Senior Actuary - 12 month fixed term contract

Pension Insurance Corporation; Greater London; Hybrid; GBP 65,000 - 90,000; Full time

Benefits offered by this job

Private medical insurance

28 days annual leave

Generous pension scheme

Travel Insurance

Critical Illness cover

Life Assurance

Income protection

Job summary

Pension Insurance Corporation in London is seeking a qualified actuary to join the Origination team, guiding pricing and onboarding of new BPA and reinsurance transactions.

You will ensure pricing reflects risks and balance sheet implications, and you will collaborate with Actuarial, Risk, Legal and Operations to deliver compliant, efficient deals.

The role emphasizes strong stakeholder management and deep knowledge of the UK life insurance and pension markets.

Qualifications

• IfoA qualification or equivalent professional credential.
• Strong knowledge of Solvency II and IFRS 17.
• Experience in life insurance, pensions, and BPA markets.
• Excellent stakeholder management and analytical skills.

Responsibilities

• Assess MA eligibility for new BPA and reinsurance transactions, supporting appropriate deal structuring to ensure compliance.
• Review and challenge new business pricing, ensuring it is competitive, reflects underlying risks and is appropriate for PIC’s balance sheet.
• Assess and communicate the balance sheet impact of prospective transactions and support the effective onboarding of new business.
• Partner closely with Origination, Actuarial, Risk, Legal and Operations to support the successful delivery of new BPA and reinsurance transactions.
• Drive improvements to pricing, business partnering and MA processes, enhancing commerciality, efficiency and risk management.

Skills

IFoA qualification

Solvency II

IFRS 17

Actuarial modelling

Pensions market knowledge

Stakeholder management

Pricing experience

Job description

Role purpose

You will work closely with the Origination team in supporting the successful pricing and onboarding of new business.

Help ensure that pricing is competitive, aligned with the business plan, appropriate for the balance sheet and reflective of the underlying risks. You will also support the end-to-end onboarding of new transactions, ensuring that balance sheet impacts, unusual deal features and downstream implications are understood and communicated effectively.

A further key focus will be ensuring that liabilities and reinsurance within the Matching Adjustment (MA) portfolio meet eligibility requirements, with any ineligible elements appropriately reflected through deal structuring.

Key Responsibilities & Accountabilities

• Assess Matching Adjustment (MA) eligibility for new BPA and reinsurance transactions, supporting appropriate deal structuring to ensure compliance.
• Review and challenge new business pricing, ensuring it is competitive, reflects underlying risks and is appropriate for PIC’s balance sheet.
• Assess and communicate the balance sheet impact of prospective transactions and support the effective onboarding of new business.
• Partner closely with Origination, Actuarial, Risk, Legal and Operations to support the successful delivery of new BPA and reinsurance transactions.
• Drive improvements to pricing, business partnering and MA processes, enhancing commerciality, efficiency and risk management.

Key skills and experience

Ideally, you will have experience working within a regulated financial services environment and an understanding of the FCA and PRA regulatory frameworks.

Technical Attributes

• Qualified Actuary with the Institute and Faculty of Actuaries (IFoA), or an equivalent professional qualification.
• Strong technical understanding of UK life insurance balance sheets, including Solvency II and IFRS 17, together with established actuarial modelling and analytical skills.
• Good knowledge of the UK DB pensions and Bulk Purchase Annuity (BPA) market, including the Matching Adjustment and relevant regulatory requirements.
• Experience within life insurance or pensions, ideally gained in a commercially focused, pricing or new business environment.
• Strong relationship-building skills, with experience working collaboratively across multidisciplinary teams.

Personal Attributes

• Strong communication and influencing skills, with the ability to build effective relationships across a range of stakeholders.
• Excellent numerical and analytical capability, with the confidence to assess, challenge and evaluate new or complex concepts.
• Strong commercial judgement, balancing commercial opportunities with risk and regulatory considerations.
• Highly organised and delivery-focused, with the ability to prioritise effectively and meet deadlines in a fast-paced environment.

DE&I at PIC

At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we’re proud of our progress, we recognise there’s work ahead, and we remain dedicated to listening, learning and evolving together.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll have access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme, insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection, and much more.