Assumptions Actuary

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

The purpose of this role is to:

• Support the Head of Assumptions in the regular assumption setting process across all relevant reporting bases (i.e. SII best estimate and IFRS).
• Support the rest of the Finance Actuarial and Capital team on wider initiatives and projects as required.

In this role, you will be expected to take day-to-day ownership of particular assumptions/calibrations and deliver work on an independent basis and to a high quality. You will also be required to collaborate with other qualified actuaries and actuarial students in the Finance Actuarial and Capital team when delivering work, and to liaise closely with other stakeholders across the wider business, including but not limited to, Risk, Actuarial Reporting, Business Partnering and Origination.

Specific accountabilities assigned to the role of Actuary within the Finance Actuarial and Capital function]:

Core responsibilities

• Lead assumption reviews as required by the business and present findings/recommendations to the Head of Assumptions and Head of Finance Actuarial and Capital team
• Produce high quality documentation/reports to record the work performed
• Respond to queries from Risk and PIC’s auditors as required
• Work with internal stakeholders across the business to ensure effective implementation of any assumption changes
• Assist with the preparation of regular assumption meeting packs

Wider initiatives and projects

• Support wider change initiatives and projects in the Finance Actuarial and Capital Team as required to support business objectives
• Support as required with the completion of PIC’s responses to benchmarking surveys
• Maintain a strong network and awareness of developments in academic thought, insurance regulation, competitor approaches and insights from other related industries
• Generate thought leadership, process efficiencies, and identify areas for optimisation

Requirements

Experience:

• Experience of working within a life office or consultancy
• Experience of conducting assumption reviews and/or experience analyses, preferably in relation to the valuation of annuity business
• Fellow of the Institute and Faculty of Actuaries or equivalent body
• Prior experience of engaging with Line 2 risk teams and external auditors and/or the PRA

Knowledge:

• In-depth knowledge of Solvency II (UK) and IFRS regulations, in particular as they relate to the valuation of Technical Provisions
• Technical knowledge of longevity and other core assumptions used to value annuity business

Skills:

• Good planning and stakeholder management skills with a proven ability to communicate and work effectively with senior roles
• Strong MS Office skills, including Excel and VBA
• Strong communication and report writing skills, in particular the ability to explain technical concepts to a non-technical audience

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), increasing to 30 days after two years' service, a generous pension scheme and much more.