Actuary (Defined Benefit)

Job Title: Actuary (Defined Benefit pensions)

Contract Type: Permanent

Location: Edinburgh, London, or Alderley Edge

Working style: Hybrid 50% home/ office based

Closing date: 29th April 2024

An exciting opportunity has arisen to join our Product Commercials team on a permanent basis. The team is focused on managing the pricing and commercials of the products across the Royal London Group. The team works together to deliver great outcomes for our customers and members.

As an Actuary (Defined Benefit pensions), you would be Royal London’s product owner for Defined Benefit pensions, with work ranging from responding to pricing queries to supporting development of Royal London’s strategic plan for the management of Defined Benefit pensions. 

You would be responsible for working closely with the outsourcer who manages Royal London’s Defined Benefit pension schemes.

About the role

• Ensuring the product is designed and managed in a way consistent with regulations and Royal London strategy.
• Provide management / oversight of the commercial arrangements underpinning Royal London’s Defined Benefit pension schemes, and to ensure arrangements are appropriate and effective.
• Work with other stakeholders to manage the P&L of the Defined Benefit pensions, and support development of Royal London’s strategic plan for managing Defined Benefit pensions.
• Respond to pricing queries (e.g. calculating Transfer Values for individual members or agreeing AMCs on schemes).
• Support the delivery of product specific changes andmanage the processes / calculations required to support Royal London’s outsourced arrangement and make updates when appropriate.
• Communicate with range of relevant stakeholders, including Long Standing Customer area, Finance, Supplier Management and Procurement.
• Forge strong relationships with internal colleagues and supplier counterparts.
• Identify, measure, assign appropriate ownership, manage, and monitor all risks and controls in line with the RCSA methodology. Escalate any issues deemed significant in accordance with the Risk Management System (RMS).

About you

• Qualified actuary (FIA or FFA) with relevant professional experience.
• Relevant experience of Defined Benefit pension schemes.
• Self-motivated and pro-active.
• Excellent problem-solving skills, and able to suggest ways of improving things.
• Strong stakeholder management skills (with internal and external stakeholders)
• Commercially astute.
• Understanding of financial services industry and the legislative/regulatory framework.

About Royal London

We’re the UK’s largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services.   

Our People Promise to our colleagues is that we will all work somewhere inclusive, responsible, enjoyable and fulfilling. This is underpinned by our Spirit of Royal London values; Empowered, Trustworthy, Collaborate, Achieve. 

We've always been proud to reward employees by offering great workplace benefits such as 28 days annual leave in addition to bank holidays, an up to 14% employer matching pension scheme and private medical insurance. You can see all our benefits here - Our Benefits  

Inclusion, diversity and belonging 

We’re an Inclusive employer. We celebrate and value different backgrounds and cultures across Royal London. Our diverse people and perspectives give us a range of skills which are recognised and respected – whatever their background.