Head of Pricing

Governing secure retirement incomes through comprehensive risk management and excellence in asset and liability management, Pension Insurance Corporation (PIC) provides exceptional customer service. The company’s purpose is to pay the pensions of its current and future policyholders.

Accountabilities

• Lead and manage the Pricing function of the new business Origination Team, liaising with Finance, ALM, Risk and other relevant teams to set general strategy and improve pricing‑related processes.
• Support deal teams on their pricing approach and identify optimal pricing for prospects with non‑standard aspects, driving optimisation of PIC’s new business pricing approach to increase new business written and enhance transaction economics on a risk‑adjusted basis.
• Lead on key Origination deals or projects involving unusual features, new structures or new products.
• Elevate talent to develop and enhance both technical and non‑technical skills required to deliver a strong Pricing function.
• Champion and drive enhancements and required updates to the New Business Pricing Model, implemented by the ALM team.
• Oversee our panel of third‑party actuarial firms providing pricing support and cash‑flow provision.
• Provide MI reports and governance‑related requirements to senior committees (Pricing Committee, Models and Assumptions Committee, Investment and Origination Committee and Board).
• Keep self and team informed of industry trends, market developments, regulatory changes and best practices related to new business.

Experience

• Qualified actuary with demonstrated post‑qualification experience.
• Extensive experience in corporate insurance or consulting, primarily in life insurance or UK pensions consulting.
• Ideal/desirable: familiarity with the technical aspects of longevity risk and its reinsurance (longevity swap and funded reinsurance).

Knowledge

• Detailed understanding of actuarial and wider aspects of pricing BPA (Bulk Purchase Annuity) business.
• Strong technical knowledge of Solvency UK reserving and capital calculation.
• Strong technical knowledge of UK pension scheme benefit structures and valuation approaches (ideally).
• Established knowledge of the regulatory framework as it applies to the company, and to Origination/new business pricing specifically.
• Skilled MS Excel user; additional modelling tools such as MATLAB are helpful.
• Good working knowledge of MS PowerPoint, MS Word.
• Familiarity with Power BI suite (ideally).

Skills

• Exceptional interpersonal skills and the ability to communicate and influence across all seniority levels, up to Board.
• Ability to identify and implement change opportunities, steering through required governance paths.
• Effective people leader.
• Expert business and report writing skills, including for papers that may be seen by the PRA.
• Ability to conceptualise and lead others in solving specific problems.
• Strategic and innovative thinker with exceptional commercial judgement.
• Entrepreneurial focus.

Benefits

Competitive base salary, annual performance‑related bonus plan, private medical insurance, 28 days’ annual leave (excluding bank holidays), a generous pension scheme and more.

Seniority level

Director

Employment type

Full‑time

Job function

Finance