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 Senior Risk Actuary to join its Risk department's Actuarial Assurance Function on a 9 month Fixed Term Contract basis. In this role, you will provide primary support to the Head of Risk Modelling & Validation maintaining and overseeing PIC’s model risk management framework.

You will further provide wider support to the Head of Risk Modelling & Validation, the Head of Actuarial Assurance and the Head of Transaction Risk on the oversight of PIC’s reporting, capital, reinsurance, underwriting, hedging and liquidity risks.

Specific accountabilities assigned to the role of Senior Risk Actuary within the Risk function:

• Provide primary support to the Head of Risk Modelling & Validation maintaining and overseeing PIC’s model risk management framework, particularly in relation to:

1. leading updates to the framework to reflect emerging regulations and best practices
2. engaging the business on the application of the framework and model risk management practices producing and reporting model risk MI
3. leading the validation of the design, development, implementation, testing, documentation, governance, approval and performance of the Internal Model, including its supporting infrastructure
4. leading wider model risk management reviews and model deep-dives

• Provide wider support to the Head of Risk Modelling & Validation, the Head of Actuarial Assurance and the Head of Transaction Risk (as applicable), such as:

1. reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates
2. providing 2nd line risk oversight of core areas such as new business pricing, hedging, liquidity and collateral management
3. reviewing analyses supporting experience analyses and assumption setting
4. leading and reporting on deep dive reviews, e.g. reporting processes, experience analyses, data quality
5. leading ad-hoc investigations into emerging issues within areas of responsibility

• Support planning and co-ordination of annual cycle of line 2 review work, within areas of responsibility
• Provide close and effective engagement with Finance, Investment, Operation and the Internal Assurance Functions
• Provide oversight of junior members of the Actuarial Assurance Function, within areas of responsibility
• From time to time, deputise for the Head of Model Risk and Validation, Head of Actuarial Assurance, Head of Transaction Risk and Actuarial Function Holder at management level committee meetings, within areas of responsibility.

Requirements

Experience:

• Qualified actuary with post-qualified experience
• Good experience working in a technical actuarial role, preferably related to annuities
• Experience of liaising and interacting with senior individuals and presenting to management committees
• Experience working within or closely with an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit

Skills:

• Strong general actuarial skills, preferable related to bulk annuities
• Strong written and oral communication skills, with ability to communicate complex actuarial information to senior individuals and management committees
• Able to influence upwards with credible independent opinions
• Able to plan and complete end-to-end tasks independently
• Able to utilise available information to maintain an understanding of developing practices across the market

Knowledge:

• Excellent technical knowledge of the actuarial and financial risks associated with UK bulk annuities
• Excellent knowledge of the relevant legal, regulatory and industry requirements
• Excellent knowledge of the Solvency II balance sheet, including the asset and liability requirements for managing matching adjustment funds
• Excellent knowledge of data, models and systems as applied to actuarial work
• Excellent knowledge of relevant business processes, standards, policies and procedures

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 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.