PIC

Specialist pension risk transfer insurer

Senior Actuary

Actuarial & Risk ModellingConfirmed live in the last 24 hours

ContractLondon, UK

About the Job

Requirements

Ideally, have experience working within a regulated financial services environment and an understanding of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory frameworks.
Hold a qualification as an actuary with the Institute and Faculty of Actuaries (IFoA), or an equivalent professional qualification.
Have a strong technical understanding of UK life insurance balance sheets, including Solvency II and IFRS 17, together with established actuarial modelling and analytical skills.
Have good knowledge of the UK defined benefit (DB) pensions and Bulk Purchase Annuity (BPA) market, including the Matching Adjustment and relevant regulatory requirements.
Have experience within life insurance or pensions, ideally gained in a commercially focused, pricing or new business environment.
Have experience working collaboratively across multidisciplinary teams.
Have strong communication and influencing skills, with the ability to build effective relationships across a range of stakeholders.
Have numerical and analytical capability to assess, challenge and evaluate new or complex concepts.
Have commercial judgement to balance commercial opportunities with risk and regulatory considerations.
Be highly organised and delivery-focused, with the ability to prioritise effectively and meet deadlines in a fast-paced environment.

Responsibilities

Work closely with the Origination team to support the successful pricing and onboarding of new business.
Help ensure pricing is competitive, aligned with the business plan, appropriate for the balance sheet, and reflective of underlying risks.
Support end-to-end onboarding of new transactions, ensuring balance sheet impacts, unusual deal features, and downstream implications are understood and communicated effectively.
Ensure liabilities and reinsurance within the Matching Adjustment (MA) portfolio meet eligibility requirements, with any ineligible elements appropriately reflected through deal structuring.
Assess MA eligibility for new BPA and reinsurance transactions, supporting appropriate deal structuring to ensure compliance.
Review and challenge new business pricing to ensure it is competitive, reflects underlying risks, and is appropriate for PIC’s balance sheet.
Assess and communicate the balance sheet impact of prospective transactions and support effective onboarding of new business.
Partner with Origination, Actuarial, Risk, Legal, and Operations to support successful delivery of new BPA and reinsurance transactions.
Drive improvements to pricing, business partnering, and MA processes to enhance commerciality, efficiency, and risk management.

Senior Actuary - 12 month fixed term contract

PIC · London, United Kingdom (Hybrid) · Full-time · Posted 2026-11-02

Workplace: hybrid

Department: Capital Insight & Actuarial

Description

Role purpose

You will work closely with the Origination team in supporting the successful pricing and onboarding of new business.

Help ensure that pricing is competitive, aligned with the business plan, appropriate for the balance sheet and reflective of the underlying risks. You will also support the end-to-end onboarding of new transactions, ensuring that balance sheet impacts, unusual deal features and downstream implications are understood and communicated effectively.

A further key focus will be ensuring that liabilities and reinsurance within the Matching Adjustment (MA) portfolio meet eligibility requirements, with any ineligible elements appropriately reflected through deal structuring.

Key Responsibilities & Accountabilities

Assess Matching Adjustment (MA) eligibility for new BPA and reinsurance transactions, supporting appropriate deal structuring to ensure compliance.
Review and challenge new business pricing, ensuring it is competitive, reflects underlying risks and is appropriate for PIC’s balance sheet.
Assess and communicate the balance sheet impact of prospective transactions and support the effective onboarding of new business.
Partner closely with Origination, Actuarial, Risk, Legal and Operations to support the successful delivery of new BPA and reinsurance transactions.
Drive improvements to pricing, business partnering and MA processes, enhancing commerciality, efficiency and risk management.

Requirements

Key skills and experience

Ideally, you will have experience working within a regulated financial services environment and an understanding of the FCA and PRA regulatory frameworks.

Technical Attributes

Qualified Actuary with the Institute and Faculty of Actuaries (IFoA), or an equivalent professional qualification.
Strong technical understanding of UK life insurance balance sheets, including Solvency II and IFRS 17, together with established actuarial modelling and analytical skills.
Good knowledge of the UK DB pensions and Bulk Purchase Annuity (BPA) market, including the Matching Adjustment and relevant regulatory requirements.
Experience within life insurance or pensions, ideally gained in a commercially focused, pricing or new business environment.
Strong relationship-building skills, with experience working collaboratively across multidisciplinary teams.

Personal Attributes

Strong communication and influencing skills, with the ability to build effective relationships across a range of stakeholders.
Excellent numerical and analytical capability, with the confidence to assess, challenge and evaluate new or complex concepts.
Strong commercial judgement, balancing commercial opportunities with risk and regulatory considerations.
Highly organised and delivery-focused, with the ability to prioritise effectively and meet deadlines in a fast-paced environment.

DE&I at PIC

At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we’re proud of our progress, we recognise there’s work ahead, and we remain dedicated to listening, learning and evolving together.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll have access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme, insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection, and much more.

Apply

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About the Company

PIC

Specialist pension risk transfer insurer

PIC is a UK specialist insurer that provides pension risk transfer for defined-benefit schemes, offering buyouts and buy-ins. In a buyout, PIC takes on all assets and liabilities and pays members’ pensions directly; in a buy-in, it issues an insured asset to cover some or all payments while trustees retain administration. Premiums are invested in long-term assets, including UK infrastructure and social projects, to back the promised pensions, and PIC serves large employers across FTSE 100, multinational, and public-sector groups, under PRA and FCA regulation. Its goal is to provide secure, insured retirement income for pensioners while giving sponsors a clean exit and reduced risk by matching assets to long-duration liabilities.

Company size: 501-1,000
Company stage: Acquired
Total funding: Not listed
Headquarters: London, United Kingdom
Founded: 2006

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