Pricing 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:           Pricing Actuary

 

Responsibilities:

• Modelling scheme benefits in Rothesay‘s proprietary valuation system, based on:
• benefit specifications provided by EBCs
• Trust Deed & Rules
• member data
• Communicating complicated technical issues to senior colleagues, including non-actuaries
• Liaising with EBCs to clarify data and benefit features
• Applying experience and professional judgement to identify significant risks to Rothesay, relating to new deals
• Interacting with external legal counsel to analyse the legal benefit risks of pension schemes
• Analysing the socio-demographic profiles of pensions scheme populations
• Ensuring the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of the various actuarial balances
• Producing projected deal economics, including UKGAAP PNL and IRR
• Producing materials for deal approvals processes
• Reviewing transaction documentation
• Expressing an opinion on the overall underwriting policy
• Expressing an opinion on new business opportunities
• Advising and monitoring the risks to which Rothesay is exposed

Experience:

• Part-qualified actuary, ideally including recent exposure to actuarial modelling within an EBC or life insurance company. 
• Knowledge of the main features of DB pension benefits including GMP, Barber, revaluation and anti-franking
• Relevant insurance/pensions experience
• Possess a degree from a leading university in a relevant subject and/or have some relevant industry qualifications
• Good understanding of risk management and control principles
• Strong Excel Skills (Macro/VBA experience)

 

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
• Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations
• 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. The successful candidate will need to be able to confidently express their own viewpoint and to communicate clearly and succinctly financial results and complex actuarial issues to actuaries and non-actuaries.
• 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.