Lead Covenant & Financial Analyst

Job summary

This is an opportunity to join our Defined Contribution (DC) and Master Trust (MT) Supervision team within the Market Oversight Directorate of the Pensions Regulator. You will report directly to the Director of DC MT and be a key part of the DC MT leadership team that is driving the approach to both individual scheme and prudential supervision for the trust-based DC and Collective Defined Contribution Schemes (CDC) market.

This is an exciting time to join The Pensions Regulator (TPR). Our 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. As we continue to embed a more prudential style of regulation defined by greater engagement with our regulated community and a deeper understanding of how their work effects the economy. Our Market Oversight team plays a critical role in leading the strategic relationships with pension schemes and funds and responding when things are not working as they should.

As a Lead Covenant and Financial Analyst in our DC MT Supervision team you will be responsible for acting as a mentor for our Covenant and Financial Analysts (CFAs) who are embedded in our Segment Team structure, providing subject matter expertise and leadership through your specialist financial analysis advice in relation to both master trusts as well as the supervision of CDC Schemes. This also means being a part of the regulatory team who will build a robust supervisory framework for CDC schemes as they join the market. Additionally, your role will include contributing to policy work arising from the Pensions Schemes Bill 2025, CDC regulation, and other emerging areas of innovation in the marketplace.

This role works closely with the CFAs embedded in our individual segment teams, each of whom has deep knowledge of their respective schemes. By drawing together insights and intelligence this role builds a coherent, system‑wide understanding of the market. It enables us to identify emerging trends, anticipate how different parts of the sector may evolve, and translate scheme‑level detail into a clearer industry‑level picture.

Job description

We’re looking for a Subject Matter Expert (SME) in our DC MT team to:

• Lead the strategic approach to market engagement with schemes in relation to the soundness of their business plans and financial sustainability and planned investment in DC, or CDC through significant market innovation and change.
• Develop a best practice internal approach to supervision of schemes within DC MT, ensuring consistency where appropriate yet flexibility when needed to address risks.
• Act as a SME on financial analysis - develop members of the CFA team in business assessment, technical financial analysis, corporate activity and strategy in relation to CDC schemes, DC MT, emerging consolidation vehicles, and policy related work.
• Communicate key scheme and market risks, particularly in respect of financial sustainability, at the most senior level, internally and externally.
• Provide support the Director of DC MT and the senior leadership of the DC MT team on management, high risk Supervisory interactions and operational matters.
• Ensure effective communication and knowledge sharing between respective internal peer groups.
• Be a visible role model and mentor, support, coach, and empower colleagues to perform highly and achieve the best outcomes, with the ultimate responsible for the quality of the CFAs’ work.
• Build relationships with regulated entities, relevant industry bodies, other financial regulators and government departments.
• As a key member of our Market Oversight directorate, in time, you may also be required to input into advice on broader areas including Defined Benefit pension schemes.

Person specification

The role criteria

• Pensions advisory professional
• Strong academic background; relevant qualifications (CFA, MBA, ACCA, ACA, ACIB) highly desirable
• Knowledge of pensions environment, strategic trends, risks and issues
• Ability to analyse financial data, understanding of corporate structures, business valuation techniques, capital structures, M&A
• Industry sector knowledge and experience / commercial awareness
• Project / programme management principles and techniques
• Experience of working within a multidisciplinary team, including managing and prioritising
• Experience of developing and motivating high performance teams
• Thorough understanding of the technical challenges and inherent risks associated with the DC pensions model at a member, sponsor, and provider level
• Thorough understanding of the relevant legislation and TPR’s objectives in this area
• Ability to effectively manage internal and external stakeholder relationships.

Personal attributes

• Ability to prioritise and use initiative
• Negotiating skills
• Calm under pressure
• Problem solving and analytical skills
• Communication skills at all levels
• Attention to detail and accuracy
• Personable and a team player
• Leadership skills
• Project management skills
• Ability to work within a matrix structure leading/mentoring a team of professionals
• Coaching skills

Benefits

Alongside your salary of £108,014, Pensions Regulator contributes £31,291 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.

The team

TPR offers:

• Genuine opportunities for learning and development.
• A values-led, inclusive environment.
• Hybrid working and flexible shift patterns.
• A vibrant workplace with employee networks (Disability, Family, LGBT+, Minority Ethnic, Women’s).

Reward and benefits

We offer 25 days annual leave plus bank holidays, a hybrid working model, 35 hour working week (full-time), flexible working patterns, and flexitime. We also provide competitive parental leave, as well as a Civil Service Pension with an average employer contribution of 28.97%. Our dedicated benefits portal (Edenred) offers retail, gym, tech and restaurant discounts, and a cycle to work scheme.

Things you need to know

Artificial intelligence

Artificial intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance (opens in a new window) for more information on appropriate and inappropriate use.

Selection process details

Applications

To avoid disappointment, we would invite you to submit your application as soon as possible, as we reserve the right to close the vacancy early if a high volume of applications are received. This is to ensure that we can continue to provide a positive candidate experience, with each application being reviewed and considered. Unfortunately, once a vacancy has closed, we are unable to consider further applications.

Current TPR employees who want to apply for this vacancy should first contact their line manager to discuss their application.

We welcome applications on a part time and job share basis.

Selection and interview

If you are shortlisted for interview, we’ll be in contact with you shortly after the closing date. We aim to respond to every application however due to the large volume of applications this is not always possible. If you have not heard from us within 21 days of submitting your application, please assume you have been unsuccessful on this occasion.

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 criteria outlined in the ‘what you will bring’ section will be offered an interview.

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

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

Please note this Post is NOT regulated by the Civil Service Commission.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.

Diversity and Inclusion

The Civil Service is committed to attract, retain and invest in talent wherever it is found. To learn more please see theCivil Service People Plan (opens in a new window) and the Civil Service Diversity and Inclusion Strategy (opens in a new window).

Apply and further information

The Civil Service welcomes applications from people who have recently left prison or have an unspent conviction. Read more about prison leaver recruitment (opens in new window).Once this job has closed, the job advert will no longer be available. You may want to save a copy for your records.

Contact point for applicants

Job contact :

• Name : Recruitmentteam@tpr.gov.uk
• Email : Recruitmentteam@tpr.gov.uk

Recruitment team

• Email : Recruitmentteam@tpr.gov.uk