criteria should send their applications by post, courier or hand delivery (but
not on email), quoting the job reference number and title of the position that
they are applying for.
In addition, applicants should submit
a detailed curriculum vitae containing details of their qualifications,
experience, current and expected remuneration as well as copies of relevant
professional/academic certificates and national identification card or
passport.
They should also include their day
and evening telephone numbers, e-mail address and names and addresses of three
referees.
Envelopes containing the documents
should be addressed to: -
The Chief Executive Officer
Retirement Benefits Authority
Rahimtulla Towers
P.O Box 57733 - 00200
Nairobi
Email: info@rba.go.ke
Applications should be received by 15th April 2016
Please note:
1. RBA is an Equal Opportunity Employer and all qualified Kenyans are encouraged to apply.
2. Persons living with disabilities
are encouraged to apply
3. Only shortlisted candidates will
be contacted and canvassing will result in automatic disqualification.
Retirement Benefits Authority (RBA) is ISO 9001:2008 Certified
Retirement Benefits Authority (RBA) is ISO 9001:2008 Certified