Fund Administrator

This position is responsible for the administrative functions for all, Unit Trust Superannuation Plans and Retirement Schemes managed or administered by JMMB, in Jamaica and Trinidad & Tobago.

MAIN DUTIES & RESPONSIBILITIES:

Perform administrative duties of all funds under administration which includes but is not limited to:

• Accurate and effective maintenance of members’ record, which includes:
  • Add and/or remove members from the pension scheme
  • Update  member records  with  salary, contribution, beneficiary information, enrol new members, investment switches etc
  • Review enrolment and update data inputted on admins system as per completed Forms

• Update additions/amendments/changes to Member’s Handbook, Trust Deeds and Plan Rules
• Generate and distribute member schedules and annual benefit statements on a timely basis
• Calculate member refunds for submission to regulators and/or trustees.
• Prepare and process benefit distribution packages for terminated and retired participants
• Transfers member contributions as required for investment purposes and notify investment managers accordingly.
• Attend meetings with Trustees, Regulators and any other constituent of interest
• Responds to on-going queries from members, employers and pensioners requirements
• Arrange annuity payments for new and existing pensioners
• Responsible for processing of transfer-in of new funds, creation and setup fund on the system, capture and upload of initial data,
  • Prepare  and/or supports the completion of regulatory reporting and  correspondence to FSC, TAJ, Actuaries, Trustees, Members and other regulators  as required  such as:

FSC Funds Status Report – Quarterly

FSC Certified Financial Report – Annually per pension fund

Generation of member’s data and subsequent submission to the FSC and TAJ for each pension plan according to their respective year-end.

Trustees Reports- Quarterly

• Prepare actuarial valuation schedules, liaising with the schemes actuaries regarding actuarial issues.
• Prepare correspondence/reports to FSC, TAJ, Trustees, and Members etc. as required.
• Ensure adherence, compliance and reporting requirements of the regulatory authorities (e.g. FSC, TAJ) for the funds.
• Attend meetings with Trustees of Funds under administration where necessary
• Review and approves RS contribution confirmation letters (requested mainly for tax purposes)
• In the event of a wind up, coordinate and manage overall wind-up process for discontinued Plan. Duties include, but are not limited to, collating relevant submissions to the FSC, Plan’s actuary, Board of Trustees, TAJ and Members
• Any other duties assigned

• Responsible for  the record maintenance  and administrative duties  of all funds under administration which includes but is not limited to:
  • Add and/or remove members from the pension scheme
  • Update  member records  with  salary,  contribution, beneficiary information, enrol new members
  • Update additions/amendments/changes to member’s handbook, trust deeds and rules
  • Generate and distribute member schedules and annual benefit statements on a timely basis
  • Calculate member refunds.
  • Prepare and process benefit distribution packages for terminated and retired participants
  • Transfers member contributions as required for investment purposes and notify investment managers accordingly.
  • Attend meetings with Trustees, Regulators and any other constituent of interest
  • Responds to on-going queries from members, employers and pensioners requirements
  • Arrange annuity payments for new and existing pensioners

• Prepare  and / or supports the completion of regulatory reporting and  correspondence to FSC, TAAD, Actuaries, Trustees, Members and other regulators  as required  such as:

FSC Funds Status Report – Quarterly

FSC Certified Financial Report – Annually per pension fund

Generation of member’s data for review by Senior Administrator and subsequent submission to the FSC and TAAD for each pension plan according to their respective year-end.

Fund Administration Report for presentation to Trustees

• Ensure the timely attention to errors, corrections, etc. with the appropriate personnel and follow-up actions are taken to ensure their effective resolution
• Responsible for preparation and submission of   correspondences to Custodians and Trustees regarding the assets and activities of the Mutual Funds and Unit Trust.
• Supports the adherence, compliance and reporting requirements of the regulatory authorities (e.g. FSC, TAAD) for the fund

• Fund Administration – Operational support
  • Support the drafting of procedure documents for fund related operational processes
  • Support internal audit processes by facilitating the review and updating of procedures and audit points
  • Working alongside the team lead to address fund related projects and BPI’s
  • Any other duties assigned

EDUCATION, TRAINING & WORK EXPERIENCE REQUIRED:

• First Degree in Accounts, Business Studies or Actuarial Science.
• Working knowledge of the operation of Collective Investments Schemes. Working knowledge of financial sector instruments, laws, regulations, ethics and professional jargon.
• Sound knowledge of the statutory regulations and Acts governing the Bank's operations, namely the Money Laundering Act, Companies Act, Financial Institutions Act,  and all other Acts governing the Financial Services Sector
• Excellent knowledge of the Pensions Act and Regulations, Jamaica
• Very good oral and written communication skills, excellent organizational skills and attention to details.
• Working knowledge of regional financial markets, regulatory and reporting requirements for mutual funds
• High level of proficiency in the use of computer, particularly spreadsheets.
• At least five years’ work experience in Pension or Unit Trust/Mutual Funds Administration