Job Description
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 a graduate Actuarial Analyst to join its Origination department. Origination is responsible for:
- Marketing and originating new bulk annuity opportunities
- Pricing and structuring of these bulk annuity and reinsurance transactions
- Analysing data to calculate mortality assumptions
- Managing negotiations with the trustee/company, through their advisors
- Assisting other PIC departments with the onboarding and long-term implementation of new business wins, within our End-to-End Process framework.
You will provide junior-level support to the development of transactions across the deal team and the reinsurance team. In particular this role will involve analysing data to determine suitable mortality assumptions, use of pricing models to determine premiums, bid preparation, drafting committee papers and transaction management.
Your role will span work across both the deal team and longevity risk management team in the development of new business proposals. The individual will liaise directly with other departments such as the Investments team, the Market Solutions team, the Finance team and the Operations team.
The end product is a tailored and competitively priced proposal to prospective clients, ultimately leading to new business and contributing to PIC’s business strategy.
Specific accountabilities assigned to the role of Actuarial Analyst within the Origination team:
- Conducts thorough analysis of data and benefits for bulk annuity tenders to develop opportunities for new business transactions.
- Prepare comprehensive reports reflective of the intended audience that demonstrate sound analysis and recommendations for bulk annuity transactions as part of the new business strategy.
- Analysis of feedback received on new business quotations and how we are positioned in the market to develop strategy on new business transactions.
- Effectively collaborates with other members of the Origination team, Reinsurance, Finance, and Investments to understand the impact of proposals on the wider business.
- Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of reinsurance and new business pricing.
- Keeps informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to funded reinsurance and bulk annuities by attending industry seminars, reading, and sharing relevant published articles.
- Preparation of key management information (MI) to be delivered to key business units: finance, legal, operations, investments and risk.
Requirements
Experience:
- Strong academic record in Mathematics, Statistics, Economics or Actuarial Science or related field
- Capable and willing to work towards achieving actuarial qualifications
- Prior experience of working within a corporate environment, including some prior actuarial experience, would be desirable
Knowledge:
- Advanced numeracy (familiarity, dexterity and intuition in more advanced mathematical functions including compound interest and discounting)
- Knowledge of data analysis and Excel skills preferred.
- Comfortable with completing data analysis in excel with use of formulae
- A good understanding of financial services industry best practice in actuarial analysis relating to Defined Benefits pensions, and insurance companies
Skills:
- Strong organisational skills and ability to take technical instruction and accurately implement
- Excellent communication and interpersonal skills to be able to build and develop relationships
- Ability to organize work to meet competing deadlines
- Ability to work within defined procedures as recommended by functional teams
- Commercial judgement and god working knowledge of MS Excel, MS PowerPoint, MS Word
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.
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.
You will also have full study support to qualify as a Fellow of the Institute and Faculty of Actuaries.
Pension Insurance Corporation (PIC) is a company with a clear purpose, a strong link to the creation of social value, and a culture that allows our employees to grow with the company and see the contribution they make to our success. PIC pays the pensions of hundreds of thousands of members and former members of UK defined benefit pension schemes.
We invest in long-term assets, like UK infrastructure and regeneration projects, to provide the very long-term cashflows we need to pay those pensions over the coming decades. These investments have the beneficial outcome of supporting jobs and apprenticeships, driving economic growth, and creating significant social value.
Our objective is to create long-term social value as we fulfil our purpose, leading to sustainable benefits for the economy, the environment and society. It gives our policyholders, employees, and others a sense of community and engagement as we continue to transition to a more green and sustainable way of working. There are four distinct pillars:
- Protecting the environment by transitioning to Net Zero, meeting our carbon commitments
and increasing the positive biodiversity impact of our real assets. - Being a responsible investor by integrating ESG into our investment processes, active participation in ESG industry initiatives, as well as investing in Sustainable Assets and mapping the impact they create.
- Making communities sustainable, safe, and inclusive by investing across the UK in assets that provide essential services, helping turn brownfield assets into greener alternatives, providing local employment and skill development opportunities and providing financial and non-financial charity support.
- Long-term sustainable business by promoting a culture that is inclusive and diverse, providing detailed and transparent reporting, and ensuring long-term alignment of stakeholders.
We are proud to be an equal opportunity employer: we treat everyone equally, regardless of age, gender identity, race and ethnicity, disability, neurodiversity, sexual orientation or religion. Our DEI activity is incorporated into our hiring process and the makeup of our organisation.
PIC supports several DEI initiatives through corporate sponsorship including Social Capital
Network, the Actuarial Mentoring Programme (AMP), LGBT Great, GAIN (Girls Are INvestors), the 10000 Interns Foundation and Women In Banking & Finance, which provides female colleagues, at all levels, with access to development and networking opportunities, and the business with channels to recruit more female talent. We have a PIC Women’s Network and a dedicated Diversity, Equity and Inclusion Forum, which is comprised of employees from across the business.
Our gender pay gap figure of 11.4% is below the financial services indicative average of 22.7%. PIC recruited approximately 146 new joiners since 2022 and of these, 43% were women.
Outside of our day-to-day roles, our people enjoy a variety of events throughout the year which
bring us altogether, including: sports teams, including netball and football, monthly Town Halls, our famous annual Treasure Hunt, our summer PICnic, tyPICal Days, and charity fundraisers e.g. End of Summer Party, annual quizzes. The notions of making a difference and giving back are a key part of life here at PIC.
Our two main charity partners are Independent Age and Rethink Mental Illness with various events occurring throughout the year such as half marathons. We encourage our people to participate by offering two days’ volunteer leave per year and also match charitable fundraising.
Depending on your role, what you need and what the business needs, we may support you in gaining a professional qualification. Our dedicated Learning & Development team is here to support you, creating learning environments where you can continuously develop to reach your potential and meet your career goals. Learning is about much more than just attending courses, and includes classroom training, virtual training, digital training, coaching, mentoring, and knowledge sharing events. During 2023, we were delighted to be awarded Investors in People Silver Award.
Workplace Initiatives
- Programme for parents returning to work after Parental Leave? Yes
- Leadership development programmes? Yes
- Mentoring programmes? Yes
- Coaching programmes? Yes
- Employee-led diversity networks? Yes
- Internal women’s networking groups? Yes
- Open to discussing flexible work arrangements at interview stage? Yes