Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.
A fantastic opportunity has arisen for an Actuary to join PIC's Finance department.
Working closely with PIC's Head of Origination Business Partnering, you will partner with the Origination department to ensure PIC’s pricing is competitive and appropriate for PIC’s balance sheet. You will also partner with other departments across PIC to ensure the implications of new business transactions are well understood, and to identify problems and find solutions. You will also ensure liabilities and reinsurance in the MA portfolio are MA eligible, with any ineligible elements reflected through appropriate deal structuring.
Your specific accountabilities will be:
- Assess Matching Adjustment (“MA”) eligibility of new schemes and reinsurance transactions, and support deal teams in structuring deals to ensure MA compliance
- Review and challenge new deal pricing, including pricing of new or unusual features, ensuring PIC’s pricing is competitive, appropriate for PIC’s balance sheet and reflects the underlying risks
- Calculate balance sheet impacts of prospective transactions
- Support onboarding of new BPA and reinsurance deals, ensuring key features are communicated to relevant teams within Finance
- Collaborate effectively with Origination, Legal, Actuarial, Risk and Operations teams to improve PIC’s ability to write new business and support other ad hoc initiatives across the business
- Support wider Business Partnering team with Investment Business Partnering and Matching Adjustment fund management as required
- Proactively review processes and frameworks to improve commerciality, efficiency and risk management
- Take ownership of own learning and development in both technical (actuarial techniques and critical judgement) and non-technical (self-insight and relationship management) skills of Origination Business Partnering
- Keep informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to Origination, Business Partnering and the BPA market by attending industry seminars, reading and sharing relevant published articles