In-Force Management

Rothesay Graduates; Greater London; On-site; GBP 70,000 - 110,000; Full time

Job summary

Rothesay seeks an experienced pensions actuarial professional for In-Force Management and Scheme Transition work in London. The role involves reviewing data, resolving issues with transition teams, calculating adjustments, and coordinating with RL third party administrators and in-house teams to set up scheme databases and update modelling.

Key tasks include data cleansing, GMP equalisation, longevity swap data updates, and ad-hoc projects with pricing and reinsurance.

Qualifications

• Experienced pensions actuarial work
• Actuarial qualification desirable but not mandatory
• Mature decision-maker with strong analytical skills
• Attention to detail and ability to manage big projects

Responsibilities

• Review data from pension scheme and work with transition team to resolve issues
• Ensure compliance with data cleansing contractual requirements
• Calculate premium adjustment where applicable
• Set up scheme database and coding of calculation routines
• Update modelling and RL valuation system for data from administrators
• Explain value movements from data or modelling updates
• Monitor monthly updates to ensure accurate modelling and administration
• Provide input to production of Individual Policy documents with accurate benefit descriptions
• Construct updated data files for reinsurers to reflect cleansed data
• Update fixed cashflows under longevity swap to reflect new data
• Explain moves in value and reconcile with data changes
• Check GMP equalisation implementation and ongoing calculations
• Participate in ad-hoc projects with pricing & reinsurance teams
• Validate individual records and conduct independent reviews of trade bookings
• Ensure compliance with contractual requirements and due diligence on new deals

Skills

Actuarial experience

Mature decision-maker

Problem solving

Detail oriented

Self-motivated

Project management

Efficiency improvement

Education

Actuarial qualification

Job description

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £69 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately £350 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury’s, the Civil Aviation Authority, the Co-Operative Group, National Grid, NatWest, Morrisons and Telent.

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: In-Force Management

Scheme Transition work

• Review data from pension scheme
• Work with the transition team and the pension scheme advisers to resolve any issues or queries
• Ensure compliance with contractual requirements for data cleansing actions
• Where relevant, calculate premium adjustment, in line with approach set out in the contract
• Work with RL third party administrators and in-house teams (as applicable) to set up scheme database, including coding of calculation routines and payroll reconciliations
• Set up RL valuation system to receive data from administrators and update modelling
• Explain the move in value as a result of data or modelling updates
• Work with pricing team to understand any benefit and/or data complications
• Monitor monthly updates, to ensure accurate modelling and administration
• Provide input to transition team in production of Individual Policy documents, ensuring proper benefit descriptions

Longevity swap data cleanse

• Construct updated data files for the reinsurers to reflect cleansed data
• Update the fixed cashflows underling the longevity swap to reflect the new data
• Explain the move in value between the old and new fixed cashflows, reconciling to data changes
• Ensure compliance with contractual requirements for data cleansing actions
• Update trade bookings and explain any moves in value

GMP equalisation

• Check implementation of GMP equalisation as calculated by the pension scheme
• Manage implementation of ongoing calculations with administrator

Ad-hoc

• Work on projects with pricing & reinsurance team, relating to backbook liability and reinsurance deals
• Validating individual records and data
• Independent reviews of trade bookings (liability and reinsurance)
• Complying with and checking adherence to contractual requirements
• Due diligence exercises in relation to new deals or backbook deals proceeding to buyout
• Monitor and control reserve balances, ensuring continued appropriateness, and take actions to ensure accuracy
• Actuarial support for ad-hoc backbook initiatives such as option exercises

Individual calcs

• Implementing calculation routines on in-house systems
• Checking results of internally/externally produced calculations

** Skills & Experience**

• Experienced pensions actuarial work
• Actuarial qualification desirable but not mandatory
• Mature decision-maker
• Problem solver
• Eye for detail
• Happy to take on big projects
• Persistent
• Self-motivated
• Likes to improve efficiency

Rothesay 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
• 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
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others’ opinions and presents persuasive recommendations

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.

_ 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_