Senior Actuarial Trainee (BPA Operations)

Location: Bristol or Potters Bar Office. Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose: This role would be to join the actuarial student scheme at Canada Life. The scheme is designed to provide a breadth of experience to those studying towards Fellowship of the Institute and Faculty of Actuaries (or equivalent) through rotations to different areas of the business. The first rotation for this role will be within the Data team within Operations of the Bulk Purchase Annuities service line, supporting the analysis of executed bulk annuity policies. The role will be based primarily in Potters Bar. However, there is flexibility to base the role in Bristol for London for the successful candidate. Rotations usually last 18 to 24 months, and subsequent roles would likely to be based in an actuarial team—e.g. pricing or valuation.

Key Accountabilities:

• Responsibility for the benefit modelling of schemes and accurate & complete data manipulation. This also includes premium true-up calculations.
• Provide appropriate support to managers and others to implement recommendations/facilitate change to support the requirements of the business.
• Support the transition of bulk schemes through to Buy Out including the data verification processes. This includes attending external calls where appropriate.

General Responsibilities:

• Ensure familiarity with risk management programs, and follow appropriate risk management procedures to control, monitor and report on business activities.
• Ensure documentation is completed accurately and in a timely manner.
• Ensure compliance with Company policies, regulatory, professional & legal requirements.
• Actively study for the qualification as an FIA (or equivalent).

Desired Knowledge / Experience / Skills:

• Student actuary who has Defined Benefit pensions experience. This could be through a pensions consultancy, an in-house pensions team or prior Bulk Purchase Annuities experience.
• Basic knowledge of GMP equalisation is desirable but not essential.
• Good knowledge of MS Excel.
• Able to draw conclusions, explain rationale, and make recommendations.
• Strong written and verbal communication skills.
• Able to build relationships with people at all levels.
• Understanding and ability to implement/maintain an actuarial control framework and meet governance requirements.

Benefits of Working at Canada Life: We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How We Work at Canada Life: Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward. We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and Inclusion: Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus. “At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK. We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.