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.