Job Description

WBG Director, Pension Department

Job #:
req37766 Organization:
World Bank Group Sector:
Other Grade:
GI Term Duration: 4 years 0 months Recruitment Type:
International Recruitment Location:
Washington, DC,United States Required Language(s):
English Preferred Language(s): Closing Date:
8/10/2026 (MM/DD/YYYY) at 11:59pm UTC

The World Bank Group is a unique global partnership of five institutions driven by a bold vision to create a world free of poverty on a livable planet. As one of the largest sources of funding and knowledge for developing countries, we help solve the world’s greatest development challenges. When you join the World Bank Group, you become part of a dynamic, diverse organization with 189 member countries and 182 offices worldwide. We work with public and private sector partners, invest in groundbreaking projects, and use data, research, and technology to bring tangible and transformative change around the globe. For more information, visit www.worldbank.org

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.

Selection Criteria

•Advanced degree in Finance, Economics, Actuarial Science, Investment Management, or a related field, and at least 15 years of relevant experience in pension funds, endowment funds, large family offices, sovereign funds, foundations and other institutional investment, or a related discipline.

•Deep familiarity and experience with pension plan management, encompassing investment management, actuarial principles, plan administration, and fiduciary governance.

•Demonstrated ability to navigate multilateral environments, effectively balancing diverse stakeholder perspectives and priorities.

•Comprehensive knowledge of financial markets, asset classes, and investment strategies relevant to the management of a large, diversified institutional portfolio.

•An understanding of emerging trends in investment management, financial technology, and data analytics, and their potential relevance to pension fund operations, risk management, and participant services.

•Strategic vision, sound reasoning, and creativity; capacity to articulate options and trade-offs in the context of complex investment, actuarial, and operational decisions.

•Strong managerial experience and proven ability to lead, attract, retain, motivate, and mentor a large and multicultural team of financial professionals across diverse functions.

•Ability to facilitate and manage organizational change and to work across boundaries to build consensus, resolve problems, and foster teamwork within and beyond the Department.

•Drive for results and the organizational and implementation skills to ensure that high-quality products and services are delivered to Plan participants and stakeholders in a timely and efficient manner.

•Strong written and oral communication skills, with the ability to convey complex pension, investment, and actuarial issues in a clear manner to both internal and external audiences at all levels, including governing bodies and senior management.

•Demonstrated ability to promote teamwork within and outside of the Department, and to mentor and motivate staff across different teams and disciplines.

•Ability to model WBG leadership values and managerial behaviors and to reinforce these qualities in the management team and staff.

Leadership Competencies

You exemplify WBG’s leadership values—courage of conviction, cross boundary influence, openness to innovation, and talent development for lasting impact.

WBG Managerial Competencies

WBG Culture Attributes:

1. Sense of urgency: Anticipate and quickly respond to the needs of internal and external stakeholders.
2. Thoughtful risk-taking: Challenge the status quo and push boundaries to achieve greater impact.
3. Empowerment and accountability: Empower yourself and others to act and hold each other accountable for results.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC including our values and inspiring stories.