Actuarial Analyst – Workplace Savings

Company Description

Life can sometimes be unpredictable, and it pays to plan ahead. Our aim at Legal & General Retail is to help our customers plan for the unexpected, achieve financial security for their tomorrow, and protect everything that’s important to them. To better understand our customers and meet their needs, we’ve brought our protection, retirement income, savings, lending, and advice, fintech and mortgage businesses under one umbrella. Created at the start of 2022 through the merging of our long-standing and trusted retail retirement and insurance businesses, we’re a fast-growing division with big, customer-centred ambitions. 

Job Description

We’re recruiting for an Actuarial Analyst to join our Workplace Savings team. We’re offering a competitive base salary, great benefits and the opportunity to work on every aspect of our Workplace DC products.

In this role you will have the opportunity to work on all aspects of our Workplace DC products from product development, through to getting involved with the negotiation and authorisation of pricing (at both new business tender stage and/or retention pricing stage), through to providing detailed analysis and reporting of ongoing scheme profitability and Assets Under Management.

This role would be ideal for a highly analytical person who has strong experience with Data Analysis, Data Manipulation and/or previous Product Pricing experience.

What you’ll be doing:

• Core pricing work for all bundled Workplace DC requests, this will include negotiating and agreeing terms with various stakeholders for large or otherwise non-standard opportunities to secure volume and profit, ensuring that an appropriate but commercial balance is maintained between the volume and profit margins.
• Providing assistance with the following:-
• Fund Pricing, covering the future growth rate assumptions and pricing of Workplace DC funds.
• Updating of the Workplace DC Pricing Model and the annual reconciliation of the Reporting model.
• Understanding, testing and maintaining the various different illustration systems used.
• The data manipulation, data analysis and report production aspects of the regular MI reports that Workplace produce.
• Detailed analyses of experience against pricing assumptions for key factors within the pricing model. These include persistency, expenses and other assumptions
• Ad Hoc/Project work and/or additional analyses and reports, as required.
• Supplying authority of terms for each client implementation, confirming the annual management charges, and later authorise new business set up within the underlying systems.
• Considering L&G’s Customer Experience and Treating Customers Fairly Policy when pricing Workplace DC products.

Qualifications

Who we’re looking for:

• A Part-Qualified Actuary (who is no longer actively sitting Actuarial exams, but has previously passed exams)
• Experience working within a UK Life Office or Re-insurer.
• Knowledge of unit linked pensions products would be an advantage, but is not essential (as training will be given)
• The ability to communicate clearly, and convey sometimes complex detail to both internal and external customers in simpler terms.
• A problem solving mindset, with the ability to investigate and solve problems as and when they arise.
• The ability to handle a fairly large volume of diverse work, and effectively plan ahead to give appropriate priority to each required task.
• The ability to perform accurate calculations quickly and assess results of these calculations to ensure they are reasonable, and where appropriate referring these to more experienced staff if this is not the case.
• Good general Excel skills – with VBA, Prophet and Python skills also being desirable (training will be provided on Prophet, Python & VBA if required)

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer: 

• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Private medical insurance (permanent employees only)
• At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice
• There are the many discounts we offer – both for our own products and at a range of high street stores and online
• In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart

Additional Information

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we’d love to hear from you.

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