Head of GMP Equalisation

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 experienced Pensions Actuary to join our Award-Winning Pension Risk Transfer Division as Head of GMP Equalisation.

In this newly created role, you will leverage your technical Defined Benefit Pensions expertise to lead our approach to GMP Equalisation. You will ensure that member benefits are delivered accurately, fairly and transparently, whilst also establishing clear policies, robust methodologies and effective governance.

You will work with colleagues across pricing, administration, technology and new business teams to provide clarity and guidance on a technically complex element of DB Pensions.

Whilst direct line-management responsibility is not part of the role requirements, you may over time become the technical lead of a small team who are responsible for the governance of our GMP Equalisation methodologies and assumptions.

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:

• Owning and developing our policy and methodology for GMP equalisation
• Maintaining clear documentation, governance and controls across relevant actuarial approaches
• Specifying, testing and signing off developments to GMP equalisation systems and tools
• Ensuring compliance with applicable legislation, case law, tax guidance and industry guidance
• Overseeing GMP equalisation models in line with end-user computing standards
• Partnering with New Business PRT colleagues to develop and communicate our proposition
• Supporting engagement with consultants, trustees and pension scheme sponsors
• Providing accessible training and technical guidance to actuarial and non-actuarial colleagues

Who we're looking for:

• Typically, a Fellow of the Institute and Faculty of Actuaries, with relevant post-qualification experience
• Extensive knowledge of Defined Benefit Pension Schemes
• Significant experience advising DB Schemes on all aspects of GMP Equalisation
• Strong understanding of the relevant legal, regulatory and industry-guidance environment
• Experience leading complex, multidisciplinary projects or programmes
• Evidence of improving processes, controls or technical approaches
• Strong judgement, strategic thinking and decision-making skills
• A clear, inclusive communication style, with the ability to influence technical and non-technical stakeholders alike

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
• 30 days holiday, plus public holidays.
• 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.