Investments Business Partnering Actuary

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.

At PIC, we are recruiting for an Investments Business Partnering Actuary to join our Business Partnering team within our Finance department. This role provides actuarial insight and analysis to support the effective management of PIC's Matching Adjustment portfolio and capital position. Working closely with colleagues across Finance, Investments and Risk, you will assess asset eligibility, support the evaluation of new investment opportunities by analysing their Matching Adjustment, capital and regulatory implications, and provide clear recommendations to senior stakeholders. The role offers the opportunity to influence key business decisions, contribute to regulatory compliance, and support the ongoing optimisation of PIC's balance sheet.

Specific accountabilities assigned to the role:

• Conducts thorough assessment of the Matching Adjustment eligibility of assets and articulates and documents the outcomes to ensure PIC’s adherence to the applicable regulations and PIC’s Matching Adjustment permissions.
• Support new asset opportunities ensuring that the risks are fully understood.
• Responsible for the successful delivery of analysis of, and recommendations for, any additional Fundamental Spread, under the new Solvency regime.
• Prepare appropriate reports, reflective of the intended audience, that demonstrate sound analysis and recommendations on the above topics to support Capital Resources Committee (which oversees the management of PIC’s Matching Adjustment Fund) and the CFO in discharging their responsibilities.
• Effectively collaborates as an asset eligibility subject matter expert within the Finance team across the business, in particular with Investments and Risk colleagues and also with other finance teams e.g. Reporting and Forecasting, to provide timely support, information and impacts of trades, new assets, hedging, and other risk management activities.
• Support other areas of Investment Business Partnering on topics such as validation of impacts of asset and liability transfers into and out of the MA fund, production and review of Hedge Effectiveness MI and production and analysis of strategic liquidity metrics.
• 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 the wider Finance department.
• Keeps informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to actuarial techniques and the wider pension risk transfer market by attending industry seminars, reading and sharing relevant published articles.

Requirements

Knowledge:

• Good technical knowledge of the UK Solvency regime, particularly the Matching Adjustment.
• Established knowledge of actuarial modelling and analysis techniques as applied to UK life insurers.
• Familiarity with regulatory developments relating to the UK solvency regime and their application to UK life insurance investments.

Skills:

• Strong organisational skills.
• Strong written and verbal communication skills, including drafting papers and opinions.
• Ability to succinctly articulate key findings from financial and data analysis to a range of audiences.
• Ability to prioritise and organise work effectively to meet deadlines.
• Good working knowledge of Microsoft Excel, PowerPoint and Word; experience with programming languages would be advantageous.

Experience:

• Most likely a nearly qualified or newly qualified actuary with the Institute and Faculty of Actuaries (or equivalent professional body), or a non-actuary with a comparable finance-related background.
• Experience building and maintaining effective relationships across multiple disciplines and teams.
• Experience conducting financial and/or data analysis and presenting findings to stakeholders.
• Experience interacting with, or responding to requests from, prudential regulators.

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.