We have an incredible opportunity to join us here at Phoenix Group as a Reinsurance Actuary in our Annuity Client Services team within RS&AM.
Job Type: Permanent
Location and flexible working: This role could be based in either our London or Edinburgh office working two-three days per week in the office. We recognise the benefits of flexible working and will discuss what is important to you and balancing this with business requirements during the recruitment process.
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.
Salary and benefits: £55,100 - £80,000 depending on experience plus bonus private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more
We are looking for a qualified pensions actuary who is ready to take the next step and move into the reinsurance arena.
You will bring a solid knowledge of Defined Benefit (DB) pensions and a desire to apply your skills in a dynamic, evolving area of the industry.
The role offers a unique chance to broaden your professional experience, work on high-profile transactions, and contribute to innovative solutions in the reinsurance market.
The role
Working closely with the Actuarial Operations Lead, you will support many aspects of the overall reinsurance operations journey, the role would fit somebody looking for a challenge and has experience in ensuring reinsurance arrangements are administered efficiently and accurately.
Key responsibilities will include:
1. Responsible for reviewing the technical accuracy of Reinsurance Settlement reports and Collateral Valuations covering a number of longevity based products.
2. Responsible for reviewing annual cleanse materials, including data changes, premium calculations and surrender amounts, ensuring technical accuracy throughout.
3. Developing bespoke excel modelling tools to validate onboarding and accuracy of ongoing materials produced by strategic reinsurance platform.
4. Reviewing reconciliation of premiums and claims on legacy reinsurance arrangements, drafting reports setting out the results of the reconciliation and recommendations for all stakeholders
5. Development of clear, efficient and robust processes to be used by the wider team. Responsible for continuous improvement of these processes to ensure they remain appropriate.
6. Responsible for working with the New Business Reinsurance team to ensure all new contracts are operationally viable prior to transaction.
7. Responsible for training new and existing members of the team in any appropriate operational developments.
8. Responsible for ensuring all processes and templates are clearly documented and have a suitable audit trail and version control.
What are we looking for?
9. Newly Qualified Actuary, with experience in the pension or life specialism
10. Proven, in-depth knowledge of DB pension schemes, including the ability to understand and apply scheme rules to benefit calculations (. GMP, revaluation, increases in payment, early/late retirement adjustments) and to project these into future cashflow models
11. Have a good technical knowledge and ability to fully understand and learn the workings of our reinsurance platform
12. Have strong experience working within the pensions/ life/ longevity reinsurance space
13. Ability to build and maintain quality stakeholder relationships and has a keen eye for detail
14. Commercial knowledge of pension de-risking products including bulk annuities and longevity swaps would be desirable
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.
We’re reviewing applications as they come in, so apply early to avoid missing out.