Defined Benefit - Actuarial Services Manager

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 a Defined Benefit - Actuarial Services Manager to join our Award-Winning Pension Risk Transfer business.

In this role you will support the development and ongoing improvement of our key in-house systems for pensions administration, retirement calculations and payments.

This is a great opportunity for someone who enjoys the detail of defined benefit pensions, actuarial calculations and systems development. You do not need to be a hands-on developer, but you will need to be comfortable working close to system design, calculation specifications and technical delivery teams.

You’ll be tasked with helping translate complex pension scheme benefits into clear, robust logic that developers can build from, while working with actuarial, technology and client services colleagues to make sure our systems are accurate, secure and fit for purpose.

This is a hybrid working opportunity, which will allow you to work flexibly between your home and the office, to help you find a work-life balance that works for you.

What you'll be doing:

• Translating defined benefit pension scheme rules into detailed system and calculation specifications
• Supporting the development and release of changes to integrated calculation systems, applications and supporting services
• Working with developers and technical partners to explain calculation logic and expected system behaviours
• Reviewing system outputs and testing results to make sure calculations are accurate and fit for purpose
• Applying actuarial judgement to complex pensions, systems and testing queries
• Collaborating with stakeholders across Institutional Retirement, Group IT and operational teams
• Identifying opportunities to improve processes, controls, documentation and customer outcomes
• Supporting operational readiness for system changes, releases and wider business needs

Who we're looking for:

• Qualified actuary or strong actuarial systems/development experience
• Strong knowledge of defined benefit pensions, including scheme benefits and calculation rules
• Experience interpreting pension scheme requirements and turning them into clear technical or calculation specifications
• Confidence working with complex integrated systems, including calculation engines, databases, web-based applications and connected services
• Strong analytical judgement, attention to detail and problem-solving ability
• Ability to work autonomously while collaborating well with technical and non-technical stakeholders
• Understanding of testing, change delivery, Agile, Lean or business analysis principles
• Familiarity with Java, SQL or similar languages would be advantageous although hands on development experience is not required

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:

• 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 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 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.