Pensions Administrator (Kingston, Jamaica) - Guardian Life Limited

Guardian Life Limited

Applications are invited from qualified persons for the position of

• Pensions Administrator
  

in our Pensions Administration Department.

Main Duties and Responsibilities:

• Administering pension plans on a timely basis.
• Delivering highly professional customer service to clients.
• Preparing data for valuations for defined contribution and defined benefits pension plans.
• Preparing spreadsheets for the Deposit Administration Fund for auditing and consolidation with the Company's balance sheet.

Qualifications and Experience:

• A first degree in Mathematics, Actuarial Science, Finance or Economics from a recognized tertiary institution.
• At least two (2) years' experience in an Employee Benefits environment.
• LOMA Parts l and ll (within six (6) months of confirmation)
• ACS designation would be an advantage.
• Sound knowledge of Employee Benefit and Group Plans.
• Knowledge of Beneficiary entitlements, Pension regulations and the Insurance Act and Regulations.
• Thorough knowledge of the Company's products and services.

Applications should be submitted to:

The Human Resource Manager

Guardian Life Limited

12 Trafalgar Road, 

Kingston 5

Email: hrguardian@myguardiangroup.com

Deadline Date: Friday, December 30, 2022.

All applications are appreciated; however it may only be possible to contact shortlisted candidates.

No Pensions! Elderly workforce to increase in coming years.

In a joint publication released by the Economic Commission for Latin America and the Caribbean (ECLAC) and the International Labour Organization (ILO), it was reported that in the coming years more and more elderly persons may find themselves staying longer in the workforce or being forced back into working due to lack of pension plans. In the study it was revealed that more than half of older persons in Latin America and the Caribbean do not receive a pension from a contributing system.

As it concerns the demographic data it stated that more than half of all men and women ages 60 and over interviewed for the report, do not receive income from a pension fund and stated this was the main reason they remained active in the labour force.

The report projects that the proportion of older folks ages 60 and above in the workplace will rise to 15% by 2050, an increase from 7.5% in 2015.

ECLAC states:

"This [increase] is due, above all, to the ageing of the population and, to a lesser degree, a moderate increase in older adults' labour participation."

Inspite of the recent expansion of contributory pension systems across eight of the Latin American and Caribbean countries, the data shows that an average 57.7% of persons between the ages of 65 and 69 years old, and 51.8% of persons 70 years and older, still do not receive a pension from a contributory system. Alarmingly, the figures are higher for women. The report noted that this forces many older persons to work. The report also noted that most of the elderly labour force work in the agricultural sector where the pension coverage is low.

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References:
Economic Commission for Latin America and the Caribbean. 'Employment Situation in Latin America and the Caribbean'. 2018. Retrieved repository.eclac.org  S1800397_en




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