Annuity ALM Manager

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long‑term investment and savings solutions. Through telling it like it is, owning it now and moving it forward together with care and integrity, we are creating an exceptional place to work for exceptional talent. We will consider flexible working arrangements for any of our roles and also offer workplace accommodations to ensure you have what you need to effectively deliver in your role.

The Actuarial Valuation and Modelling (AMV) team are the experts in the Group for the valuation of the insurance entity liabilities for regulatory / statutory metrics of Solvency II, UK GAAP and IFRS 17 and to determine required capital / IFRS risk adjustment for plc, PAC and PPL for regulatory reporting, including stress and scenario testing for decision making such as asset strategy. The Annuity ALM team within AMV are responsible for the strategic plans and underlying compliance of the Matching Adjustment (MA) portfolios which provide significant benefit to the PAC balance sheet. The team supports the design and development of new products and asset strategies, ensuring that these fully consider and adhere to the MA rules and regulations both during the initiation phase and then following implementation. We are a trusted source of expertise, helping M&G plc to better understand, control and optimise the shareholder balance sheet to deliver improved shareholder outcomes. We apply our expertise and analysis to improve understanding and deliver solutions.

The role will play a key part in shaping and embedding the Annuity ALM team’s approach to managing inflation risk within the Matching Adjustment portfolios, including the development of appropriate delta hedging and other liability‑driven risk management techniques. As well as working closely with other teams in AMV we work with a range of internal stakeholders (e.g. Pensions Risk Transfer, Life Investment Office, Risk, Chief Actuary, Finance Strategy and the WPA) and external stakeholders (e.g. PRA, Investment Banks and Consultants) to develop and apply business solutions to the work relating to Annuity ALM. This is a permanent position in a small, multi‑location team which will have a hybrid working pattern that can combine working from home and from any of our office locations in Stirling, Edinburgh or London. Alternative arrangements, such as remote working, will be considered.

Key Work Level Accountabilities

• Accountable for delivering expert advice, using specialist knowledge and subject‑matter expertise.
• Applies judgement to deliver outcomes, evaluating a range of potential solutions and considering the impact for customers, cost and risk, with a key focus on controls.
• Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture.
• Identifies and anticipates need for changes to continuously improve quality and efficiency of output.
• Leads initiatives including gaining buy‑in and support from stakeholders outside the Annuity ALM and AMV team.
• Has a key focus on managing inflation risk within the MA portfolios and supports the development of a delta‑hedging strategy to manage inflation risk while remaining compliant with our MA approvals from the PRA.

Key Responsibilities for this role

• In the short term: support the development and rollout of an inflation risk management and delta‑hedging framework for new business and the back book, working with subject‑matter experts and developing increasing ownership over time.
• Support the Head of Annuity ALM with ensuring compliance with Solvency UK requirements particularly with respect to Matching Adjustment (MA).
• Support the Pension Risk Transfer team in delivering the new business targets and developing new, innovative products.
• Provide insight into current MA approvals and take a key role in projects to vary MA permissions with the regulator (PRA).
• Discuss complex financial concepts across the business, including with non‑actuarial colleagues, contribute to product design, and integrate financial solutions into broader business strategies.
• Respond to emerging regulatory, balance sheet and stakeholder demands and support business‑wide initiatives that impact the Annuity portfolios as and when required.
• Maintain strong internal and external networks to assist understanding and delivery, managing internal stakeholders and staying abreast of market and competitor developments.

Key Knowledge, Skills & Experience

• Knowledge of, or strong interest in developing expertise in, inflation risk‑management techniques in liability‑driven portfolios, such as delta‑hedging, dynamic hedging strategies or other ALM‑based risk mitigation approaches.
• Experience of Matching Adjustment portfolios and/or delta‑hedging inflation risk management in liability‑driven contexts is desirable.
• Candidates with related experience from adjacent areas (e.g. ALM, liability‑driven investment, capital or financial risk management) and the motivation to develop MA‑specific expertise will be considered.
• Ability to think clearly and simplify complex financial situations into simple messages and proposals.
• Experience of effectively communicating and influencing on complex issues to a wide range of stakeholders.
• Ability to quickly understand the financial dynamics of a business and the key factors that impact different financial measures.
• Willingness and ability to build new technical capability through self‑directed learning, research and collaboration with colleagues, in areas where the team’s approach is still evolving.
• Suitable for someone who is comfortable operating in areas where methodologies are still being developed and who is motivated to help define good practice, rather than applying an existing playbook.
• Excellent written and verbal communication skills, including drafting board and committee papers.
• Strong delivery focus with the ability to manage against complex stakeholder requirements and short timescales when required.
• An actuarial qualification is desirable. However, strong candidates who are not qualified but have relevant experience in ALM, hedging, risk management, capital or liability‑driven investment and who are willing to develop the necessary actuarial and regulatory knowledge will be considered.
• Proactive management and progression of multiple work items concurrently.

What we offer

At M&G, we are committed to helping you thrive and supporting your well‑being, both at work and beyond. Our benefits are designed to help you balance your professional and personal life while planning confidently for your future. Our UK benefits include:

• A valuable pension scheme of 18 %, with 13 % made up of employer contributions and 5 % of employee contributions, plus Share Save, the Share Incentive Plan and access to financial well‑being and support services.
• 38 days annual leave, including bank holidays, with the opportunity to purchase up to five extra days and additional flexibility through our Time Off When You Need It policy.
• A market‑leading Inspiring Families policy with comprehensive support and paid parental leave covering maternity, adoption, surrogacy and paternity leave.
• Health & protection cover including private healthcare, critical illness cover and life assurance for you, with family options.

We have a diverse workforce and an inclusive culture at M&G, underpinned by our policies and our employee‑led networks that provide networking opportunities, advice and support for the diverse communities our colleagues represent. We welcome applications from those who are a member of the military or returning from career breaks. M&G is also a Disability Confident Leader. We welcome applications from candidates with long‑term health conditions, disabilities or neuro‑divergent conditions. If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at careers@mandg.com.