Description Job Type: Permanent Location: This role could be based in either our London, Birmingham or Edinburgh offices with time spent working in the office and at home. Flexible working: All of our roles are open to part-time, job-share and other types of flexibility. We will discuss what is important to you and balancing this with business requirements during the recruitment process. You can read more about Phoenix Flex here. Closing Date: 22.8.25 Salary and benefits: Up to £110,000 dependant upon experience plus bonus potential, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more. Who are we? We want to be the best place that any of our 6,600 colleagues have ever worked. We’re Phoenix Group, we’re a long-term savings and retirement business. We offer a range of products across our market-leading brands, Standard Life, SunLife, Phoenix Life and ReAssure. Around 1 in 5 people in the UK has a pension with us. We’re a FTSE 100 organisation that is tackling key issues such as transitioning our portfolio to net zero by 2050, and we’re not done yet. What are we looking for? The Senior With-Profits and Investment Risk manager will support the Head of Policyholder Investment Outcomes and With-Profits Oversight in maintaining effective Line 2 oversight of the Group’s with-profits funds. The role provides strategic and technical leadership in the oversight of with-profits funds and investment risks, ensuring robust governance and fair outcomes for policyholders. The role will involve working closely with the With-Profits Actuaries and their supporting teams to help shape the risk culture and influence decision-making by providing advice, challenge and guidance on the financial risks to customers and shareholders in the management of with-profits business. Key responsibilities Support the Head of Policyholder Investment Outcomes and With-Profits oversight through leading the oversight of with-profits funds to ensure customer and financial risks are understood and managed appropriately. This includes providing written Line 2 opinions on key proposals and advising and overseeing any material change activity related to With-Profits. The role also supports the wider team on overseeing financial risks on Pensions and Savings business and customer investments. It is expected that the individual will provide thought leadership on emerging risks, including ESG, that affect customer investments and with-profits funds. The individual should work with the wider risk team and business to ensure that material decisions appropriately considers key risks and trade-offs, and that that material risks have been properly identified and managed in line with Phoenix’s risk appetite. Line 2 opinions should consider the Group’s strategic objectives and consider the balance of commercial, customer and risk implications. The individual should ensure both internal and external factors in assessing the forward looking risk profile of the Group as it relates to areas within scope of the Policyholder Investment Outcomes and With Profits Oversight team. Key stakeholders include the With-Profits Actuaries, Compliance Director and With-Profits Committee. The role will support the Head of Policyholder Investment Outcomes and With Profits Oversight in defining, implementing and maintaining an effective and efficient risk oversight model as it pertains to areas within scope of this role, including providing clarity on the Line 2 activities in line with the three Lines of Defence Model. A key part of the role is ensuring the risk management frameworks and appetites remain appropriate, and that appropriate risk identification, measurement, management and MI and reporting is in place in the business, to allow for the ongoing monitoring of risk exposure against appetite. The individual is expected to work independently with minimal managerial oversight. Essential Experience of with-profits management and/or risk oversight, including an in-depth understanding of with-profits products, regulations and governance. Experience in investment strategy and ALM for with-profits funds, as well as financial risk management and actuarial reporting. Strong analytical and problem-solving abilities, with attention to detail and sound professional judgment. Proven ability in working across a large, complex organisation to advise and challenge the business to support the business in making appropriate risk trade-offs to deliver business outcomes whilst remaining within appetite. Experience with consumer duty and value for money as it relates to technical actuarial areas, including charging structures. Excellent verbal and written communications, with ability to communicate complex financial concepts simply and concisely We want to hire the whole version of you. We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you. If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best. Please note that we reserve the right to remove adverts earlier than the advertised closing date. We encourage you to apply at the earliest opportunity. Find out more about LifeAtPhoenix Guide for Candidates: thephoenixgroup.pagetiger.com/guideforcandidates Find or get answers from our colleagues: www.thephoenixgroup.com/careers/talk-to-us LI-TT2 LI-REMOTE LI-HYBRID