Legal Counsel (Pensions) in London

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

This role sits within Legal. The Legal team contributes to the overall success of the business by providing expert counsel on strategic matters, advising on various legal and regulatory requirements and managing legal risk for the company.

The primary purpose of this role is to assist on all aspects of bulk purchase annuity transactions and ongoing administration of PIC’s policyholders, including working closely with the Origination and Transitions teams and external counsel.

PIC operates within the financial services industry and, therefore, is regulated by the FCA (Financial Conduct Authority) and the PRA (Prudential Regulation Authority). It is a requirement for all PIC employees to demonstrate a good understanding of the regulatory framework and how it applies to the Company.

• You must act with integrity
• You must act with due skill, care and diligence
• You must be open and cooperative with the FCA, the PRA and other regulators.
• You must pay due regard to the interests of customers and treat them fairly.
• You must observe proper standards of market conduct

• Assisting on all aspects of PIC’s bulk purchase annuity transactions and associated documentation, including working closely with the Origination team and external counsel to negotiate and review legal documents and ensure internal governance is followed.
• Providing advice and assistance to the Transitions and Operations teams on all aspects of the transition from buy-in to buyout, including advising on and drafting individual annuity policies and routes to buyout.
• Providing advice to the Operations team in relation to the ongoing administration of PIC’s policyholders, including on policyholder communications, policyholder services, and compliance with pensions tax and insurance regulation.
• The opportunity to provide support to PIC’s reinsurance legal and commercial team on PIC’s reinsurance agreements (both longevity swaps and funded reinsurance), in particular on the interface between BPAs and reinsurances, and coverage queries.
• Advising other teams on a range of general commercial questions and commercial contracts including non-disclosure agreements and outsourcing agreements.
• Effectively collaborates with team members and wider stakeholders, including supporting management of PIC’s panel of external legal counsel.
• Takes ownership of their own learning and development in both technical and non-technical skills of the legal function.
• Keeps informed of pensions industry trends, market developments, legal and regulatory changes, and best practices, by attending industry seminars, reading and sharing relevant published articles.

• Strong technical proficiency in pensions law, particularly in relation to matters of benefit entitlements and operation of trust deed and rules
• Understanding of insurance regulatory regime, including PRA Rulebook, FCA Handbook and Solvency II/UK Solvency desirable

• Application of legal knowledge with sound commercial judgement
• Strong organisational skills
• Strong communication skills
• Ability to persuade and influence both directly and indirectly
• Ability to work within defined procedures as recommended by functional teams
• Good working knowledge of MS Outlook, MS Word, MS PowerPoint

• 2+ years post-qualification experience in pensions law within a leading private practice
• Advising on bulk purchase annuity transactions and associated transaction documentation
• Advising on pensions benefits in the context of pensions risk