Key Responsibilities
As a key member of the Bulk Purchase Annuity (BPA) Pricing team, the Head of Pricing will play a central role in driving the delivery of accurate, insightful, and commercially sound pricing strategies.
Responsibilities include:
Lead and oversee the preparation and analysis of Defined Benefit (DB) pension scheme data for pricing purposes, ensuring appropriate methodologies and assumptions are applied to address data gaps.
Review and validate the modelling of DB pension scheme cashflows using actuarial and valuation systems, ensuring accuracy and compliance with internal and regulatory standards.
Mentor, develop, and support junior team members, fostering a high-performing and collaborative team culture.
Lead experience investigations to analyse factors influencing pricing assumptions, ensuring that the latest insights are reflected in the pricing basis.
Drive the delivery of BPA pricing in alignment with Solvency II, UK GAAP, and IFRS17 frameworks.
Support senior stakeholders by providing expert input on the enhancement, governance, and implementation of pricing models and methodologies.
Contribute to continuous improvement initiatives, identifying opportunities to refine processes and enhance pricing capability.
Ensure full compliance with FCA Conduct and Consumer Duty rules, as well as PRA Senior Manager Conduct Standards.
Mandatory:
• 3 or 4 years of experience of working in DB pensions at an Employee Benefit Consultancy (EBC) or in the BPA team at an insurer / reinsurer.
• Newly 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 Mantle systems.