Actuarial Manager – Pension Risk Transfer Pricing

• Full-time
• Permanent/Regular or Fixed Term Contract/Temporary:
  Permanent (UK and ROW) / Regular (US)
• L&G Business Unit:
  Legal & General Retirements Institutional
• L&G sub Business Unit: LGRI BAU
• Primary
  
  Location:
  
  London, One Coleman Street
• Job Family:
  Actuary

Legal & General (L&G) is a leading UK financial services group and major global investor.

We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders.

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income.

L&G Institutional Retirement looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement business is the UK’s longest-serving active bulk annuity provider.

Who we are

Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated £86.1 billion at 31 December 2023.

Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us.

We’re looking for an Actuarial Manager to join our award-winning Pension Risk Transfer (PRT) Pricing & Execution team.

As an Actuarial Manager, you’ll collaborate with talented colleagues across the team to drive high‑quality pricing delivery, whilst also supporting trustees and advisers as they navigate complex defined benefit transactions. You will also utilise your pensions expertise to help shape innovative de‑risking solutions that make a real impact.

This is an exciting opportunity to influence outcomes, develop others, and proactively contribute to a growing and ambitious area of the business.

If you’re a qualified actuary with strong Defined Benefit pensions experience, gained at either at another de‑risking provider or at a Pension Consultancy – we’d love to hear from you.

What you’ll be doing:

• Leading on the production of bulk annuity and longevity quotations
• Delegating work effectively to actuarial analysts/senior analysts and providing high‑quality peer review
• Developing tailored responses to quotation requests, ensuring clarity and customer focus
• Working collaboratively with consultants to understand scheme requirements and propose creative solutions
• Optimising pricing by applying expert knowledge of capital and pricing models and proposing non‑standard assumptions
• Producing clear and transparent governance documentation in line with pricing models and procedures
• Embedding robust governance, conduct risk and Consumer Duty principles throughout the pricing process
• Supporting, developing and motivating colleagues while acting as a positive role model

Who we’re looking for:

• Qualified actuary with strong technical defined benefit pensions knowledge (we would also consider applications from Nearly Qualified candidates also)
• Experience working within pensions consultancy or pension de‑risking environment
• Strong understanding of defined benefit schemes and/or pricing and capital modelling
• Ability to design and implement innovative, non‑standard solutions to new challenges
• Confident communicator with the ability to present information clearly and persuasively
• Proven ability to supervise, delegate and support actuarial students
• Strong project management and time‑management skills, with experience delivering to tight deadlines
• Collaborative working style and a commitment to delivering good customer outcomes

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…