Actuarial Manager

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award-winning business. 

We’re recruiting for an Actuarial Manager to join our Retirement Division (LGRI). We’re offering a competitive salary ranging from circa £80,000 to circa £100,000 (depending on experience) plus a 12% car allowance and a host of other great benefits.

In this role you will be responsible for ensuring the actuarial review and testing of our new tool for calculating member options, including the design and review of the underlying actuarial factors. 

This will involve developing an independent actuarial testing and controls framework for a system in development. The role sits within the post-sale actuarial function of our Pension Risk Transfer (PRT) bulk annuity business, and also provides opportunities to give actuarial support to the wider PRT business.

What you'll be doing:

• Providing actuarial input into the design of the testing framework surrounding a new tool being developed to calculate member options
• Applying actuarial techniques to ensure the cost neutrality of all options, incorporating GMP equalisation
• Working closely with colleagues across PRT to agree timescales for the review of system developments – for example, to value new benefit structures or recognise legislative change
• Ensuring the highest standards of rigour and robustness are applied to ensure the accuracy of our automated systems in different circumstances 
• Conducting an annual review of the actuarial methods employed in the determination of actuarial factors
• Managing individuals tasked with assisting in the testing work under your governance and the annual review
• Ensuring the pricing of member options are designed to deliver fair value to customers
• Evaluating any material changes to assumptions that underpin member options to determine whether these should be reflected in changes to the pricing
• Regularly assessing the fair value of member options using appropriate measures and indicators to evidence that ongoing value is being provided to customers
• Ensuring the pricing of member options does not unduly make it hard for customers to assess value
• Identifying elements of pricing member options that could present a risk of foreseeable customer harm, including cohorts of customers at risk of not receiving fair value
• Following the appropriate governance procedures when implementing pricing changes

Who we're looking for:

• A qualified Life/Pensions Actuary
• Excellent knowledge of Defined Benefit pension schemes, and associated valuation techniques
• Strong experience in technical actuarial roles and / or system development
• The ability to work accurately with a high attention to detail
• Strong communication and interpersonal skills
• Strong time management skills and ability to work to tight deadlines to ensure project delivery
• Coding experience, ideally in C#, is preferred but not essential

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer: 

• Competitive Salary + 12% Car Allowance
• Generous pension contribution - L&G match any personal contributions up to 5% and provide a further contribution of 6%, increasing by 1% each April until a further 10% is provided on top of any matching contributions from April 2028
• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes  
• Life assurance   
• Private medical insurance
• Income protection
• 27 days holiday, plus public holidays. There’s also the option to buy and sell holiday 
• Competitive family leave 
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice 
• There are the many discounts we offer – both for our own products and at a range of high street stores and online  
• In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart 

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.