Job ref: 1562
TPR grade: 8 - Specialist
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.
We’re looking for a qualified or part-qualified member of the actuarial profession, 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.
- Take overall responsibility for the design, maintenance, process and outputs associated with actuarial and other financial modeling. This includes:
- governance of data from various sources into the modelling process and management of actuarial data
- manage and update existing actuarial models, in particular with reference to pension liability and asset value calculations and projections
- development of new actuarial, financial and other models to assist actuarial team and other key stakeholders
- reporting of actuarial modelling findings to internal stakeholders
- propose and review assumptions and actuarial methodology underlying actuarial models
- maintain up-to-date process and control documentation to maintain professional requirements and quality assurance
- provide advice in respect of the uses and limitations of the output from models
- identify shortcomings and provide solutions which mitigate risks of shortcomings in data and software, highlighting model risk and proposing solutions to mitigate and manage such risks
- 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.
- Prioritise tasks across multiple workstreams.
- 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.
Essential and desirable criteria
- Member 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 modelling principles, 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, ideally including programming in VBA and other languages for application to actuarial modelling, willing to adapt to new software as needed
- In-depth knowledge of relevant professional standards, in particular actuarial standards associated with the modelling of DB pension schemes and other financial markets.
- 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 (BME) 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 email@example.com.
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 firstname.lastname@example.org.