Defined Benefit Pensions - Calculations Actuary

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 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.

Due to continued growth in our award-winning Pension Risk Transfer business we are seeking a number of Qualified Pensions Actuaries to join our PRT Client Services function as a Calculations Manager.

As a Calculations Manager your main responsibility will be to provide subject matter expertise and support to the team in relation to manual calculations, complex benefit structures and any other technical aspects which are pivotal in ensuring the smooth administration and ongoing management of our Defined Benefit Pension schemes.

This role would be ideal for someone with demonstrable technical DB pensions experience, but who is also a strong communicator and enjoys working as part of a high-functioning team who deliver great outcomes for our customers every day.

This is a hybrid working opportunity which means you can split your working week between your home and our Glasgow offices to find a work/life balance that works for you.

What you'll be doing:

• Taking responsibility for checking individual Defined Benefits quotations and non-standard communications, to ensure that we are providing an efficient administration and claims service
• Utilising your technical expertise and knowledge to lead on projects/initiatives and process improvement work
• Leading on and facilitating additional activities such as valuations, data updates, and bulk transfers as required
• Acting as an SME & technical expert for the team by managing the end-to-end onboarding process of new DB Pension schemes
• Supporting the ongoing growth of our PRT business by creating efficient, effective & compliant processes and ensuring that we have robust solutions that deliver reliable, repeatable outcomes for our customers
• Producing and analysing regular MI to ensure the quality of our customer outcomes
• Supporting the Team Manager with the development of the wider Calculations Team through the provision of training and guidance

Who we're looking for:

• A Qualified Pensions Actuary with demonstrable experience/Knowledge of DB Pension Schemes

• A detailed understanding of Defined Benefit Pension schemes (including understanding the way benefits are structured and administered in Defined Benefit schemes) and the related legislation
• Excellent customer orientation, including the ability to maintain effective relationships with both internal and external customers

• Ability to prioritise own workload whilst also ensuring that the needs of the wider team and business area are also met. This will include the ability to plan realistically and organise across both project and BAU deliverables to ensure deadlines are met
• A strong understanding of the potential risks the calculations team faces and actively taking steps to reduce and mitigate these potential risks
• Excellent communication skills (both written and verbal), including the ability to positively influence stakeholders and customers
• Ability to provide an accurate and cost-effective service by “getting it right first time” and actively supporting/training others within the team to reach the same level
• Proven ability to deliver solutions to technical and business problems

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 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

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.