Technical Actuary

We have an incredible opportunity to join us here at Phoenix Group as a Technical Actuary to join our Annuity Client Services team.

Job Type: Permanent

Location: This role could be based in either our London or Edinburgh office working two days per week at home. We recognise the benefits of flexible working and will discuss what is important to you and balancing this with business requirements during the recruitment process.

Flexible working: All of our roles are open to part-time, job-share and other types of flexibility. We will discuss what is important to you and balancing this with business requirements during the recruitment process.

Salary and benefits: £65k - £84k depending on experience plus 16% bonus up to 32%, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more.

Who are we? We want to be the best place that any of our 6,600 colleagues have ever worked. We’re the UK’s largest long-term savings and retirement business. We offer a range of products across our market-leading brands, Standard Life, SunLife, Phoenix Life and ReAssure. Around 1 in 5 people in the UK has a pension with us. We’re a FTSE 100 organisation that is tackling key issues such as transitioning our portfolio to net zero by 2050, and we’re not done yet.

The role involves working closely with the Actuarial Operations Lead, supporting many aspects of the overall customer journey. The role would fit somebody looking for a challenge and has experience in overseeing integration of actuarial bases into individual member calculations and associated processes.

Key Responsibilities Will Include:

• Working with external stakeholders (such as scheme advisers, trustees and our outsourcers) and internal stakeholders (such as pricing team, transition managers and data services team) to ensure effective communication and alignment with regards to the member option journey for all schemes starting from the initial contract reviews to the eventual buy-out.
• Working with all stakeholders to ensure member options benefits are determined in line with transaction benefit specifications.
• Continually seeking ways to improve the efficiency and accuracy of calculation models and the overall member journey.
• Providing ongoing expertise in respect of actuarial issues (e.g. GMP Equalisation and the impact on member options).
• Responsible for completing reviews of actuarial calculations carried out by our administrators (e.g. transfer value calculations, retirement projections etc).
• Establishing and ensuring robust processes are set out in supporting documentation, highlighting any opportunities for process improvement that may arise.
• Responsible for ensuring all work produced within our team is clearly documented and has a suitable audit trail and version control.
• Providing technical expertise and oversight for member options as appropriate (e.g. PIE exercises, ETV exercises, Level Pension Options etc).
• Responsible for implementing and reviewing factor assumptions across our portfolio of BPA schemes.
• Responsible for building and maintaining cashflow projection models ensuring they reflect the transaction benefit specifications.
• Responsible for keeping up to date with legislative and market changes impacting actuarial aspects of our proposition.
• Provide actuarial expertise to in-flight projects and be responsible for managing actuarial projects as appropriate.

What are we looking for?

• Qualified Actuary, with strong experience post qualification with a pension specialism.
• Good technical understanding of Defined Benefit pensions legislation.
• Extensive experience reviewing member calculations, including GMP equalisation, CETV and retirement quotations.
• Experience setting factor bases and hands-on experience of factor generation.
• Experience building models to generate actuarial factors and carry out cashflow projections.
• Ability to communicate effectively with a technical actuarial audience and simply communicate technical issues to a non-technical audience.

We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you. If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best.

Please note that we reserve the right to remove adverts earlier than the advertised closing date. We encourage you to apply at the earliest opportunity.