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The Pension Department (PEN) is responsible for the management of the post-retirement benefit Plans of the World Bank Group. PEN fulfills its fiduciary mandate under a strong governance framework established by the World Bank Group, under the oversight of the Pension Finance Committee, chaired by the Managing Director & Chief Financial Officer (MDCFO). PEN is part of the WBG Treasury Vice-Presidency. Its activities encompass the key functions related to the management of the Pension Plans and are organized into three teams: Pension Investments (PENIN); Pension Middle-Office (PENMO); and Pension Administration (PENAD). In addition, PEN has a front office team comprising the Chief Actuary for Pension, the Risk Management Team, and administrative and analytical support to the PEN Director. PEN is a department of approximately 90 professional staff who are experts in key aspects of managing a pension plan. PEN manages over 45 billion in assets as of end 2025 and serves over 31,000 Plan participants and beneficiaries.

The Director of the Pension Department and Chief Investment Officer will report to the WBG Vice President and Treasurer and will serve as a member of the Senior Leadership Team, alongside the WBG Directors of the other Treasury Departments and the Manager of Treasury's Risk, Compliance & Controls unit. The Director will be accountable for the overall management of the pension functions, including investment, reporting and risk oversight, and administration.

Duties and Accountabilities

Strategic Leadership and Business Management

Shapes and drives the Department's business strategy in collaboration with the Pension Finance Committee (PFC), Treasury Senior Leadership Team (SLT), and Finance Partners, directing the work program across PEN's three core teams - Pension Investments (PENIN), Pension Middle-Office (PENMO), and Pension Administration (PENAD) - as well as the front office team, including the Chief Actuary, the Risk Management Team

Champions the highest fiduciary standards in all decision-making and enforces full compliance with the rules and regulations governing the WBG's post-retirement benefit Plans, under the oversight of the Pension Finance Committee chaired by the MDCFO.

Establishes and strengthens robust internal controls and processes to manage operational risks, compliance, and business continuity arrangements across all PEN systems and operations.

Drives delivery of high-quality outputs and reports in a timely manner, instituting rigorous quality control processes to meet the expectations of the Pension Finance Committee, senior management, and Plan participants.

Anticipates industry trends and technological developments, spearheading adoption of innovations in investment management, pension administration, data analytics, and process automation where strategically warranted.

Champions operational excellence by pursuing continuous improvements in efficiency through technology, process simplification, and strategic engagement with service providers.

Represents PEN in WBG-wide task forces, working groups, and committees; leads the response to corporate and external demands on matters related to pension plan management.

As a member of the Treasury SLT, contributes to the strategic and tactical discussions of the WBG Treasury's business.

Investment Leadership (CIO function)

As the Chief Investment Officer, exercises strategic oversight of PEN's investment portfolio, currently exceeding 45 billion in assets, ensuring prudent stewardship and long-term financial sustainability of the Pension Plans in the best interests of approximately 31,000 Plan participants and beneficiaries.

Oversees Strategic Asset Allocation, portfolio construction, and performance.

Serves as the Chair of the Investment Committee.

Relationship Management (Internal and External)

Cultivates and sustains high-impact relationships with business partners, senior management, and governing bodies, ensuring strategic alignment and clear communication on the direction of programs and initiatives.

Fosters a culture of collaboration and integration within the Department, across Treasury, and with key partners - including ITS and Finance Partners - to maximize operational effectiveness and service delivery to Plan participants and beneficiaries.

Establishes and expands an influential network of peers across international organizations (e.g., other MDBs, UN agencies, and peer pension funds) and private sector counterparts to advance knowledge exchange and import leading-edge best practices.

People and Talent Management

Inspires and galvanizes a team of approximately 90 financial professionals, instilling a shared sense of purpose aligned with the WBG's mission, fiduciary obligations, and the interests of Plan participants and beneficiaries.

Cultivates a high-performance culture through strategic direction, coaching, and ongoing feedback, supporting the professional growth and career development of staff at all levels.

Designs and implements learning and development strategies to sustain a world-class workforce with cutting-edge expertise in pension investment, actuarial science, risk management, and administration.

Resource Management

Determines strategic staffing needs and annual budget requirements, ensuring the agreed-upon work program is delivered through cost-effective allocation of resources and in full compliance with internal controls and procedures.

Establishes and maintains a robust risk management framework - including overseeing the Risk Management Team and Chief Actuary on actuarial assumptions, funding status, and investment risk - to safeguard the Department's strategic objectives and the long-term soundness of the Pension Plans.