Pension Covenant and Restructuring Advisor

Provide specialist covenant and financial analysis advice in policy related work and in relation to interventions and supervision of DC Master Trusts, DB pension schemes, consolidation vehicles, and other emerging areas of innovation in the marketplace with the aim of bringing about the most appropriate outcomes.
This is a great opportunity to get involved in a wide range of work, influencing market practice and gain exposure to both DB and DC schemes.
Responsibilities
You will:
+ Provide covenant and financial analysis expertise to ensure the successful outcome of interventions and supervision in line with our statutory and corporate priorities and objectives
+ Supporting effective negotiations concerning pension liabilities in corporate transactions in order to protect savers benefits
+ Analysing impacts of corporate activity and contributing to development of new strategies
+ Critically assess viability of business plans for Master Trusts, consolidators and other emerging models
+ Provide financial input to the development of policy including secondary legislation for Funding, NE’s, authorisation and supervision of Master Trusts and other emerging models
+ Reviewing recovery plans with emphasis on affordability, sustainable employer growth and cash management
+ Assist in the development of TPR’s operational procedures for the authorisation and supervision of Master Trusts, Consolidators and other emerging models Providing risk-based advice and analysis to project & case teams with specific, technical analysis and recommendations to assist clearance decisions / negotiations / arbitrations
+ Developing scheme funding plans for high-risk schemes in conjunction with scheme trustees
+ Taking a leadership role in business negotiations on recovery plans
+ Educating and mentoring case managers and team members on corporate financial and operational analysis and normal business practices
+ Contributing to constructive and useful learning on intervention approaches to the team and wider organisation.
+ Contributing where relevant to best practice advice.

+ Working in or with large financial institutions
+ Understanding of Prudential Risk frameworks
+ Experience of M&A in financially regulated sectors (and/or post transaction integration)
+ Understanding of FCA/PRA regulatory landscape (i.e. Solvency II / ICARA)
+ Regulatory market oversight
Other desirable criteria are:
+ Understanding of TPR guidance for scheme funders, employers and trustees
+ Experience actively advising DC Master Trusts and/or defined benefit pension scheme trustees
+ Industry sectors knowledge and strong experience / commercial awareness
+ Corporate financial structures including familiarity with typical debt and equity terms
+ Deep understanding of fundamentals of covenant assessment and/or credit analysis
+ Business valuation approaches and techniques
+ Corporate structuring / re-structuring
+ Mergers and acquisitions
+ Deal structures and financing
+ Financial analysis
+ High level knowledge of valuation methodology of UK defined benefit pension scheme liabilities
+ Key issues in the UK DB pensions environment and strategic trends
Person Specification
+ Proactive and flexible
+ Ability to prioritise and use initiative
+ Calm under pressure
+ Problem solving and analytical skills
+ Strong Communication – written and oral

More than half the UK working population rely on The Pensions Regulator (TPR) to regulate their retirement savings. With a career at TPR, you’ll be joining an organisation that will impact on millions of lives for decades to come.
Everyone at TPR plays an important role in helping to keep more than £2trn of savings safe. We’re committed to bringing people into TPR who are ready to make a difference and put UK savers at the heart of what we do.
It is important to us that TPR remains a great place to work. We do all we can to help our people reach their full potential with learning, secondment, and development opportunities. We put our 900+ employees first, supporting flexible working and offer a diverse, lively, and inclusive environment. This includes our Family Network (Balance), Disability Network, LGBT+ Network (Proud), Minority Ethnic Network, Mental Health Network, and Women’s Network which offer spaces to connect.
Our new corporate strategy outlines a bold and challenging vision of how pensions regulation should evolve to keep pace with a change in the scale and nature of the industry. We are at the start of that journey. Join us to find out what part you can play., Current TPR employees in their first 12 months of employment who want to apply for this vacancy should first contact their line manager to discuss their application.

Alongside your salary of £80,513, Pensions Regulator contributes £23,324 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.
Salary and benefits
As well as a starting salary from £80,513 we offer:
+ Civil Service Pension arrangements, which are recognised as some of the best in the pensions world
+ discretionary bonus arrangements
+ access to performance related pay progression
+ 25 days annual leave provision
+ flexible working arrangements
+ development opportunities
+ enhanced parental leave arrangements
+ a free employee assistance programme
+ an excellent office location in Brighton., We are an inclusive employer and offer equal opportunities regardless of an individual’s age, disability, gender identity, marriage or civil partnership status, pregnancy or maternity, race, religion or belief, sex, and sexual orientation.
As a Disability Confident employer, we’re committed to the recruitment, employment, retention, and development of people with disabilities, and to improving their employment opportunities. Candidates who declare that they have a disability and who meet the essential criteria for the job will be offered an interview.
Applications will be considered on a part time and job share basis. If you want your application to be considered as part of a job share, please apply with the hours you are available to work.
In accordance with Home Office guidance, the successful candidate will be required to provide their right to work in the UK before they start employment. Unfortunately, TPR is not able to offer sponsorship at the time. TPR is a UK-based organisation with a working location in Brighton, candidates must live in the UK to be employed by us.
The Pensions Regulator is an arm’s length government body and part of the public service. Any offer of employment will be subject to the receipt of satisfactory background screening checks and criminal record checks (BPSS).
Whilst it is our aim to respond to all applicants, if you have not heard from us within 21 days of the advert closing, please assume you have been unsuccessful on this occasion. Specific feedback will only be provided if you have attended an interview or assessment.
If you have any queries about this role, or if you have a disability and wish to request a reasonable adjustment at any stage of the recruitment process, please email recruitmentteam@tpr.gov.uk
Feedback will only be provided if you attend an interview or assessment.

Security
Successful candidates must undergo a criminal record check.
People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements
Open to UK nationals only.

Working for the Civil Service
The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.
We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window).
The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.