Sr. Manager, Benefits Assets Management

Chemistry that Matters™

A career at SABIC provides you with an opportunity to leave a lasting positive impact to the world and yourself. From excellent health and well-being benefits to our comprehensive learning programs. We offer a wide range of benefits and offerings that recognize that our people have unique motivations and ambitions. It’s all about matching what matters to you with what matters to us. Let’s explore what matters!

As one of the world’s largest diversified chemical companies, we activate the power of human capital to address society’s future challenges. Through partnerships, we enable life-saving medical innovations and help fight world hunger. We are driving the circular economy for the benefit of communities and our planet through sustainability initiatives, such as our TRUCIRCLE™ portfolio. Our success is built upon the collective excellence of our 32,000 employees in 50+ countries. Our values – Inspire, Engage, Create, and Deliver – are the foundation of our success.

Job Summary

The purpose of the job is to develop a comprehensive pension management plan that ensures the long-term sustainability of SABIC’s retirement benefits, optimize the use of pension assets, and provides a secure and reliable retirements solution for the workforce. The pension management plan should cover the pension funding strategy options while carefully considering the organization's financial situation, risk tolerance, workforce demographics, and pension regulations. Also, the funding strategy of the end of service benefits is crucial in the pension management plan to ensure that the contribution levels are sufficient to meet the projected end-of-service benefit obligations over time. The role also covers thrift funding strategy and formulation in order to establish clear and measurable financial, operational, and strategic goals for the thrift plan objectives, such as growth targets, profitability objectives, risk management aims, and customer service improvements.

Job Purpose & Responsibilities

Pension Funding Strategy :

•          Create an optimal pension funding strategy depends on factors like the organization's financial situation, risk tolerance, workforce demographics, and pension regulations.

•          Carefully evaluate all pension funding strategy options such as defined benefit plans, defined contribution plans, hybrid plans and pension risk transfer to ensure adequate funding and manage pension-related risks.

•          Clearly identify the selected pension strategy objectives it should depend on adequate retirement income, minimize tax burden, liquidity risk management and flexibility and adaptability.

•          Develop an investment allocation strategy for the pension funds that aligns with the company risk tolerance, time horizon, and retirement goals.

•          Diversify the pension fund across different asset classes e.g. stocks, bonds, etc. to manage investment risk.

•          Regular review and rebalance the investment portfolio as needed.

•          Communicate investment performance, risk management, and other financial information to the relevant stakeholders accounting, tax, legal and HR to cover the overall impact.

•          Ensure the pension funding strategy complies with the relevant laws and regulations, such as contribution limits, withdrawal rules, and required minimum distributions. 

Funding Strategy of end of Service Benefits:

•          Decide the most effective funding method, such as a defined benefit plan, defined contribution plan, or a combination and clearly state how it will impact the level of contributions, investment strategy, and risk management

•          Establish the appropriate contribution levels based on actuarial calculations, considering factors like employee demographics, salary growth, and expected benefit payouts.

•          Ensure that the contribution levels are sufficient to meet the projected end-of-service benefit obligations over time.

•          Stay informed about any changes in the regulatory environment that may impact the funding requirements or reporting obligations.

•          Establish a robust system for tracking, disclosing, and reporting on the end-of-service benefit liabilities and funding status.

•          Conduct regular actuarial valuations to assess the funding status and the adequacy of the contribution levels.

•          Adjust the funding strategy based on the results of the actuarial valuations, changes in employee demographics, or other relevant factors.

Thrift Funding Strategy:

•          Determine the company offered contributions or other incentives for participating in the thrift savings plan to understand the funding needs.

•          Develop an appropriate investment allocation strategy for the thrift savings plan, considering your risk tolerance, time horizon, and retirement goals.

•          Propose the optimal timing of contributions, such as regular periodic contributions (e.g., monthly, quarterly, annually) or lump-sum contributions.

•          Consider the potential benefits of contributing early in the year vs. later in the year, such as the impact on investment growth and tax deductions.

•          Ensure to follow the withdrawal rules and distribution requirements for the thrift savings plan, such as minimum required distributions and early withdrawal penalties.

Thrift Strategy Formulation:

•          Assess the external environment, including industry trends, competition, regulations, and economic conditions that may impact the thrift's operations and performance.

•          Evaluate the thrift's internal strengths, weaknesses, resources, and capabilities. This includes factors like asset composition, liability structure, cost structure, technology, and human capital.

•          Establish clear and measurable financial, operational, and strategic goals for the thrift, such as growth targets, profitability objectives, risk management aims, and customer service improvements.

•          Develop specific strategies to achieve the established goals. This may involve decisions about product offerings, pricing, distribution channels, marketing, funding sources, asset-liability management, and risk management.

•          Identify and prioritize the key initiatives, projects, and action plans needed to execute the chosen strategies.

•          Regularly review the thrift's performance, market conditions, and environmental changes, and make necessary adjustments to the strategic plan.

•          Establish metrics and key performance indicators to track the progress and effectiveness of the thrift's strategic plan.

Minimum Education/Experience Requirements:

• Bachelor's degree in Finance, accounting, or related field, master's degree preferred.
• Leadership and Communications training are desirable.
• Minimum 12-14 years of relevant experience in the finance or banking industry, with a focus on pension management, pension funding, thrift funding, thrift strategy formulation, and funding strategy of end of service benefits.
• It is strongly preferred that these experiences to be with a well-known sophisticated publicly traded large companies with complex structure like SABIC or with large well-known banks with strong credit rating.
• Previous experience in pension management such as pension funding, investment management, and pension plan administration.
• Ability to analyze the pension plan's financial and operational performance, identify potential issues, and develop strategic solutions.
• Proven track record of securing and managing funding sources.
• Experience in managing pension plan service providers, such as record-keepers, custodians, and investment managers.
• Previous experience in Corporate Governance Practices.
• Broad experience in SABIC business such as familiarity with petrochemicals industry.
• Broad experience in other large business and / or functional areas across SABIC.

Competencies and Skills:

• Expert in financing large companies with complex structure.
• Solid understanding of banking and lending requirements.
• Adaptable to change negative changing market conditions and regulatory environment.
• Excellent negotiations skills to secure favorable funding terms.
• Knowledge of managing large debt portfolio principle and best practice.
• Understanding of petrochemicals industry fundamentals.
• Knowledgeable with policies, procedures and best practices in the area of Corporate Governance.
• Strong understanding of Capital Market Regulations, including Listings disclosure rules and regulations.
• Solid understanding of financial statements.
• Ability to understand and support organizational climate/culture.
• Change management skills.
• Excellent awareness of the global business risks and the Company’s risk tolerance and ability to discuss them.
• Strong Problem solving skills.
• Visionary and Ability to think strategically.
• Ability to work at a strategic level with members of the Board and Senior Management team and to drive results.
• Ability to lead and coach a team of non-direct reports in accomplishing interdepartmental tasks.
• Proactive and high energy leadership.
• Flexible and willing to adapt to change.
• Strong stakeholder management, people management and interpersonal skills.
• Good communication and presentation skills.
• Sound financial analytical skills.
• Sound planning skills.
• Strong intercultural awareness.
• Demonstrated planning and project management capabilities that will drive strong short and long term execution.
• Commitment to operational excellence.
• Ability to develop business relationships. 

We are proud to be a diverse and an equal opportunity employer. We are fully committed to a culture of respect and inclusion.