Head of Retail Annuity Pricing - M&G plc.

M&G plc.; City Of London; Hybrid; GBP 90,000 - 120,000; Full time

Job summary

A leading investment firm in the UK is seeking a Head of Retail Annuity Pricing to lead the pricing strategies and oversee the annuities team. This role involves defining pricing methodologies, ensuring competitiveness in the market, and guiding actuaries in a dynamic environment. Candidates should be qualified actuaries with significant experience in annuities and a customer-centric approach. Hybrid working options are available.

Benefits

Pension scheme with 18% total contributions

38 days annual leave

Comprehensive health and protection cover

Support for families with paid parental leave

Qualifications

• Deep understanding of UK life insurance products and concepts is essential.
• Excellent knowledge of annuity products and distribution methods.
• Significant experience with data and trend analysis.

Responsibilities

• Define appropriate pricing methodologies and processes.
• Develop and implement dynamic pricing process post launch.
• Liaise closely with product development and underwriting teams.
• Set and implement pricing strategy to meet commercial targets.
• Guide and develop a team of actuaries.

Skills

Stakeholder management skills

Analytical and problem-solving skills

Customer centric mindset

Communication skills

Leadership capability

Commercial acumen

Education

Qualified actuary

Job description

Head of Retail Annuity Pricing

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 also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

Location

The successful candidate will ideally be based in our Edinburgh office. We are also open to considering London or Stirling (Hybrid working).

M&G Life is a division of M&G and runs the Prudential Assurance Company and its subsidiaries. Individual Life & Pensions is the division of M&G Life responsible for the manufacture and management of individual insurance products within the UK and internationally.

We have a strong ambition to increase our share of the Fixed Term Annuity market and expand into Lifetime Annuities. We are recruiting a Head of Retail Annuity Pricing to take a key role in our growing annuity offering, and to lead the team responsible for the pricing of individual annuities.

This role represents a unique opportunity to play a key role in the launch of a new innovative annuity product, to design and implement a competitive and efficient pricing function, and to subsequently execute competitive pricing strategies for our individual annuity propositions whilst meeting the business's financial targets.

Key accountabilities for this role

• Define appropriate pricing methodologies and processes to support the lifetime annuity launch.
• Develop and implement an active pricing process to support dynamic & frequent repricing post launch to ensure continued competitiveness.
• Ensure detailed understanding of the current pricing dynamic & landscape for individual annuities.
• Liaise closely with the annuities product development team, the With-Profits development lead, and the underwriting team to ensure that the pricing is well aligned with all relevant features of the overall proposition.
• Set and implement the pricing strategy to consistently meet commercial, customer value for money and competitive position targets.
• Design & implement capability & processes required to monitor competitiveness, commercial and customer outcomes.
• Monitor economic factors (including asset yields) and competitor pricing activity.
• Guide and develop a team of actuaries to ensure professional growth and project success.

Knowledge

• Deep understanding of UK life insurance products and concepts is essential, with both technical and commercial knowledge of annuities.
• Excellent knowledge of annuity products, services and distribution methods.
• Thorough familiarity with regulatory requirements and compliance standards in the insurance industry.
• Significant experience with data and trend analysis and statistical techniques to develop compelling pricing strategies.

Skills and Experience

• Qualified actuary with significant experience of pricing retail annuity propositions (fixed term and lifetime annuities).
• Excellent stakeholder management skills and communication skills to effectively convey technical information to a wide variety of stakeholders.
• Customer centric mindset - a genuine passion for putting the customer at the heart of decision making and delivering high-quality customer outcomes.
• Commerciality - strong desire to 'win' in the highly competitive individual annuity market by offering market-leading rates whilst meeting business commercial targets.
• Proven ability to lead and collaborate with cross-functional teams, including finance, propositions, distribution, and product development.
• Strong analytical and problem-solving skills, with the ability to interpret complex data and make informed decisions.
• Self-starter, excellent under pressure, results focused - able to identify opportunities and take initiative and respond rapidly and flexibly to urgent priorities that arise on an ad-hoc basis.

Job Level

Manager Expert

Reports to

Director of Individual Annuities

What we offer

At M&G, we're committed to helping you thrive and supporting your wellbeing, both at work and beyond. Our benefits are designed to help you balance your professional and personal life, while planning confidently for your future. Our UK benefits include:

• As a savings and Investments firm we are proud to offer a valuable pension scheme of 18% , with 13% made up of Employer Contributions and 5% Employee Contributions . We also offer Share Save and our Share Incentive Plan , together with access to financial wellbeing and support services - to help give you real confidence to put your money to work.
• Enjoy 38 days annual leave including bank holidays, with the opportunity to purchase up to 5 extra days and additional flexibility through our Time Off When You Need It policy - to balance your work and personal commitments.
• Our market leading Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave - as supporting families is a core aspect of our inclusive culture.
• Health & Protection cover including Private Healthcare , Critical Illness cover and Life Assurance for you, with family options - for peace of mind.

To explore more about life at M&G and our full benefits offering, visit Life at M&G

We have a diverse workforce and an inclusive culture at M&G, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader , and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions.

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at : [e-mail]