Actuary

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

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:

• Strong communication 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.