The role and responsibilities

This role is ideal for someone who:
• Is motivated by helping people and improving outcomes for pension savers
• Communicates clearly and values careful, accurate work
• Enjoys working collaboratively in a supportive team environment
• Is comfortable working with data, insight and a range of systems
• Is interested in learning and developing expertise across the pensions market

The role criteria:

Your role will sit within our Market Oversight directorate, Market Oversight plays a central role in helping us understand how the pensions market is evolving and where risks and opportunities are emerging. You will contribute to building a system-wide view of schemes and the wider market—using data, insight and engagement to identify potential risks to members, and to highlight areas where standards can be improved. This includes monitoring trends, horizon scanning for new developments, and supporting proactive engagement with schemes and industry stakeholders in line with our newly published corporate plan.

Working as part of a multidisciplinary team, you will support oversight activity that goes beyond individual schemes to look at the market as a whole. This means helping to assess risks, inform regulatory priorities, and contribute to interventions where needed. You will also work closely with colleagues and external partners to share insights, influence behaviours, and support a transparent and well-functioning pensions system.

As a Covenant and Financial Analyst you will provide advice in policy related work and in relation to interventions and supervision of DC Master Trusts, DB pension schemes, consolidation vehicles, CDCs and other emerging areas of innovation in the marketplace with the aim of bringing about the most appropriate outcomes.

This is a great opportunity to get involved in a wide range of work, influencing market practice and gain exposure to DB, DC and CDC schemes.

You will be:
• Providing covenant and financial analysis expertise to ensure the successful outcome of interventions and supervision in line with our statutory and corporate priorities and objectives
• Supporting and/or supervising effective negotiations in corporate transactions in order to protect savers benefits
• Analysing impacts of corporate activity and significant events on pension schemes and their savers.
• Critically assessing financial sustainability of business plans for Master Trusts, consolidators, CDCs and other emerging models
• Providing financial input to the development of policy including secondary legislation for Funding, NE’s, authorisation and supervision of Master Trusts, CDCs and other emerging models
• Assessing DB scheme valuation submissions in line with the updated DB funding code and new covenant guidance. Included in this, but not limited to, will be reviewing recovery plans with emphasis on reasonable affordability, sustainable employer growth and reliability of cashflows.
• Assisting in the development of TPR’s operational procedures for the authorisation and supervision of Master Trusts, Consolidators, CDCs and other emerging models.
• Providing risk-based advice and analysis to project & case teams with specific, technical analysis and recommendations to assist clearance decisions / negotiations / arbitrations / supervision.
• Developing scheme funding plans for high-risk schemes in conjunction with scheme trustees
• Taking a named contact role for large schemes and being a point of contact into TPR for these schemes
• Taking a leadership role in business negotiations on your area of expertise
• Educating and mentoring case managers and team members on corporate financial and operational analysis and normal business practices
• Contributing to constructive and useful learning on intervention and supervision approaches to the team and wider organisation.
• Contributing where relevant to best practice advice

Essential Criteria:
• Experienced corporate banking, insurance or accounting advisory professional
• Relevant professional qualification (ACIB, ACA, CFA etc)
• Deep understanding of fundamentals of covenant assessment and/or credit analysis
• Knowledge of business valuation approaches and techniques
• Understanding of corporate structuring and restructuring
• Experience of mergers and acquisitions
• Knowledge of deal structures and financing
• Strong financial analysis skills, including understanding of UK defined benefit pension scheme valuation methodologies and key market trends
• Key issues in the pensions environment and strategic trends

Other desirable criteria are:
• Working in or with large financial institutions
• Understanding of Prudential Risk frameworks
• Experience of M&A in financially regulated sectors (and/or post transaction integration)
• Understanding of FCA/PRA regulatory landscape (i.e. Solvency II / ICARA)
• Regulatory market oversight.

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, Mental Health, 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.

Find out what benefits a Civil Service Pension provides.

Our culture

TPR strives to be a high-performing organisation, and we prioritise our people's growth and well-being. We offer various learning, secondment and development opportunities, support flexible working, and foster a diverse and inclusive environment.

Equality, diversity and inclusion is very important to us and we strive to make sure everyone has an equal opportunity to succeed. Our modern Brighton offices are in Telecom House overlooking Preston Park, they are over two floors of a shared building facility and when designed in 2023 we followed the government’s workplace design guide to ensure accessibility by design was achieved for our section.

We're proud to have a range of networks and opportunities to bring people together with supportive and safe spaces to connect with one another.

About The Pensions Regulator

With a career at TPR, you’ll be joining an organisation with real purpose and who are proud of their diverse range of skills and experience that positively impact on millions of people. Everyone at TPR plays an important role in helping to keep more than £2trn of savings safe.

Our Corporate Strategy outlines a bold and challenging vision of how pensions regulation should continue to evolve to keep pace with a change in the scale and nature of the pensions landscape. We believe diversity and inclusion are vital to good decision-making for positive saver outcomes. We’re committed to creating a supportive, inclusive, and dynamic work environment where everyone can thrive; understanding the link between the work we do and its positive impact on society.

Find out more about us.

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.

Please note that TPR is unable to offer visa sponsorship. All applicants must already hold Right to Work in the UK for the duration of their employment. For more information on Right to Work, please visit Prove your right to work to an employer: Overview - GOV.UK.

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 essential criteria will be an offered an interview. Please note that if we receive a high volume of Disability Confident applicants, we reserve the right to offer an interview to those who best meet the essential criteria.

Diversity and inclusion

TPR is committed to promoting diversity, inclusion and equality in the workplace, creating an environment where everyone is encouraged to be themselves, enabling our people to feel supported, represented and do their best work.
We encourage applicants from all backgrounds and with different identities and experiences to apply for roles with TPR.

Further information

Please visit our website to find out what it is like to work at TPR, our culture, interview process and our commitment to our employees.

If you have any queries about this role, or if you have a disability and wish to request a reasonable adjustment at any stage of the recruitment process, please email recruitmentteam@tpr.gov.uk.