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- Tasks: Join our Finance team to assess and structure competitive pension deals.
- Company: Pension Insurance Corporation, dedicated to secure retirement incomes.
- Benefits: Competitive salary, private medical insurance, 28 days leave, and a generous pension scheme.
- Other info: Embrace diversity and grow in a supportive, innovative environment.
- Why this job: Make a real impact in the pensions sector while developing your actuarial skills.
- Qualifications: Qualified actuary or nearly qualified with experience in life insurance or pensions.
The predicted salary is between 55000 - 65000 £ per year.
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 Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.
A fantastic opportunity has arisen for an Actuary to join PIC's Finance department. Working closely with PIC's Head of Origination Business Partnering, you will partner with the Origination department to ensure PIC's pricing is competitive and appropriate for PIC's balance sheet. You will also partner with other departments across PIC to ensure the implications of new business transactions are well understood, and to identify problems and find solutions. You will also ensure liabilities and reinsurance in the MA portfolio are MA eligible, with any ineligible elements reflected through appropriate deal structuring.
Your specific accountabilities will be:
- Assess Matching Adjustment ("MA") eligibility of new schemes and reinsurance transactions, and support deal teams in structuring deals to ensure MA compliance
- Review and challenge new deal pricing, including pricing of new or unusual features, ensuring PIC's pricing is competitive, appropriate for PIC's balance sheet and reflects the underlying risks
- Calculate balance sheet impacts of prospective transactions
- Support onboarding of new BPA and reinsurance deals, ensuring key features are communicated to relevant teams within Finance
- Collaborate effectively with Origination, Legal, Actuarial, Risk and Operations teams to improve PIC's ability to write new business and support other ad hoc initiatives across the business
- Support wider Business Partnering team with Investment Business Partnering and Matching Adjustment fund management as required
- Proactively review processes and frameworks to improve commerciality, efficiency and risk management
- Take ownership of own learning and development in both technical (actuarial techniques and critical judgement) and non-technical (self-insight and relationship management) skills of Origination Business Partnering
- Keep informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to Origination, Business Partnering and the BPA market by attending industry seminars, reading and sharing relevant published articles
Requirements
Experience
- Qualified actuary with the Institute and Faculty of Actuaries or similar (we will consider nearly qualified actuaries)
- Experience working in life insurance or pensions
Knowledge
- Good technical knowledge of a UK life insurer's balance sheets (Solvency II, IFRS 17)
- Established knowledge of actuarial techniques including modelling, analysis and investigation
- Understanding of UK DB pensions and bulk annuities
- Understanding of relevant regulations including the Matching Adjustment
Skills
- Ability to build relationships to persuade and influence both directly and indirectly
- Ability to organise work to meet deadlines
- Commercial judgement
- Excellent numerical and analytical skills
- Ability to assess and challenge new concepts
DEI at PIC
At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we're proud of our progress, we recognise there's work ahead, and we remain dedicated to listening, learning and evolving together.
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.
Actuary employer: Pension Insurance Corporation plc
Contact Detail:
Pension Insurance Corporation plc Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Actuary
✨Tip Number 1
Network like a pro! Reach out to current or former employees at Pension Insurance Corporation on LinkedIn. A friendly chat can give you insider info and maybe even a referral, which can really boost your chances.
✨Tip Number 2
Prepare for the interview by brushing up on your technical knowledge. Make sure you can discuss actuarial techniques and the latest industry trends confidently. We want to see that you’re not just qualified but also passionate about the field!
✨Tip Number 3
Show off your problem-solving skills! Be ready to share examples of how you've tackled challenges in previous roles. PIC values adaptability, so demonstrating your ability to think on your feet will definitely impress.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets seen by the right people. Plus, it shows you’re genuinely interested in joining the PIC team.
We think you need these skills to ace Actuary
Some tips for your application 🫡
Tailor Your CV: Make sure your CV is tailored to the Actuary role at PIC. Highlight your relevant experience in life insurance or pensions, and don’t forget to showcase your technical knowledge of UK life insurer balance sheets. We want to see how you fit into our culture of resilience, adaptability, and loyalty!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're passionate about the role and how your skills align with our values. Be sure to mention any experience you have with Matching Adjustment eligibility and pricing strategies, as these are key to what we do at PIC.
Showcase Your Analytical Skills: As an actuary, strong analytical skills are a must. In your application, provide examples of how you've used your numerical and analytical abilities to solve complex problems. This will help us see your potential to contribute to our team and improve our processes.
Apply Through Our Website: We encourage you to apply through our website for a seamless application process. It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it shows you’re keen on joining our fantastic team at PIC!
How to prepare for a job interview at Pension Insurance Corporation plc
✨Know Your Numbers
As an actuary, you'll need to demonstrate your strong numerical and analytical skills. Brush up on key actuarial techniques and be ready to discuss how you've applied them in previous roles. Prepare to explain complex concepts in a way that shows your understanding and ability to communicate effectively.
✨Understand the Business
Familiarise yourself with Pension Insurance Corporation's business model, especially around pension schemes and bulk annuities. Be prepared to discuss how your role as an actuary will impact pricing and risk management. Showing that you understand the company's objectives and values will set you apart.
✨Build Relationships
Highlight your ability to build relationships and influence others. Think of examples where you've successfully collaborated with different teams, such as Legal or Risk. This is crucial for the role, so be ready to share how you can work effectively across departments to support new business initiatives.
✨Stay Current
Keep yourself updated on industry trends and regulatory changes, particularly those affecting UK life insurance and pensions. Mention any recent seminars or articles you've engaged with during the interview. This shows your commitment to continuous learning and your proactive approach to staying informed in your field.