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.
PIC is recruiting for an Actuary to join its Assumptions (Line 1) team, a sub-team within the Capital, Insight and Actuarial (CIA) department, which is managed by the Chief Actuary. The team is responsible for maintaining the assumptions used in the production of PIC’s external results, as well as in other applications across the business, including in the policyholder options basis, and maintaining elements of PIC’s Internal Model calibrations with respect to longevity and expense risks.
Working closely with PIC’s Head of Assumptions, in this role you will:
- Support the team in the regular assumption setting process across all relevant reporting bases (i.e. SUK best estimate and IFRS)
- Support the team in the regular maintenance of PIC’s policyholder options basis
- Support the team in the regular maintenance and validation of specific internal model calibrations as noted above.
You will also be expected to take day-to-day ownership of particular assumptions/calibrations and deliver work on an independent basis and to a high quality. You will also be required to collaborate with other qualified actuaries and actuarial students across the Capital Insight & Actuarial department when delivering work, and to liaise closely with other stakeholders across the wider business as required. Whilst you will not have a direct report at first, there will be opportunities to provide coaching/mentoring to more junior members of the team.
Your specific accountabilities will be:
- Lead on the reviews of assumptions and capital calibrations as appropriate
- Champion process efficiencies and improvements across the team
- Prepare comprehensive reports reflective of the intended audience that demonstrate sound analysis and recommendations for assumption proposals as part of the PIC’s external reporting and policyholder option bases
- Effectively collaborates with and supports other team members as well as other parts of the business as required: this is likely to include the Risk, Origination, Operations and wider Finance teams (e.g. Capital, Expense Management, Actuarial Reporting, Business Partnering).
- Take ownership for your own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills
- Keep informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to assumption setting and capital modelling by attending industry seminars, reading and sharing relevant published articles
Experience
- Fellow of the Institute and Faculty of Actuaries
- Experience of working in the life insurance sector,, experience within the bulk annuity market is desirable
- Experience of working with Line 2 teams and external auditors
- Experience of preparing and presenting papers to senior management
- Experience of using automation/AI to improve process efficiency
Knowledge
- Strong quantitative and analytical expertise
- Familiarity with Solvency UK and IFRS regulations
- Knowledge of developing, documenting and maintaining an Internal Model
- Familiarity with the external financial reporting and audit process
- Detailed knowledge of longevity risk and other bulk annuity related assumptions
Skills
- Good stakeholder management skills with a proven ability to communicate and work effectively with more senior roles
- Strong work ethic and motivation, with an ability to deliver to deadlines
- Well organised and able to manage and co-ordinate regular business deliverables
- Strong written and verbal communication skills, especially in technical matters
- Coding skills in one or more of the following statistical packages: VBA, Python or R
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.
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