London

Potters Bar

Part Qualified

Qualified

Senior Actuary

Life

Investments

Coding

Bulk Annuities

Pricing

Excel

MATLAB

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. The Canada Life Bulk Annuity team located in Potters Bar, (Herts) are currently recruiting for a part qualified actuary to join them on the company student scheme. This position will support the pricing and analysis of Bulk Annuities and would ideally suit a part qualified actuary with DB pensions modelling experience.    The role will also involve maintaining and improving the pricing basis and pricing processes and there may also be opportunities to work on the wider development of the Bulk Annuity proposition.  As a senior actuarial trainee at Canada Life you will be responsible for providing actuarial, statistical and financial insight and analysis to management. You will have the opportunity to advise the business/management to ensure that we are managing our risk exposure to satisfy our statutory responsibilities and the needs of policyholders.  
  - Assisting in the quotations for bulk annuity buy-ins and buy-outs 
- Responsibility for the benefit modelling of schemes and accurate &amp; complete data manipulation.  
- Development and maintenance of bulk annuity pricing models in accordance with the Technical Actuarial Standards (where relevant) and End User Computing 
- Contributing to the continuing development of pricing development to help the production of pricing reports in accordance with Canada Life’s standards and policies 
- Provide appropriate support to managers and others to implement recommendations/facilitate change to support the requirements of the business 
- Support the reinsurance of the bulk annuity schemes and data verification processes   
  General Responsibilities •    Ensure familiarity with risk management programs, as they impact this role, and follow appropriate risk management procedures to control, monitor and report on business activities 
•    Ensure compliance with Company policies, regulatory, professional &amp; legal requirements 
•    Actively study for the qualification as a FIA (or equivalent)  
  Technical Expertise 
- Ideally a demonstrable interest to work in the field of Bulk Annuities 
- DB benefit modelling experience/bulk annuity experience would be an advantage (we are open to hearing from people currently working in DB pension consulting roles) 
- VBA knowledge would be an advantage 
Developing knowledge and understanding of different actuarial disciplines including via student rotation. 
•    Developing the ability to interpret as well as analyse financial information to provide insight for immediate line management.  
•    Developing knowledge of a variety of statistical methods, models and controls, and their commercial application/implication. 
•    Ability to develop and modify actuarial systems and spreadsheets, developing understanding of their commercial application/implication. 
•    Intermediate to advanced MS excel skills demonstrating efficient use of spreadsheets and basic data manipulation skills 
•    Ability to deliver work to a consistently high standard under tight time pressure with attention to detail 
Communication:  
•    Strong analytical and report writing/drafting skills. 
•    Can explain complexities in a straightforward and accurate way with coaching or support from managers. 
Relationship Building: 
•    The ability to develop and maintain strong relationships across the actuarial function, acting with integrity and being a role model for the company values at all times  
•    Being able to flex their style and approach to different individuals, with occasional coaching and support, in order to achieve a successful outcome. 
•    Taking part in and making a valuable contribution in different roles via actuarial student rotation. 
Problem Solving &amp; Accurate Judgement: 
•    Able to effectively plan, organise and execute their own work with little supervision, making management aware of conflicting priorities and readjusting their workload accordingly. 
•    Good problem solving skills and attention to detail, being able to identify issues and interdependencies, recommending a course of action with support and guidance from colleagues. 
•    Can make some decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated. 
•    Proactive in approach to tasks and taking on new responsibilities. 
Developing Self  
•    Actively studying for actuarial exams, usually being over half-way through their qualification. 
•    An interested and inquisitive individual who is committed to their own ongoing professional and personal development. 
•    Developing the ability to apply technical actuarial techniques and understand business/commercial implications. What you’ll like about working here As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development. Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. The role holder will lead the development and maintenance of models and system that Canada Life use to calculate regulatory capital for complex assets (public and private credit, commercial mortgages, equity release mortgages, etc).  
Such models and system will also be used to support high quality business decision making such as the choice of asset strategy and risk mitigation techniques. This ensures we are managing risk to the business in line with Canada Life’s risk appetite, complying with our statutory responsibilities and meeting the needs of our policyholders and regulators.  
  1) Maintain and develop Canada Life’s suite of models for complex assets in line with model governance requirements: 
o    Innovate proposals to make the models (and capital management more generally) more efficient and effective; 
o    Identify changes required to the model, and communicate them to senior management. Lead on the implementation and testing of model changes in line with Model Change Standard; 
o    Oversee validation testing required on the model; 
o    Ensure ongoing compliance with EUC requirements and PIM model governance requirements; 
Ensure model is maintained and operated within the intended control framework. 
2) Provide general technical oversight of the Canada Life PIM (“Partial Internal Model”) methodology, calibration and assumptions. This will involve: 
o    Identify and implement model change proposals; 
o    Lead on the annual model recalibration exercise for individual asset classes; 
o    Perform analysis and produce results for the 1st line validation process; 
o    Interpret the results of calibration and validation processes and communicate these to senior management and the Board. 
3) Support the Head of the Credit Risk and other relevant stakeholders with results and outputs from the PIM: 
o    Production of PIM SCR calculation, OSNA, SST &amp; other relevant outputs; 
o    Analyse and interpret results and outputs from the PIM and communicate them to the relevant senior stateholders; 
o    Coordinate the calculation of any required sensitivities; 
o    Outputs for the Profit and Loss attribution. Technical Expertise  
•    Significant experience in asset modelling in the context of life insurance industry with proven track record of developing capital models. Practical experience with Matlab / C++ is preferred, although experience with other programming language would also be considered. 
•    Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications 
•    Willing and capable of taking difficult and complex decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated. Communication 
•    Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management. 
•    Strong ability to adapt messages to the audience, without prompting or significant coaching, in a format that is easily understood by non-technical colleagues 
Relationship Building 
•    The ability to develop and maintain strong relationships across the actuarial function and the wider business, acting with integrity and role modelling the company values at all times.  
•    Strong interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders, Taking Initiative 
•    Exceptional problem solving skills and attention to detail with demonstrable ability in spotting issues, interdependencies and challenges to ensure work is produced to an accurate, commercial and informed standard. 
•    Self-motivated, well-organised, pragmatic and able to perform tasks independently. 
Qualifications: 
•    Fellow of Institute of Actuaries (or equivalent). 
  What you’ll like about working here As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development. Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. •    Support the Head of ALM Front Office in asset and liability management (ALM) and optimisation across the Canada Life Group European entities, including Irish Life, in respect of an asset portfolio of £30bn. 
•    Support the Head of ALM Front Office in the optimisation of the Canada Life Limited (CLL) £9bn Matching Adjustment Portfolio (MAP). 
•    Support the Investments Function and Commercial’s Pricing sub function to develop and implement an optimal asset strategy/ mix for New Business in respect of both the CLL and Irish Life businesses, including pricing for strategic 3rd party Bulk Annuity transactions. 
•    Reports to the Head of ALM Front Office. 
•    This position would suit a newly qualified actuary or up to 2 years pq This position is located in our London City office. •    Support the Head of ALM Front Office in the optimisation of the MAP, producing regular asset/liability projections, developing rebalancing proposals with Investments, evaluating and recommending new asset classes and providing regular reporting on trading activities and rationale. 
•    Support Pricing with recommendations of asset mix alternatives and returns (Markers), support onboarding of assets, coordinating in-specie transfers and mitigating onboarding risks (taking into account any reinsurance arrangements). 
•    Support the Head of ALM Front Office and Investments with formulating asset strategy/mix taking into account relative asset attractions under Canadian/UK/EU regulatory regimes and setting guidelines for Investments on trading. Monitor impact of trading and liability changes in quarter. 
•    Support the delivery of ALM information to multiple internal teams, delivering in line with Investment Management Agreements (IMAs) and Service Level Agreements (SLAs) with Investments front office and SLAs with Irish Life and Pricing. 
•    Assist in the continuous review and improvement of the departments’ processes and procedures to ensure the provision of timely, accurate and efficient levels of service. 
  •    Strong understanding of asset classes to enable accurate production of Asset Liability Matching results. 
•    Good knowledge of Solvency II and the Matching Adjustment. Knowledge of IFRS 17 and Bulk Annuities would be beneficial, but not essential. 
•    Strong communication skills (able to articulate technical and complex issues clearly both verbally and in writing to senior audiences including non-actuaries). 
•    Able to develop and consider all solutions to a technical problem, making recommendations and implementing actions as agreed with the Head of ALM Front Office or other key stakeholders. 
•    Demonstrates personal drive, energy, persistence and self-motivation and awareness of the needs of the wider business. 
•    Ability to build sound and trusted relationships both within and external to the team, successfully managing multiple stakeholders. 
•    Demonstrates an understanding and ability to implement/maintain an actuarial control framework and meet governance requirements. 
•    Proven track record of delivering under tight time pressure. Qualifications 
Fellow of the Institute and Faculty of Actuaries (or equivalent). What you’ll like about working here As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development. Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences

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