Job Description
Job Title: / Tri- borough Director of Treasury and Pensions
Band: / C£115,000
Department: / WCC City Treasurers
Division: / Corporate Finance
Section: / Treasury and Pensions
Responsible to: / S151 Officer
Budget: / Responsible for an aggregate across the 3-boroughs for treasury asset values of circa £0.9 billion and pension assets of circa £2.8 billion

PURPOSE OF ROLE

The Director of Treasury and Pensions purpose is to:

  • Lead by example in modelling and embedding the councils’ values and behaviours to help build a sustainable highly effective organisation and develop our reputations as successful councils delivering great value for our residents;
  • Manage and monitor the 3-Borough’s portfolio of Treasury and Pension assets;
  • Manage and monitor the 3-Borough’s portfolio of loan debt and pension liabilities;
  • Devise strategies for balancing capital growth and revenue investment yield to protect capital assets whilst maximising overall returns;
  • Challenge and understand the views of fund managers and other financial advisers in order to achieve the best outcomes for the 3-Borough’s assets;
  • Review the performance of outsourced operations and the level of management costs;
  • Responsible for the production of financial information at borough level in relation to loans,investments, cash flow management and pension scheme administration
  • Responsible for the completion of the treasury management and pension fund accounts;
  • Responsible for ensuring adequate governance and risk management arrangements are in place throughout all treasury management and pension fund functions;
  • Have overall responsibility for pension scheme investments, funding and governance with responsibility for collaborative working with human resources in respect of administration
  • Manage agendas and present reports to elected members in relation to pension fund and treasury management matters
  • Provide advice and guidance on relevant matters to staff and stakeholders as required;
  • Act as the liaison with the investment community;
  • Recognise, manage and avoid serious financial risks, and
  • Ensure that the WCC S151 officer is provided with all information to allow him to ensure a high quality Tri Borough service and that all Council S151 officers are provided with all necessary information to allow them to meet their statutory and professional responsibilities

PRINCIPAL ACCOUNTABILITIES

  • Strategy development

Help shape the direction of the councils to drive forward the public service reform agenda and ensure delivery of their priorities and value to residents. Provide a strategic vision for the future development of the service to enable the councils to meet their future challenges, fostering a culture of continuous improvement.

  • Corporate leadership

As a senior leader working as part of the distributed leadership network of the councils, work together to drive forward and accept collective responsibility for a range of tri-borough, departmental and cross-cutting initiatives which are required to ensure changes are embedded in a sustainable way throughout the organisation. Role model positive leadership behaviours, empowering, engaging and encouraging your teams to live and demonstrate the councils values, to facilitate achievement of the corporate visions.

  • Service leadership and management

Lead the integrated delivery, improvement, management and performance of the service, commissioning and directing activity within the councils and externally as required, and ensuring overall objectives are translated into effective plans and that the service is efficient and locally responsive. Provide inspirational and professional leadership to staff, strengthening skills and competence and fostering a strong culture of standards, performance and accountability.

  • Resources / Financial management

Ensure tight budgetary control and prioritise use of resources and assets and help ensure that the councils receive value for money from their expenditure. Drive and/or support the development of outcome based commissioning models to better ensure strong price competition and transfer of risks through contracts with third parties. Champion and drive the development of commercial opportunities.

  • Partners and stakeholders

Actively engage, communicate and influence within the councils, across partners and with the wider local and central government community to champion the councils approaches to unified public services. Foster the bringing together of local services and decisions across agencies to reduce demand and help communities more independently support themselves.

  • Business change

Lead, develop and ensure implementation and review of change management programmes to deliver continual improvement.

  • Compliance

Ensure that all activities within the service comply with the councils constitutions, Standing Orders, financial regulations, health and safety and safeguarding responsibilities and that effective systems operate within the service to manage performance and risk.

  • Equality and diversity

Uphold and promote the aims of the council equality and diversity policies to ensure non-discriminatory practices in all aspects of work, and that diversity is embedded in everything, from workforce planning and policy development to planning service delivery.

MAIN RESPONSIBILITIES

Managing the day-to-day activities of the Treasury and Pensions Sections, which are responsible for:

  • Arranging all the borrowing and lending of the Councils;
  • Operation of the Councils Loans Funds;
  • Cash flow control;
  • Administration of externally managed cash portfolios;
  • Control of Treasury investments;
  • Administration of Pension Fund investments;
  • Payment of benefits to pensioners
  • Administration of transfers into and out of the pension fund
  • Collection of employee and employers pension contributions
  • Monitoring and Management of the three Pension Fund Bank Accounts;
  • Liaison with actuaries and employing bodies
  • Setting employer and employee pension contribution rates (in agreement with actuaries and employing bodies)
  • Completion of Government statistical returns;
  • Ad hoc assignments.

Managing the Councils’ treasury management operations

  • Provide guidance to the Councils on all aspects of treasury management, corporate governance and investment risk;
  • Ensure compliance with the treasury guidance provided by CIPFA and the Secretary of State from time to time along with best practice treasury management;
  • Successful implementation of the Councils’ treasury management strategy;
  • Manage the day-to-day activities of the Treasury and Pensions Teams;
  • Ensure that the treasury activities are undertaken in a secure and controlled manner;
  • Prepare the treasury policies, annual treasury management strategies, quarterly treasury performance reports and the annual out-turn reports for presentation the relevant Committees and Councils;
  • Ensuring that elected members receive all of the necessary agenda items and reports to enable them to fulfil their oversight, governance and decision making responsibilities in relation to treasury management and pension scheme administration
  • Ensuring that Council standing orders, financial regulations and schemes of delegation for decision making have been complied with in relation to the treasury management and pension functions. Ensure that the Councils have sufficient funds to meet their financial obligations as they fall due;
  • Ensure appropriate systems are in place to support the Councils’ treasury management activities.

Treasury policy and strategy

  • Ensuring that the Councils’ treasury policy documents are up to date,reflect Councils’ agreed corporate priorities and strike an appropriate balance between short and long term objectives;
  • Ensuring that policies and strategic documents are approved by the relevant Committees / Councils on an annual basis;
  • Ensuring that relevant statutory and professional requirements is being complied with in relation to treasury management and pensions functions;
  • Ensure that the treasury management strategies put in place do not expose the Councils to unnecessary financial risk;
  • Preparing the annual treasury management strategies for presentation to the relevant Committees / Councils on an annual basis;
  • Ensure that accurate, complete and timely financial management information is provided to the Councils, including quarterly treasury performance reports and annual outturn reports on treasury performance;
  • Provide input onto the annual budgets on treasury issues.

Cash management

  • Prepare a daily cash position report and maintain a short term cash flow forecast;
  • Ensure that there are sufficient funds to meet the Councils’ financial obligations;
  • Ensure that cash is invested in accordance with the Councils’ treasury policy and investment criteria;
  • Ensure that the lending lists are maintained on a daily basis;
  • Ensure that investments secure the best rate of return within the policy guidelines whilst protecting the principal value at all times;
  • Manage the relationships with external fund managers and monitor their investment performance.

Treasury governance

  • Ensure effective controls are in place at all times over treasury activities;
  • Ensure treasury transactions are confirmed and settled on a timely basis and accounted for accurately;
  • Continually monitor the financial markets and counterparty credit worthiness and to advise the Councils of any potential issues on a timely basis;
  • Ensure that elected members and the corporate management teams are equipped to discharge their obligations through the receipt of comprehensive and timely information;
  • Liaise with internal and external auditors.

Systems

  • Ensure appropriate systems are in place to accurately record, process and report treasury transactions;
  • Ensure access to systems used by the treasury team are appropriately controlled;
  • Ensure systems used by treasury are maintained and developed to meet the Councils’ requirements.
  • Ensure internal audit coverage is undertaken in respect of treasury management and pension systems which is sufficient to enable management and those charged with governance to fulfil their oversight responsibilities;
  • Ensure that adequate risk management arrangements are in place in relation to treasury management activities and pension scheme administration

Loans

  • Manage the Councils’ funding policies and external debt positions;
  • Ensure the effective administration of all loans taken out by the Councils.

Councils’ Pension Funds

  • Advise on the Councils’ pension investment strategies, funding strategies and regulatory compliance;
  • Advise on the management, investment and performance of the pension funds;
  • Prepare management information on the pension funds’ performance;
  • Monitor the allocation of Pension Fund investments to ensure they comply with the statutory requirements e.g.Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009;
  • Manage relationships with the Funds investment managers and custodians;
  • Ensure pension funds’ investments are properly executed and a process is in place to effectively record, confirm, settle and account for the transactions;
  • Ensure that accurate, complete and timely information is provided to the Councils, including quarterly performance reports;
  • Supervise the production of financial information at borough level for the completion of the pension funds’ accounts for approval by the appropriate bodies;
  • Prepare the annual Governance Compliance. Statement for approval by committees;
  • Maintain the Funding Strategy Statement and Statement of Investment Principles for each Council;
  • Prepare the pension fund annual reports for approval by committees;
  • Prepare annual business plans for approval by committees;
  • Manage the Councils’ dedicated pension fund bank accounts in accordance with regulations;
  • Manage the process for the triennial actuarial valuations and annual IAS19/FRS17 reports with the pension fund actuaries;
  • Identify training requirements of elected members and arrange suitable training;
  • Liaise with the pensions administration sections as necessary on contributions, early retirement contributions and other matters as needed;
  • Manage selection processes for fund managers,advisors and other externalised services;
  • Monitor the performance and costs of outsourced pensions activities
  • Ensure that strategies are in place and are delivered to communicate regularly and effectively with pension scheme members
  • Manage pension committee and local pension board agendas, prepare and present reports such that committee members receive sufficient information on all aspects of the pension fund’s activities to enable them to discharge all of their responsibilities effectively;
  • Ensure freedom of information requests are answered within the required deadlines.

Closure of Accounts

  • To be the Council's expert financial adviser on all issues relating to treasury, pension fund, debt management, ensuring compliance with all statutory and professional Codes;
  • Supervise the production of financial information at borough level for the completion of year end pension fund accounts and annual reports, treasury management information contained in the Councils’ statement of accounts, and any other treasury management and pension returns and information required at year end.

Service Development

  • To consider opportunities for the most efficient and effective way in which the service under the post holders remit is delivered, and consider alternative service delivery models;
  • To review the various processes and move to best practice where relevant;
  • To actively market the pensions and treasury service with the aim of income generation.

Ad hoc duties as required

KEY CONTACTS

  • Investment Managers for the Councils’ Cash and Pension assets;
  • The Councils’ Elected Members (especially the pension fund committees);
  • Senior Management and Financial Management Teams;
  • Logotech personnel;
  • Councils’ custodians;
  • Capital markets institutions;
  • Internal and external auditors;
  • External advisors;
  • Pension Fund Actuaries;
  • Pension Fund Advisors;
  • External pension fund administrators

PERSON SPECIFICATION

Education, Experience and Working knowledge

(Minimum qualifications (or equivalent educational standard) required for this post.)

Qualification / Level
Relevant professional qualification: ACT orCCAB / CIMAwith the desire and willingness to obtain both / Post graduate or relevant knowledge and experience–CCAB/CIMA – Essential
ACT - Desirable
Degree qualified / Essential, or equivalent technical or professional qualifications relevant to the Financial Services industry;
Evidence of continued professional, managerial and personal development / A successful background of consistent achievement at a senior level in Treasury and Pensions - Essential

Essential

  • A successful track record in leading and developing investment strategies in a comparably complex environment;
  • Evidence of developing and delivering management information systems that improve contracts management, the quality of services and organisational efficiencies;
  • Ability and knowledge to challenge and understand the views of fund managers and other financial advisers;
  • A proven track record of leading and successfully implementing change in a complex financial environment;
  • Working knowledge of relevant statutory and professional Codes of Practice;
  • Working knowledge of the local government pension scheme legislation;
  • Working knowledge of the CIPFA Code of Practice on Local Authority in the United Kingdom insofar as it relates to treasury management transactions and pension fund accounting
  • Demonstrable capacity for strategic thinking; ability to generate innovative solutions in response to business needs, evaluate options and monitor and review their effectiveness;
  • Robust project planning and process management skills;
  • Excellent knowledge of best practice in treasury and pensions;
  • Strong organisational skills and ability to meet tight deadlines, prioritise effectively and delegate appropriately;
  • Strong interpersonal and influencing skills with the ability to create and sustain networks within and outside the Council;
  • Excellent communication skills both written and oral;
  • Proven ability to build, lead and manage a high performing team;
  • The ability to work constructively in a political environment and in partnership arrangements;
  • ACMT or CCAB qualified with the desire to obtain both.

Desirable

  • Recognised investment professional qualification;
  • 10 years relevant treasury and pensions experience desirable;
  • Shows a clear vision for the development of the treasury and pension area required by the various organisations;
  • Shows a high degree of awareness of the needs of the Councils;
  • Shows a high level of motivation and a drive for high achievement;
  • Demonstrates a high degree of resilience and integrity under pressure;
  • Actively demonstrates a commitment to technical and professional training and continuing professional development (CPD) in the financial services industry;
  • Social responsibility and public service ethos.