Defined Benefit - Technical Loading Actuary

Company Description

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. 

Job Description

We're looking for x3 Qualified Pensions Actuaries to join our Technical Loading Team in newly created roles.

As a Technical Loading Actuary, you will help us to onboard increasingly complex Defined Benefit pension schemes, provide actuarial assurance and contribute to how pension rules and calculations are implemented within our administration platforms.

This role would be ideal for someone who enjoys the technical heart of DB pensions: understanding a complicated benefit specification, working out how it should operate in practice and making sure the resulting calculations are accurate, controlled and well governed.

Whether you come from a pension consultancy, pension administration provider, scheme actuarial team, pension risk transfer environment or another role involving complex DB implementation work, we’d love to hear from you.

This role is a Hybrid working opportunity, which means you can split your time between your home and the office to find a work-life balance that works for you.

What you'll be doing:

• Overseeing the actuarial loading and validation of complex Defined Benefit pension schemes
• Interpreting scheme rules, benefit specifications, factors and calculation methodologies
• Reviewing and signing off actuarial rules, assumptions, calculations and system outputs
• Supporting the design and testing of GMP Equalisation functionality
• Translating actuarial requirements into practical system specifications and calculation logic
• Providing clear decisions and guidance on complex actuarial issues
• Improving governance, controls, testing and auditability across the loading process
• Working closely and collaboratively with a variety of colleagues across our PRT function

Who we're looking for:

• Qualified Actuary under the IFoA (or equivalent)
• Strong technical knowledge of Defined Benefit pension schemes
• Experience interpreting complex benefit structures and scheme documentation
• Strong mathematical and analytical capability
• Confidence reviewing actuarial calculations and providing professional assurance
• Ability to explain complex actuarial requirements clearly to technical and operational colleagues
• Interest in pension technology, systems, testing or platform development
• Sound judgement and a collaborative, customer-focused approach

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 participate in our annual, performance -related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Healthcare Plan
• 27 days holiday, plus public holidays. There’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice
• There are many discounts we offer – both for our own products and at a range of high street stores and online
• We’re creating net‑zero carbon workplaces by 2030 by investing in our sustainable, modern offices across the UK, all designed to bring people together and elevate the in‑person experience

Additional Information

At L&G, we believe it's possible to generate positive returns today while helping to build a better future for all. 

If you join us, you’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can. 

It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.