Actuarial Assurance Actuary

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £68 billion of assets under management, we secure the pensions of more than one million people and pay out, on average, approximately £200 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury, the Civil Aviation Authority, the Co-Operative, Morrisons, Smiths Industries and Telent.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

 

Job title: Actuarial Assurance Actuary                

Reports to: Senior Lead Actuarial Assurance Actuary  

The team:

The Actuarial Assurance team was established in Rothesay in May 2021 and currently consists of the Head of Actuarial Assurance supported by the Senior Lead Actuarial Assurance Actuary and Actuarial Assurance Analyst. The team works with other teams within Rothesay to provide assurance on the quality and robustness of actuarial reporting, methodologies and assumptions, across different bases and purpose. The function sits in Line 1. The Head of Actuarial Assurance reports directly into the CFO and works closely with the Chief Capital Officer, Heads of Finance and Chief Actuary. The team has presence in a variety of committees within the business and the team’s remit has been growing over the years. The individual will report into the Senior Lead Actuarial Assurance Actuary, who is a qualified actuary with c.10 years PQE.

Job responsibilities:

The role of the Actuarial Assurance Actuary is to support the team in the scope agreed annually with the CFO, which could include the following areas (but not limited to):

• Review of actuarial models, methodologies and assumptions around the business – examples include:
  • New business pricing assumptions and modelling
  • Business planning model
  • ORSA methodology, assumptions and outputs
  • Deep dives over models used to support assumption changes
  • Support change initiatives over new accounting and reporting regulations and standards
  • Support the Chief Actuary team
    
    

• Review of internal and external actuarial reporting:
  • Provide assurance over the quality of internal and external actuarial reporting across all bases and assist with improvements. This involves working closely with the Capital Actuarial, Finance and assumptions teams, along with coordinated activity with the Chief Actuary and his team. The scope of reporting includes:
    • IFRS report and accounts
    • MCEV
    • Solvency II results and disclosures
    • US GAAP
    • Management information
  • Produce the Actuarial Investigation report, summarising the assurance activities carried out and resulting findings/recommendations
  • Support the Capital Actuarial team in communicating with, and responding to, the external auditors and the Chief Actuary

 

• Oversight of methodology and assumption setting, including:
  • Review of methodology and assumption changes through deep dives of underlying models used
  • Produce actuarial methodology and assumptions report for the Audit Committee and Board
  • Be a point of contact for the other teams involved in assumption setting
  • Where needed, support teams with the production of assumptions (e.g. expense assumptions)

 

Skills and experience required:

• A qualified actuary with at least 5 years’ experience in the UK life insurance market. Please ensure product experience is included in the CV or cover letter.
• Experience in annuities or reporting working in Solvency II and/or IFRS17 are preferred. Breadth of experience in other areas could be desirable.
• Proven experience in a review / checking role with the ability to demonstrate technical skepticism and logic.
• Confident in communicating and sharing opinions with a wide peer group.

 

Rothesay Competencies

• Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills
• Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
• Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
• Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations

 

 

Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level.  The role shall be performed within a professional office environment. Rothesay has health and safety polices that are available for all workers upon request.  There are no specific health risks associated with the role.

Inclusion Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.

The collection of applicant diversity data allows Rothesay to map and gain insights into the impact of our DEI strategy for talent attraction. This data is anonymised and is not analysed against individual applications. By requesting mapping our applicants’ demographic profiles, we can identify the under-represented groups. This enables us to identify any barriers to increasing our diversity and take action.