Senior Actuarial Analyst (Business Planning and Forecasting)
PIC, United Kingdom
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. At yearend 2022, PIC had insured 302,200 pension scheme members and had 41 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes.
We are recruiting for a Senior Actuarial Analyst to join our Finance department through our Actuarial Rotation programme in which you will be supported through to qualification with the Institute and Faculty of Actuaries (IFoA).
You will firstly join our Business Planning amp; Forecasting team, which is responsible for delivering the business plan and weekly solvency estimate to allow Senior Management to make timely and informed decisions around the management and optimisation of PIC's balance sheet. The team works closely with PIC’s Strategy team as well as Business Partnering and liaises directly with other functions such as Investments and Origination.
Your responsibilities will include:
- Assist the preparation of and the maintaining the weekly Solvency Monitoring tool
- Support in the preparation of regular forecasts for PIC’s senior management and shareholders
- Support production of the half-yearly business plan
- Address ad-hoc queries from senior actuaries and other teams
In the future, you will then rotate into another team within the Finance department. These teams are:
Actuarial Reporting:
Ensures that the monthly and semi-annual actuarial reporting is prepared in a timely and accurate manner and that these are appropriately analysed, explained, and communicated both within PIC, and externally. Provides support for ad hoc actuarial investigations and projects as necessary.
Automation and Insight:
Contributes to the overall success of the business by ensuring processes are efficient, operate as intended and allow management to make decisions on clear and actionable insights. Acts as a support function by focusing on the removal of manual and labour-intensive steps in the reporting process, replacing these with more suitable technologies.
Financial Actuarial and Capital:
Enhances PIC’s assumptions and capital framework. Key responsibilities are the management and development of the statistical model used to understand the risks faced by PIC and how they impact PIC’s balance sheet (the Internal Model, or IM), and the management and oversight for reserving/ valuation assumptions and judgements.
Actuarial Modelling and Data:
Maintains and develops the principal actuarial projection and valuation model and supports other PIC staff in the understanding and efficient use of the liability modelling systems. Manages the modelling of new business and new reinsurance treaties, validations, the delivery of updates to policy data for financial reporting, actuarial support for related projects, and the support for wider projects through data analytics.
Business Partnering:
Works closely with the front office (Investment and Origination team) to produce or validate analysis of the financial implications of asset trades/transfers and understanding the features and balance sheet impacts of potential new business. The team also plays an important role in Matching Adjustment (MA) compliance, which gives PIC relief for holding certain long-term assets that match the cash flows of its obligations, to ensure PIC operates the MA Fund in line with PIC’s MA Application and PRA regulatory requirements.
Requirements
Essential:
- Demonstrated ability to make progress with the actuarial exams towards Fellowship of the Institute amp; Faculty of Actuaries.
- Strong numerical and analytical skills, in particular, analysis and investigation of financial results from actuarial models
- Good communication skills, in particular, the ability to convey messages behind financial impacts to senior actuaries and other management
- Excel skills to advanced level
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’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.
As a student actuary, you will receive full study support to qualify with the Institute and Faculty of Actuaries (IFoA). This role also offers hybrid working, and we are open to discussing flexible working arrangements