Senior Benefits Calculations Consultant

LCP; Greater London; Hybrid; GBP 70,000 - 110,000; Full time

Benefits offered by this job

Hybrid working

Professional study support

Life assurance

Discretionary bonus

Job summary

LCP, an award-winning actuarial and analytics consultancy, seeks a Senior Benefits Calculations Consultant to join the Pensions & Investment Technology team in London. The role focuses on defining specifications for benefits calculation models, benchmarking, and collaborating with developers to deliver robust solutions.

Ideal candidates have strong pensions actuarial experience, professional qualifications (IFoA), excellent Excel skills, and familiarity with VBA/C#.

Qualifications

• Breadth and depth in pensions modelling to credibly engage with stakeholders.
• Familiarity with GMP equalisation methodologies and defined benefit calculations.
• Experience testing or using actuarial modelling software at expert level.

Responsibilities

• Agree technical specifications for benefits calculation and modelling systems using detailed pensions knowledge.
• Design, build and own benchmark test results for functionality in a risk-aware way.
• Collaborate with in-house developers and act as SME in development/testing processes.

Skills

Pensions modelling

GMP equalisation

IFoA qualification

Excel

C#

VBA

Education

IFoA qualification

Tools

Excel

C#

VBA

Job description

LCP is an award-winning actuarial and analytics consultancy providing market-leading capabilities and advice across pensions and financial services, energy, health, and analytics. We use powerful analytics fused with human expertise to shape a more positive future. We now have an exciting opportunity for a Senior Benefits Calculations Consultant to join our Pensions & Investment Technology department in London.

Who are the team and what do they do?

The Pensions & Investment technology department develop and maintain a range of models that support LCP's defined benefit pension schemes consulting business in the Pensions Actuarial, Pensions Administration and Investment Consulting departments. There are three teams within the department: Pulse (pensions administration systems), CALM (benefit calculation systems) and Visualise (asset liability modelling). This position is for a senior, non-developer, role within the CALM team.

CALM is the primary benefits configuration and modelling tool that feeds into our pensions actuarial and administration systems: pension scheme cashflow and liability modelling, online transfer values, benefit rectification and GMP equalisation projects; and pensions administration benefit calculations, including those shown online to members.

The CALM team have varying balances of skills and experience levels across pensions actuarial, pensions administration, and software development. The common threads running through the team are a love of problem solving, a desire to keep learning, a team spirit - and a passion to deliver high-quality products and solutions.

What will you be doing?

• Using detailed pensions benefits calculation and modelling expertise and experience with input from other internal subject matter experts to agree appropriate technical specifications for our benefits calculation and modelling systems
• Designing, building and owning suitable benchmark test results to cover specific areas of functionality in a risk-orientated manner
• Working closely with our in-house developers on new features/updates. Our developers also have a range of pensions backgrounds, and you are expected to be the subject matter expert in the development and testing process
• Considering appropriate communication of new features/changes to our users, documentation, and professional requirements for actuarial models
• Working in emerging and developing areas such as AI innovation initiatives, increased process and calculation automation with the Pensions Administration department and Collective Defined Contribution (CDC) schemes
• Sharing and building pensions knowledge within the development teams, participating in training, mentoring and recruitment
• Using any pre-existing software development skills and experience you might have, and/or developing those, to facilitate ongoing team objectives and support our clients
• Engaging with the requirements of supporting a large existing system that supports ongoing work, alongside the desire to keep improving that system and to adapt to changing business requirements
• Ultimately, you will be seen as an expert by both the software development team (e.g. what exactly should the model do in this circumstance? are the results correct?) and the client teams within pensions actuarial and administration (e.g. how to configure, use, and troubleshoot the models; how to configure and adjust models in non-standard situations to circumvent technical barriers)

What skills and qualities are we looking for?

Ideally you will have all the skills and qualities we have set out below. However, we expect there will be candidates for this role who have a range of backgrounds and experience in pensions actuarial, pensions administration, and/or pensions software development. We are willing to work with the right person to help them gain the required knowledge but will be looking for evidence of the required drive and enthusiasm to fill these gaps over an appropriate timeframe.

• Sufficient breadth and depth of knowledge across pensions modelling that you will have credibility with key stakeholders in the business and the development team. We would ideally see a good working knowledge of areas such as:
  • First principles of technical defined benefit pension calculations, including (for example): anti-franking, GMP conversion, retirement options (eg bridge pensions, pension increase exchanges, etc), pensions tax limits, etc.
  • GMP equalisation methodologies.
• Comfortable with/the drive to become comfortable with the professional requirements of actuarial pensions liability modelling, this may include the following:
  • Professional qualification: eg IFoA, especially with a pensions focus
  • Demonstrable experience in the pensions industry, perhaps in a similar role/team with UK pensions
  • Experience testing or using actuarial modelling software to an expert level
• Excellent technical abilities, particularly in Excel, with experience of other programming languages (C#/VBA) highly desirable
• A consulting mindset and approach: solution focussed, able to respond quickly to changing circumstances and priorities as required, ability to communicate clearly and effectively to a range of stakeholders, and work on several projects and issues concurrently
• Experience contributing to and coordinating the delivery of complex projects with multiple stakeholders
• Enthusiastic and proactive about helping users across the business get the most value out of our tools
• A logical, methodical and thorough mindset - enjoys and is able to find the 'gaps'
• A sense of pride in the quality of our tools and a desire to ensure they remain cutting edge

What's in it for you?

Take a look at our Glassdoor and Career stories pages to see why our people love being here! As well as joining a certified B-Corp, multi-award winning, fun, collaborative, people first organisation where your personal and professional skills will be developed to make you the best you can be, we offer an attractive benefits package designed to promote your overall wellbeing so that you are able to perform to your full potential both in and out of work. Currently our core benefits package includes:

For you:

• Hybrid working (varies by role and department)
• Professional study support (where applicable)
• Access to our internal Wellbeing, LGBTQ+, Multicultural and Women's networks

For your family:

• Life assurance
• Income protection
• Enhanced maternity/paternity/adoption and shared parental leave

For your health:

• 26 days annual leave (pro-rata for part-time working) plus bank holidays (most of which can be taken flexibly!) with options to buy & sell holiday
• Private medical insurance
• Discounted gym memberships, critical illness and dental insurance through our flexible benefits
• Eye care vouchers
• Digital GP services

For your wealth:

• Competitive pension scheme
• Discretionary bonus scheme
• High street discounts

For others:

• Volunteering opportunities

And much more!

We continuously strive to build an inclusive workplace where all forms of diversity are valued, including age, background, disability, gender, gender identity, gender expression, race, religion or sexual orientation.

LCP is committed to making our opportunities accessible to all and would welcome you getting in touch to let us know if an adjustment can be made to help with your application. This may be extra time for assessments, pre-interview site visits, interview structure or questions, or asking us about building accessibility. Whatever it may be, please get in touch via our dedicated email address - [email protected] to discuss how we can support you with your application.

Recruitment agencies

LCP operates a Preferred Supplier List (PSL) for recruitment agencies which is reviewed annually. We do not accept unsolicited CVs or candidate profiles from agencies who are not part of our current PSL. LCP only pay agency fees where we have a signed agreement in place, and the agency has been instructed by a member of our recruitment team to supply CVs via the Applicant Tracking System (ATS) for a legitimate, open vacancy. If this process is not adhered to, LCP reserve the right to contact these candidates directly and have discussions with them without paying any agency fees. We do not pay agency fees when speculative and unsolicited CVs or candidate profiles are submitted to any employee or Partner at LCP.