Actuarial Manager – Pension Risk Transfer Pricing

Legal & General (L&G) is a leading UK financial services group and major global investor. 

We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders. 

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. 

L&G Institutional Retirement 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 business is the UK’s longest-serving active bulk annuity provider.

Who we are 

Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. 

Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us.

We’re looking for an Actuarial Manager to join our award-winning Pension Risk Transfer (PRT) Pricing & Execution team.

As an Actuarial Manager, you’ll collaborate with talented colleagues across the team to drive high‑quality pricing delivery, whilst also supporting trustees and advisers as they navigate complex defined benefit transactions. You will also utilise your pensions expertise to help shape innovative de‑risking solutions that make a real impact.

This is an exciting opportunity to influence outcomes, develop others, and proactively contribute to a growing and ambitious area of the business.

If you’re a qualified actuary with strong Defined Benefit pensions experience, gained at either at another de-risking provider or at a Pension Consultancy – we’d love to hear from you.

What you'll be doing:

• Leading on the production of bulk annuity and longevity quotations
• Delegating work effectively to actuarial analysts/senior analysts and providing high‑quality peer review
• Developing tailored responses to quotation requests, ensuring clarity and customer focus
• Working collaboratively with consultants to understand scheme requirements and propose creative solutions
• Optimising pricing by applying expert knowledge of capital and pricing models and proposing non‑standard assumptions
• Producing clear and transparent governance documentation in line with pricing models and procedures
• Embedding robust governance, conduct risk and Consumer Duty principles throughout the pricing process
• Supporting, developing and motivating colleagues while acting as a positive role model

Who we're looking for:

• Qualified actuary with strong technical defined benefit pensions knowledge (we would also consider applications from Nearly Qualified candidates also)
• Experience working within pensions consultancy or pension de‑risking environment
• Strong understanding of defined benefit schemes and/or pricing and capital modelling
• Ability to design and implement innovative, non‑standard solutions to new challenges
• Confident communicator with the ability to present information clearly and persuasively
• Proven ability to supervise, delegate and support actuarial students
• Strong project management and time‑management skills, with experience delivering to tight deadlines
• Collaborative working style and a commitment to delivering good customer outcomes

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
• The opportunity to participate in our annual, performance -related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Healthcare Plan
• 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
• We’re creating net‑zero carbon workplaces by 2030 by investing in our sustainable, modern offices across the UK, all designed to bring people together and elevate the in‑person experience

At L&G, we believe it's possible to generate positive returns today while helping to build a better future for all. 

If you join us, you’ll be part of a welcoming, inclusive 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 care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time, term-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can. 

It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.