Rothesay is a UK insurance company purpose built to protect pensions. We are the largest specialist pension insurer in the UK, managing over £60bn of assets and securing pensions for over 800,000 people. We secure pensions for over 170 pension schemes and insurers including British Airways, Post Office, ASDA, National Grid and Aegon.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

 

Job title:            Pricing Actuary 

Reports to:        Head of Pricing         

Contract:           Permanent   

 

Responsibilities: 

Key activities include

  • Modelling scheme benefits in Rothesay’s proprietary valuation system, based on:
    • benefit specifications provided by EBCs
    • Trust Deed & Rules
    • member data
  • Communicating complicated technical issues to senior colleagues, including non-actuaries
  • Liaising with EBCs to clarify data and benefit features
  • Applying experience and professional judgement to identify significant risks to Rothesay, relating to new deals
  • Interacting with external legal counsel to analyse the legal benefit risks of pension schemes
  • Analysing the socio-demographic profiles of pensions scheme populations
  • Ensuring the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of the various actuarial balances
  • Producing projected deal economics, including UKGAAP PNL and IRR
  • Producing materials for deal approvals processes
  • Reviewing transaction documentation
  • Expressing an opinion on the overall underwriting policy
  • Expressing an opinion on new business opportunities
  • Advising and monitoring the risks to which Rothesay is exposed
  • Carry out detailed due diligence on potential transactions including, from time to time, from client sites.

 

Skills & Experience

  • Part-qualified actuary with 1 to 4 years of experience.
  • Knowledge of the main features of DB pension benefits including GMP, Barber, revaluation and anti-franking.
  • Significant relevant insurance/pensions experience
  • Strong verbal and written communication skills. The successful candidate will need to be able to confidently express their own viewpoint and to communicate clearly and succinctly financial results and complex actuarial issues.
  • Ability to make decisions, make things happen and overcome obstacles based upon well-developed analytical skills.
  • Self-motivated, organised and able to progress multiple tasks with a high degree of accuracy and working to strict deadlines.
  • Possess a degree from a leading university in a relevant subject and/or have some relevant industry qualifications
  • Strong understanding of risk management and control principles
  • Strong Excel Skills Accuracy and absolute attention to detail
  • Ability to be able to analyse complex problems and summarise key operational controls required to risk mange the function
  • Ability to manage multiple tasks and stay focused on the operational risks

 

Competencies

  • Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills
  • Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
  • Client and Business Focus - Effectively handles difficult requests, builds trusting, long-term relationships with clients and service providers, helps the client to identify/define needs and manages client/business expectations
  • Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
  • Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
  • Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues
  • Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value

Inclusion

Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.

Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level.  The role shall be performed within a professional office environment. Rothesay has health and safety polices that are available for all workers upon request.  There are no specific health risks associated with the role.

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