Our client has a proud heritage in helping people secure their financial futures. They're continuing to build on that foundation and are growing their thriving bulk annuity business, partnering with pension schemes to protect members’ retirement benefits. This is a fantastic opportunity to join them in an exciting period of exponential growth and be part of a trusted business, where your work makes a real difference and you can accelerate your career.
This position reports to the Head of Pricing and plays an integral role in the Bulk Purchase Annuity team. Working independently, you'll undertake a variety of different tasks to enable the department to meet its objectives, including:
• Leading the pricing of BPA transactions from initial triage through to deal execution.
• Checking the preparation and analysis of Defined Benefit (DB) pension scheme data for pricing, including methods and assumptions for addressing data gaps.
• Checking the modelling of DB pension scheme cashflows using valuation systems.
• Carrying out BPA pricing, including Solvency II, UK GAAP and IFRS17 reporting, including preparation of pricing reports to be discussed with senior management.
• Support in reviewing individual member option quotes and leading true up calculations post buy-in.
• Lead and implement recommendations/facilitate change in the pricing models.
• Perform experience investigations for factors affecting pricing assumptions.
• Supporting and mentoring junior members of the team.
• Ad hoc tasks as required• Comply with the FCA’s conduct (and senior conduct) and Consumer Duty rules and the PRA’s conduct (and senior manager conduct) standards.
Core competencies:
• Knowledge of UK Defined Benefit Pensions and liabilities.
• Liability modelling and cashflow projections.
• Familiarity with buy-ins, buy-outs and longevity swaps.
• Knowledge of UK BPA market dynamics.
• Good communication skills.
• Ability to work independently.
Experience and qualifications (mandatory):
• Over 4 years of experience of working in DB pensions at an Employee Benefit Consultancy (EBC) or in the BPA team at an insurer / reinsurer.
• Qualified Actuary or nearly qualified with relevant experience either continuing exams or stopped.
• Experience of DB pension modelling.
(desirable)
• Experienced in insurance BPA cashflow modelling and pricing or experience of pension scheme buy-outs in a risk transfer team at an EBC.
• Experience of pricing tools and modelling
• Experience of Mantle valuation system.
If you think these skills align well with your own and you're keen to join a progressive company involved in one of the most robust and mature insurance markets globally, please apply today.