Actuarial Manager

Legal & General looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement division provides pension risk transfer (PRT) solutions for UK and US defined benefit (DB) schemes, and reinsurance solutions from our global hub in Bermuda. We work with companies, DB pension schemes and their advisors to help them secure and protect scheme members’ retirement benefits.

Joining us means you’ll support customers’ financial security in retirement; help companies to settle their pension liabilities and focus on growing their businesses; and enable investment for the long term to back our pension promises.

We’re recruiting for an Actuarial Manager to join our multi award-winning Pension Risk Transfer business. We’re offering a competitive base salary, plus a 12% car allowance and a host of other great benefits. 

As an Actuarial Manager you will be leading on the production of quotations for pension scheme de-risking activity. It will be your job to effectively delegate work to more junior team members as well develop and implement innovative pension scheme de-risking solutions with the support of Directors.

This is a hybrid working opportunity based from our London Offices, which means you will be able to split your working week between your home and the office to find a work-life balance that works for you.

What you'll be doing:

• Supporting the Directors in providing bulk annuity and longevity quotes to pension schemes in the most efficient manner possible. Which will include providing peer review and sign off of quotations produced by the Pricing & Execution Team.
• Producing the first draft of the response to “requests for quotations”: ensuring that they are always tailored to the particular client and are clear and persuasive.
• Working collaboratively with Pensions Consultants to truly understand the target scheme, including any particular requirements in terms of insurer responses or insurer selection. Then working creatively throughout the quotation process to provide innovative solutions to both clients and the market that meet the customers’ needs.
• Being seen as an expert in the capital and pricing models used, so that we can optimise these when pricing for schemes.  This expertise will also allow for the ability to propose non-standard assumptions to match the dynamics of a particular scheme.
• Producing complete, succinct and transparent governance documentation to support quotations. Ensuring that all quotes are produced with the highest level of accuracy and in line with Legal & General’s pricing model.
• Ensuring that the highest level of support is provided by team members to Directors, Consultants and Trustees at all times, including personally assisting Directors with their portfolio of relationships with consultants.
• Ensuring that the Pricing & Execution Team works in line with all relevant processes and procedures so that quality and governance remains of paramount importance throughout the quotes process. You will also ensure that the principles of Conduct Risk are embedded into day-to-day operations of the team to allow the delivery of good customer outcomes at all times and that all business processes and internal controls within the role are designed and performed in a way that demonstrates effective management of Conduct Risk.
• Ensuring that new business transactions are effectively handed over to the Technical Services Team upon completion.
• Managing, motivating and developing junior employees by acting as a role model and effectively delegating work to the team, with an emphasis on promoting the knowledge and career development of other team members.

Who we're looking for:

• Qualified Actuary (under the IFoA or equivalent)
• Previous relevant experience working in a consultancy environment, for a life insurer or for another de-risking provider is essential.
• Extensive knowledge of Defined Benefit Pension Schemes or pricing and capital modelling is essential.
• Previous experience of adapting to new projects or situations, including the development and implementation of new, non-standard and innovative solutions.
• Strong sales experience and/or presentation skills.
• A track record of effective delegation and supervision of complex tasks.
• Exceptional project & time management skills with a track record of leading on complex projects within short timescales.

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
• Life assurance   
• Private medical insurance 
• 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.