Principal Officer – Cape Town HQ at PepsiCo

We are PepsiCo

PepsiCo is proud to be one of the world’s leading food and beverage companies. Every day, we are dedicated to bringing our mission to create more smiles with every sip and every bite to life. Our products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world.

PepsiCo generated more than $86 billion in net revenue in 2022, driven by a complementary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. In South Africa the company’s brands include Weet-Bix, Simba, Liqui Fruit, Lay’s, SASKO and White Star.

PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with PepsiCo Positive. PepsiCo Positive is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com, and follow on Twitter, Instagram, Facebook, and LinkedIn @PepsiCo.

In South Africa (SA), you will find our products across the region at breakfast, luch or dinner. At the gym or on the field. In the office or on the go. We refresh , restore and rejuvenate our customers all day, everyday with our key brands including Simba, Lay’s, Liqui Fruit and Bokomo range of cereals. PepsiCo SA employs more than 13 000 people across our three business divisions: Bakeries, Grains, Foods, Fruit, Snacks, Juice & Beverages.

Responsibilities

What we’re looking for:
We’re looking for an experienced Principal Officer to join our team.

Key Responsibilities are:
GENERAL

Ensure that the Board of Trustees (the Board) oversees the performance of service providers on all matters relating to the Fund.

Ensure that the instructions of the Board are acted upon and where necessary provide a report back to the Fund.

At all times act in a fiduciary relationship to the Fund and act with due care, diligence and in good faith.

Ensure that the Board is kept informed of strategic and corporate governance issues relating to the Fund.

Ensure that all reports and presentations, as may be required by the Board, are attended to by the relevant service provider.

Act as the liaison between the Board and all service providers, regulatory authorities and other stakeholders and ensure that all activities relating to the Fund are co-ordinated.

Perform statutory functions as set out in the Act.

Ensure that the Board has processes in place to monitor the performance of all appointed service providers in terms of their service level agreements with the Fund.

Oversee the transition of any service provider changes.

FINANCIAL SOUNDNESS

Ensure that the Fund’s financial resources and the adequacy thereof are monitored by the Board via reporting by Funds’ actuaries.

ACCOUNTING & ADMINISTRATION

Ensure the implementation of all legal requirements.

Ensure that the annual audit is arranged, supervised and monitored by the relevant service provider.

Ensure that quarterly feedback is provided to the Boards on the Funds’ administration activities, cash flows, and report on and engage the service providers to manage any exceptions.

FICA REQUIREMENTS

Ensure that a record of all officers of the Fund, as required by the Act, is maintained by the consultants to the relevant Fund.

ASSET MANAGEMENT

Ensure that the Board formulates an investment policy for the Fund in compliance with the Rules of the Fund and Regulation 28 of the Act, including the setting of benchmarks and formulation of asset manager mandates.

Ensure that the Board has processes in place to implement and monitor the investment policy and the asset manager mandates.

Ensure that the Board has processes in place to monitor that each of the service providers, as appointed by the Board, implement effective risk management systems to afford maximum protection of the Fund’s assets.

Ensure service providers monitor adherence to Regulation 28 limits, including SARB limits on overseas exposure.

Stay abreast of developments and changes in asset manager industry to monitor and manage risk exposure.

BENEFITS

Ensure annual drafting and timeous distribution of benefit statements by the relevant service provider.

Ensure the timeous payment of transfer, withdrawal and retirement benefits by the relevant service provider.

Engage retirees on in-fund annuity option.

Ensure that death claim investigations in terms of Section 37C of the Act are performed competently and in a timely manner by the appointed service provider. Arrange for trustee allocation decisions, and formally communicate decision with beneficiaries after decision and before benefit payment.

COMMUNICATION

Ensure that the Board has formulated a formal communication policy for the Fund which deals with the timeous provision of adequate and appropriate information to members of the Fund.

Review the annual trustee report as drafted by the Funds’ consultants.

Regularly review the various members booklets held by the Funds.

Ensure that regularly recurring windows to select contribution rate and life cover changes are available and implemented correctly.

Engage member stakeholders, including Shop Stewards, on Fund related queries and changes.

Draft / review ad hoc communication regarding changes to fund structure and / or legislation and ensure effective distribution to members.

COMPLAINTS / QUERIES

Respond to complaints / queries addressed to the Principal Officer with the assistance of the relevant service provider.

Liaise telephonically or in-person with complainants, as required.

Liaise with Pension Funds Adjudicator on any complaints received via their office.

CONTRIBUTIONS

Ensure that the relevant service provider provides reports to the Principal Officer on the receipt of contributions by the Fund in terms of Section 13A of the Act.

Implement the steps outlined in regulation in the event of any contraventions of Section 13A of the Act.

Act as Monitoring Person for each Fund.

LEGAL & GOVERNANCE

Monitor and ensure the timeous drafting, submission and implementation of Rule Amendments by the relevant service provider.

Act as the representative of the Fund in all legal proceedings.

Review and where required arrange for external legal advice on service level agreements with service providers.

Ensure that all policies, including the risk management framework, envisaged by PF130 are in place and regularly reviewed.

MEETINGS

Ensure proper meeting procedures and policies are in place as well as appropriate record keeping of decisions.

Ensure that the relevant service provider:
schedules meetings of the Board and Committees in terms of the Rules of the Fund;

arranges venues (where applicable) and sends out notices of such meetings;

prepares and distributes Agenda documentation; and

keeps attendance records and ensure minutes of all meetings are kept in such a way as to provide a clear record of events and decisions for future reference – particularly in the event of disputes.

Ensure compliance with requirements of the Rules of the Fund in respect of notice periods, meeting intervals and quorums.

Attend all meetings of the Board and any other sub-committee meetings as agreed by the Board.

Review minutes of all Board and sub-committee meetings prior to distribution to Board.

INSURANCE

Engage relevant insurer regarding annual renewal of rates for both approved and unapproved policies and engage consultant on instruction of Board to test competitiveness of rates.

Engage relevant broker regarding annual renewal of rates for both approved and unapproved policies and ensure rates are testes for competitiveness.

Ensure Policyholder Protection Rules (PPR) are adhered to in respect of communication requirements.

Communicate rate changes to payroll function for implementation on payroll system

Engage relevant insurers on declined and/or problematic claims to ensure adherence to policy provisions and Treating Customers Fairly and PPR guidelines.

Oversee data held on payroll system to ensure compliance with PPR requirements.

Oversee campaigns promoting regular completion of nomination forms.

Monitor operational performance of insurers.

PRIVACY

Act as Information Officer for each Fund.

Report as and when required to Information Regulator.

Record and respond to information requests in terms of Protection of Information Act.

STRATEGIC

Engage company management on changes required to funds to align with legislation, to improve operational efficiencies, and to ensure harmonization within organization.

Report to Sector and Global functions on fund structure, statistics, asset values, and insured benefits (as applicable), as and when required.

Provide input on internal company policies relating to fund- and related benefits.

Qualifications

Ideally 7 Years’ experience as a Principal Officer, managing multiple pension funds and medical aid

Tertiary Financial qualification – Preferably an Actuarial qualification

Experience in unionised environment (preferably FMCG or Retail)

“PepsiCo is an Equal Opportunity Employer in line with the Employment Equity

Act”