Finance 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 Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

Due to a phase of continued success and sustained growth, we are recruiting for a Finance Actuary to join us.

The role will sit within our Finance department and will play a key part in contributing to the delivery of actuarial information and analysis across the business. Information produced by the team is reported internally and externally, and is crucial to PIC’s success and smooth running.

You will be part of the team responsible for ensuring that monthly and semi-annual actuarial reporting is prepared in a timely and accurate fashion and is appropriately analysed, explained and communicated both within and externally to PIC. The team produces regular actuarial MI on hedging, capital raising, assets, new business, solvency, sensitivity to assumptions etc. The team are required to investigate and explain variances against forecast and planned results to the Strategy and the Planning and Forecasting teams, and in the information used for Asset Liability Matching.

The role may involve significant interactions with the teams onboarding new business and new reinsurance treaties, the modelling and data teams, and the Business Partnering teams in Finance, as well as other relevant teams across the business.

You will also be expected to contribute to supporting ad hoc projects and delivering process improvements to the reporting team, and you should be ideally willing to consider opportunities to develop in other actuarial roles across the Finance team in future.

Your specific accountabilities will include:

• Collaborate with the broader Finance accounting and reporting, Business Partnering and FP&A teams to answer queries and provide required analysis, and support in investor interactions, regulatory requests and interactions with external audit as required
• Contribute extensively to the preparation, analysis and review of internal monthly/quarterly Solvency II and IFRS 17 reporting KPIs and analyses, including the P&L/analysis of movement of these items and information for year-end and half-year reports
• Take ownership for a specific area of the regular production process (such as liability production, capital reporting, asset analysis) ensuring that key controls and reviews are followed, and escalating specific issues with senior team members as required
• Contribute to the regular review, and implement enhancements where necessary, to the related methodology underpinning these results, including deep-dives into specific areas of methodology where needed
• Drive the identification and implementation of enhancements to the actuarial reporting production processes and/or quality of output; for example improving the documentation of methodology or production processes and implementing identified initiatives to streamline or enhance the production processes
• Understand the implications of changes to the business, reporting metrics and wider business processes on the processes and output of the reporting team; and work to embed large-scale changes across the reporting processes
• Support the Deputy Head of Actuarial Reporting, the Head of Actuarial Reporting and the Financial Controller in other ad hoc actuarial investigations and firm-wide projects as they arise
• Coach and develop less experienced members of the Actuarial Reporting team

Requirements

Experience:

• Qualified actuary
• Post-qualified experience in a consulting or pensions/life insurance industry background
• Experience of delivering ad hoc projects or investigations, particularly in an actuarial reporting context (beneficial but not essential)
• Experience in use of visualisation tools (for example PowerBI), programming languages (for example R and Python) and actuarial modelling software (for example RAFM) (beneficial but not essential)

Skills:

• Excellent numerical skills and analytical aptitude
• Good written and oral communication skills, with ability to communicate complex actuarial information to both actuaries and non-actuaries at a senior level
• Ability to analyse, investigate and explain results from actuarial models
• Excel skills at an advanced level and good skills in Word, PowerPoint etc
• Strong organisational skills to organise work to meet deadlines
• Staff and project management skills to develop more junior colleagues

Knowledge:

• Knowledge of actuarial and financial reporting in a UK life company environment, for example Solvency II or IFRS 17 reporting
• Understanding of UK DB pensions and bulk annuities
• High level understanding of model and systems developments in relation to actuarial issues

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research.
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

Benefits

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.