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Home  >  Vacancies  >  Head of Treasury and Pensions

Head of Treasury and Pensions

£78,849 - £86,769 per annum

Pay Grade: MG4

Directorate: Managing Director

Division: Finance

Reports to: Strategic Director of Finance

Location: Harrow Council Hub​

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Role Purpose

  • To act as lead on the Council’s Treasury Management activity, to advise on the Pension Fund related activities and to be responsible for the strategic and general management of the Local Government Pension Scheme.

  • To lead a team responsible for investment strategy, pension fund accounting, the administration of the Local Government Pension Scheme (LGPS), cash management and the improvement to financial processes and systems. 

  • To be a member of the Finance Management Team, contributing to the development and maintenance of Corporate Financial Policies, Strategies, Systems and Practices and to manage the development and continuous improvement of the Finance Team to incorporate best practice.

  • The post holder has responsibility for managing all external contracts related to the Pension Fund and Treasury Management and will act as the lead officer providing advice and support to all relevant internal committees including the Governance, Audit, Risk Management and Standards Committee, the Pension Fund Committee and the Pension Board on pension related matters.

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Job Context

  • The post holder will provide a key role within the organisation and act as lead on the Council’s Treasury Management activity, to advise on the Pension Fund related activities and to be responsible for the strategic and general management of the Local Government Pension Scheme. 

  • Key to the role will be working with a variety of stakeholders including elected Members, Directors and colleagues within the Division in particular the Heads of Finance. The post holder will be responsible for managing the relationship with Pension Fund Managers, the Pension Fund Actuary, both the Council’s Treasury and Pension Fund Advisors and Admitted and Scheduled Bodies.

  • The post holder will manage a team of 9 officers and hold line management responsibility for 2 direct reports. The post holder will also have indirect access to pool staff.

  • The Council has large investments and a significant debt portfolio (see latest Statement of Accounts) that fluctuates periodically to reflect its normal business activities.

  • The Pension Fund Investments have a value of around £1058m and this changes from year-to-year dependent of asset valuations and other activities (see latest Statement of Accounts).

  • The post holder is also the lead officer for the Council’s borrowing of some £400m and general investments which currently stand in the region of £90m.

  • The post holder will assume budget holder responsibility for:

  • Treasury Management - Borrowing costs of £14m and Investment Income of £3m

  • Pension Funds – Income of £42m and Expenditure of £52m.

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Generic Duties

  • Implement and champion, through service and staff development, the Council’s Health and Safety, Equal Opportunity and Information Security Policies.

  • To ensure that the post holder complies with their responsibilities as laid out in the council’s health and safety policy and takes an active role in promoting a positive health and safety culture.

  • Promote and ensure participation in the Council’s individual performance appraisal and development initiatives and information management best practices.

  • To support the operation and general elections when requested by the returning officer.

  • To motivate, train, develop, and performance manage staff to maintain an effective workforce capable of meeting its objectives.

  • To develop the structures, systems and policies necessary to support effective service delivery.

  • To formulate annual operational plans and budgets for the function so that there are clear priorities and appropriate resources are allocated to their achievement. 

  • To resolve the most complex and high-level operational issues so that they are resolved effectively, and precedents are set for the resolution of similar issues.

  • To develop longer-term (2-3 years) plans for the services managed so that they are developed in line with Council and Government priorities and customer requirements.

  • To ensure services link effectively with related service provision, within or external to the Council, so that coherent and value-for-money services are provided.  Where appropriate, and in conjunction with other service providers, to undertake joint planning of service delivery and/or for the closer integration of service provision.

  • Prepare and monitor the service budget to ensure that expenditure is in line with the agreed business plan.

  • To manage the teams and services provided in a way that promotes the Council’s approach to diversity.

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Main Duties / Accountabilities

  • Lead in providing advice to the Treasury Management Group on investment and debt strategies and produce and monitor the annual Treasury Management Strategy, including the prudential indicators.

  • To keep under review the Council’s Treasury Management policies and practices and prudential indicators and ensure compliance with these and with statutory requirements and best practice

  • To manage the Council’s cashflow to ensure the Council’s bank balances are maintained at an optimum level and borrowing and investments are secured at optimum rates commensurate with the level of risk to which is authority is exposed in accordance with the Treasury Management Strategy.

  • To act as lead on all Treasury Management related activities, including the day-to-day relationship with external institutions, advisors and contractors and preparing the Treasury Management Strategy Statement and half-yearly and outturn reports for Cabinet.

  • To lead on managing the Council’s investments and borrowings and be the lead contact point with key stakeholders and all external bodies.

  • To monitor overall treasury management activity and to report on performance including appropriate benchmarking.

  • To manage the Council’s banking arrangements and bank mandate and undertake periodic retenders.

  • To keep under review the Council’s Pension Fund Funding Strategy Statement and Statement of Investment Principles.

  • To manage, advise and support the Pension Fund Committee and Pension Board.

  • To direct and monitor the activities of the Pension Fund Investment Advisor and Actuary

  • To monitor the suitability and performance of the Council’s Pension Fund investment managers and provide such guidance and instructions as are required by the investment managers

  • To liaise with the Pension Fund actuaries on all matters relating to the pension fund investments and accounting and advise the Section 151 officer on the Actuary’s proposals.

  • To prepare the Pension Fund accounts and liaise with the external auditor on the treasury and pension’s aspects of the annual corporate accounts and separate pension fund accounts

  • To produce the Member training programme for the Pension Fund Committee and the Pension Board.

  • To provide a range of technical advice and support to officers and members across the Council on treasury management and pension fund investments when required.

  • To maintain and produce accounts for a number of trust funds and charities (e.g. Edward Harvist Charity and Mayors Charity) and provide appropriate investment support.

  • To lead and/or participate in improvement projects or matrix management projects as directed.

  • Responsible for completing statutory Pension Fund/Government returns and calculations, such as the Triennial Valuation, IAS19, LGPS cost sharing data/profiling, Pension Fund Accounting for Tax.  Many of these returns have major financial implications for the Council and Government deadlines must be met.

  • Responsible for ensuring that systems (computer and manual) are in accordance with accepted accounting and audit practices, and that the cash received relating to pension contributions from Pension Fund employers is processed by IT, cashiers, etc and properly accounted for.

  • Creation and development of effective working relationships with the following:

    • Local authority associations

    • External Audit, Ombudsman

    • DWP, HMCE, DCLG, LGE

    • Pension Fund Actuary

    • Admitted/scheduled body employers

    • Local authority pension managers

  • Support projects relevant to the service area such as the pension administration partnership arrangement with a neighbouring authority.

  • To provide response to consultation with MHCLG in respect of proposed changes to pension legislation and represent the Council at national forums.

  • Responsible for ensuring that the LGPS and all changes in legislation are effectively and accurately communicated to Scheme members/employers (e.g. seminars, newsletters, benefit statements).

  • To actively support the Strategic Director of Finance in their S151 duties for the Council.

  • Any other duties commensurate with the general level of the post.

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Selection Criteria

Key: Essential (E), Desirable (D)

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Knowledge, Skills and Experience

Role requirements

  • Must have a clear understanding of the diverse nature of Harrow’s communities and Harrow’s workforce, and the implications for service delivery. (E)

  • Up to date knowledge of treasury and pension fund regulations applicable to the public sector. (E)

  • Understanding of capital markets. (E)

  • Extensive experience of investment instruments, markets and techniques and of the operation of pension funds. (E)

  • Substantial experience at a senior level of pensions or complex financial management in a large complex organisation. (E)

  • Substantial experience of treasury management, policies and procedures. (E)

  • Strong financial and analytical skills. (E)

  • Excellent written and verbal communication and presentation skills. (E)

  • Ability to understand and complete complex financial and statistical returns. (E)

  • Experience of working within a political environment and communicating effectively with Councillors or equivalent (e.g. Board Members). (E)

  • Ability to build effective working relationships with colleagues and good networking skills to work across and beyond the organisation. (E)

  • Advanced Microsoft Office skills. (E)

  • Ability to understand and interpret government and professional guidance, consultation papers and legislation and to develop processes and procedures for its implementation. (E)

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Qualifications

  • Educated to degree level or equivalent or has the equivalent relevant work experience. (E)

  • CCAB qualified and preferably treasury and pension related qualifications for instance Chartered Member of the Institute of Payroll and Pension Management, holder of Investment Management Certificate. (E)

  • Evidence of undertaking Continuing Professional Development. (D)

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Other Requirements

Occasional longer hours during peak work times and for evening meetings.

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