Annuity ALM Specialist

mgpru; Stirling; Hybrid; GBP 70,000 - 110,000; Full time

Benefits offered by this job

Flexible working

Supportive team

Job summary

M&G plc is seeking a skilled actuarial professional to support the Annuity ALM and AMV teams. You will contribute to valuing liabilities under Solvency UK, UK GAAP and IFRS 17, and help shape capital and risk adjustments.

Working with internal stakeholders and external bodies such as the PRA, you will develop asset strategies, maintain MA compliance, and support new business, BPA+ development, and innovative pension solutions while upholding governance and controls.

Qualifications

• Delivers high-quality technical and analytical work with sound judgement.
• Takes ownership of allocated work and delivers outcomes independently.
• Applies judgement to evaluate potential solutions, considering customer outcomes and risk.
• Builds effective relationships across the business and communicates complex matters clearly.

Responsibilities

• Delivers high-quality technical and analytical work in AMV and MA contexts.
• Takes ownership of allocated work and outcomes with appropriate support.
• Applies judgement to evaluate potential solutions, considering risk and value.
• Builds relationships across functions and communicates complex matters clearly.
• Contributes to improving strategy, processes and governance for MA and ALM.
• Supports design and development of new annuity products and asset strategies.

Skills

Technical analysis

Stakeholder management

Independent working

Strategic thinking

Problem solving

Job description

At M&G, our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and offer workplace adjustments to ensure you have the support you need to succeed in your role.

The Role:

The Actuarial Valuation and Modelling (AMV) team are the experts in the Group for:

• the valuation of insurance entity liabilities for the regulatory and statutory metrics of Solvency UK, UK GAAP and IFRS 17; and
• determining required capital and IFRS risk adjustment for plc, PAC and PPL for regulatory reporting, including stress and scenario testing to support decision-making such as asset strategy.

The Annuity Asset Liability Management (ALM) team within AMV are responsible for the underlying compliance and strategic plans for the Matching Adjustment (MA) portfolios, which provide significant benefit to the PAC balance sheet. As well as the control aspects of the work, the team supports the design and development of new products and asset strategies, ensuring that these fully consider and adhere to MA rules and regulations. Furthermore, we are a trusted source of expertise , helping M&G plc to better understand, control and optimise the shareholder balance sheet to deliver improved shareholder outcomes. We apply our expertise and analysis to improve understanding and deliver solutions.

As well as working closely with other teams in AMV, we work with a range of internal and external stakeholders to develop and apply business solutions relating to Annuity ALM . Within M&G these include Pensions Risk Transfer, the Life Investment Office, Risk, the Chief Actuary 's team and Finance Strategy . External stakeholders include the PRA, investment banks and consultants .

Key Work Level Accountabilities:

• Delivers high-quality technical and analytical work, using relevant specialist knowledge and sound judgement.
• Takes ownership of allocated work and outcomes, working independently with appropriate support and guidance.
• Applies judgement to evaluate potential solutions, considering customer outcomes, commercial value, cost and risk.
• Builds effective relationships across the business, communicates complex matters clearly and provides constructive challenge where appropriate .
• Identifies opportunities to improve strategy, processes, controls and the quality and efficiency of outputs.
• Contributes proactively in areas where approaches and processes are still developing, using initiative to move work forward and gaining stakeholder support.

The role will support a wide range of activities in shaping and driving forward the Annuity ALM approach:

• Portfolio insight and decision-making - Developing a comprehensive understanding of the assets underpinning the annuity business and working with the Life Investment Office to support investment decisions and portfolio strategy. The successful candidate will be expected deliver high-quality analysis, insight and challenge across areas such as trading, optimisation and portfolio management, helping ensure decisions are supported by robust management information and a clear understanding of their impact on the wider business.
• Compliance and controls - Supporting the Head of Annuity ALM in maintaining MA compliance , through the operation, maintenance and enhancement of the MA process . Including controls, documentation and MI. Supporting the development of the annuity new business and asset strateg ies within the permissions, constraints and governance applying to the portfolios.
• New business and innovation - Supporting the Pensions Risk Transfer team to deliver new business ambitions and develop innovative propositions, including providing insight into current MA approvals and contributing to projects to vary MA permissions with the PRA where required .
• Asset strategy - Helping shape the asset strategy for the annuity business, taking account of the constraints and opportunities inherent in MA portfolios, capital and liquidity considerations, and the needs of a business open to new pension risk transfer opportunities.
• BPA+ development - Helping build the asset strategy, governance and controls required for the evolving requirements of BPA+, M&G's new and innovative with-profits BPA proposition, ensuring that investment, actuarial, regulatory and operational considerations are reflected in the developing framework.
• Emerging priorities - Responding to regulatory,