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Specialist - Actuarial Modeller

Reporting to: Business Lead - Actuarial
Team: Regulatory Policy, Analysis and Advice
Contract type: Permanent
Salary: From £46,114 per annum
Location: Brighton
Closing date: Thursday 25 July 2019

Job ref: 1562

TPR grade: 8 - Specialist

About us

The Pensions Regulator (TPR) is responsible for protecting workplace pensions in the UK, working with employers and those running pensions to help people save safely for their retirement. We have an excellent office location in the heart of Brighton and have a diverse, lively and professional growing workforce.

We are committed to making TPR a great place to work and doing all we can to support our people to reach their full potential. Join our expanding team for the chance to be a part of the biggest change to pensions in a generation.

Role

We’re looking for a qualified or part-qualified actuary, to be responsible for the provision of specialist actuarial and other financial modelling. The output from the modelling work will inform and support operational, organisational, strategic and policy matters to internal stakeholders in order to support TPR achieving outcomes in line with its objectives.

Responsibilities

  • Take overall responsibility for the design, maintenance, process and outputs associated with actuarial and other financial models, including:
    • data governance of data from various sources into the modelling process and management of actuarial data
    • management and update of actuarial models including compliance with professional requirements regarding the uses and limitations of the output so that users can rely on the quality and accuracy of the results
    • liability and asset value calculations and projections
    • review assumptions and actuarial methodology
    • maintain up to date process and control documentation and operate other controls required to maintain professional requirements and quality assurance
    • identify shortcomings and provide solutions which mitigate risks of shortcomings in data and software
    • delivery of actuarial reports
    • advising on and highlighting model risk and proposing solutions to mitigate and manage such risk
  • Support the actuarial modelling team, other teams and practices across TPR in respect of technical actuarial queries, actuarial assumptions, modelling solutions and IT system issues.
  • Research key areas of emerging risk (both short and long term), and provide advice in relation to the scale of the issues (including use of modelling) and provide recommendations for mitigations and next steps.
  • Prioritise tasks across multiple workstreams.

Essential and desirable criteria

Essential

  • Associate of the Institute and Faculty of Actuaries with a minimum level of experience (qualifications) equivalent to those of a Certified Actuarial Analyst, typically with at least five years experience in total, or ability to demonstrate significant relevant pensions and modelling experience showing strength, breadth and depth of knowledge.
  • Comprehensive knowledge of financial markets, interest rates, discount rate methodologies, inflation assumptions (RPI and CPI), mortality, hedging strategies, statistical and mathematical theories and the practical approaches for application in UK defined benefit (DB) pension scheme funding, funding methodologies and strategies that affect DB schemes’ funding.
  • Experience of managing projects requiring the need to take a proactive approach and to prioritise competing requests upon their own time, plan, organise, co-ordinate on behalf of the customer and to direct the overall project and delivery of outputs to time and to the needs of the customer.
  • Proven experience of reviewing, managing and applying appropriate governance standards over large actuarial data sets, including pension scheme liabilities as calculated on different funding measures, membership data, benefit structures, cash flow information, recovery plan information including deficit repair contributions, financial information including gilt yields, corporate bond yields, equity markets, property, insured benefits and other key financial market data.
  • Excellent Microsoft Excel skills including VBA programming and ability to learn new IT software and the learn how to program new software for the application of actuarial modelling.

Desirable

  • In-depth knowledge of the actuarial responsibilities as issued by the relevant professional bodies associated with the modelling of DB pension schemes and other financial markets (desirable).

Person specification

  • Problem solving and analytical skills.
  • Attention to detail and accuracy.
  • Proactive and flexible.
  • Can do approach.
  • Personable and a team player.

Salary and benefits

As well as a starting salary of £46,114 we offer:

  • Civil Service Pension arrangements, which are recognised as some of the best in the pensions world
  • discretionary bonus arrangements
  • access to performance related pay progression
  • 25 days annual leave provision
  • flexible working arrangements
  • development opportunities
  • enhanced parental leave arrangements
  • a free employee assistance programme
  • an excellent office location in Brighton

How to apply

We provide an exciting, supportive and flexible working environment, and are committed to helping our people meet their full potential.

TPR is an inclusive employer and offers equal opportunities to all regardless of an individual’s age, disability, gender identity, marriage or civil partnership status, pregnancy or maternity, race, religion or belief, sex and sexual orientation. TPR welcomes applications from the black, Asian, and minority ethnic (BAME) and lesbian, gay, bisexual, and transgender (LGBT) communities who are currently under represented at TPR.

Candidates who declare that they have a disability and who meet the essential criteria for the job will be offered an interview.

Applications will be considered on a part time and job share basis.

Please send your CV and a covering letter, with details of how your experience and skills meet our essential criteria to recruitmentteam@tpr.gov.uk.

If you have any enquiries with regards to this role or if you have a disability and wish to request a reasonable adjustment at any stage of the recruitment process, please email recruitmentteam@tpr.gov.uk.