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Senior Actuarial Analyst, Pricing Assumptions & Methodology
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London with agile working
Competitive base plus excellent benefits, pension, bonus, PMI, study support
11 July 2022
A unique new role has arisen here at Legal & General, and we are seeking to recruit a part qualified actuary to join our Pricing Assumptions and Methodology team.
This is a key role in supporting development within our PRT (Pension Risk Transfer) business on new projects and initiatives that deliver increased business and risk management benefits for the division, in particular, designing and implementing improvements to the PRT pricing assumptions and methodologies which address limitations, improve efficiency, and reduce risk.
Further, you will assist in the day to day support of live transactions as the need arises.
- Supporting new business projects within PRT that aim to gain competitive advantage/increase our capabilities within the market and/or improve our management and control of risk.
- Support the design and implementation of improvements to the pricing models which address limitations, improve usability and efficiency, and reduce risk.
- Be considered an expert in the capital and pricing models in order to optimise pricing for schemes. In particular, support the continual enhancement of the capital modelling and methodology to facilitate strategic decision making and quality of reporting.
- Support the articulation of the rationale for the review or development of pricing assumptions/methodologies. This includes the preparation of papers justifying the proposals for the Retirement Capital Committee, and presenting them at meetings with a view to securing approval.
- Support the ongoing development, review and maintenance of the PRT policyholders options basis ensuring that the basis meets both the contractual requirements as set out in the policy documentation and treats customers fairly. This includes liaising with relevant administration teams to test and implement changes to the options basis and adhering to internal control frameworks.
- Support administration teams on policyholder queries and actuarial calculations relating to policyholder options.
- Support the PRoTeus Model Owner, and the PA&M Team more broadly, in ensuring that the pricing models continue to satisfy the requirements of the Model Risk & Control Framework (MFCF).
- Ensure that the highest level of support is provided to other PA&M team members and the Pricing & Execution Team at all times.
- Ensure that the PA&M Team works in line with all relevant processes and procedures and that quality and governance remains of paramount importance. Ensure that the principles of Conduct Risk are embedded into day to day operations to deliver good customer outcomes at all times and that all business processes and internal controls within the role are designed and performed in a way that delivers good customer outcomes and demonstrates effective management of Conduct Risk.
- Part qualified actuary required.
- Previous actuarial modelling experience through working in a consultancy environment, for a life insurer or for another de-risking provider is required.
- Knowledge of DB pension schemes is required, and pricing and capital modelling knowledge is beneficial.
- Previous experience of adapting to new projects or situations by the development and implementation of new, non-standard and innovative solutions is required.
- Experience of working with or under a risk control framework that manages the risk of error.
- Excellent modelling and actuarial skills are required.
- Good project management skills, preferably with a track record of working on complex projects within short timescales.
- Ability to spot business and risk management opportunities and create innovative solutions.
Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 25 days’ holiday, private medical insurance, discretionary performance related bonuses, paid overtime, a variety of share schemes, discounts at both a huge range of high street stores and our own great products. Your hard work will be rewarded when you join us.
Legal & General runs a highly regarded Actuarial Rotations Programme for students, which you will be a part of. The role you are applying to is for a specific location, but to further develop and enhance your skills you may be asked to rotate in future to our other site. Our sites are London and Hove.
For internal candidates, please note that your application will be shared with the L&G Chief Tutor. This is your name only and for rotation purposes.
As a company, to be one of the world's largest Asset Managers, homebuilders, pension providers and insurances brands, we are diverse by our very nature. And we're a company that wants to use our diversity and influence to make society better in the long term - for everyone. To do this we need to be a company that welcomes everyone, where everyone can succeed.
We support and offer hybrid and flexible ways of working, and whilst London will be your base office, you will be able to work in an agile way from both the home and the office, visiting the office to meet, engage and collaborate with team members or stakeholders at the office.
About the business area
Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.
Our commitment to Equal Opportunities
We’re an equal opportunities employer and welcome applications from all suitably qualified persons regardless of their race, sex, disability, religion/belief, sexual orientation, gender identity or age.
How to find out more
If this opportunity excites you but you’re not sure you meet all the requirements, or you’d like to know a bit more, please contact Jordan Russell at firstname.lastname@example.org (LinkedIn profile: https://www.linkedin.com/in/jordan-russell-70ab89169/).
If you’d like to be considered for this role, please submit your application through our careers website as we’re not accepting email applications.