Location: Position can be located in either Bristol, London or Potters Bar
Company Overview:
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.
Job Summary:
As a Senior Actuarial Analyst in the BPA team at Canada Life you will contribute to the success of the business through an accountable role in one of the BPA sub-teams; pricing & quotations, business development, support of strategy & risk assessment, proposition & projects data verification or operations. This role will initially be in the Pricing & Quotations team where you will work with other team members to provide quotations to employee benefit consultants working on behalf of pension scheme trustees. The role requires an understanding of defined benefit pensions to accurately manipulate & check data, create liability cashflows, apply profit tests and calculate required capital.
Responsibilities:
1. Using your understanding of actuarial concepts and models to calculate premiums and/or premium true-ups, trivial commutations and other member options using actuarial processes, modelling systems, spreadsheets and reporting tools.
2. Review of pension scheme reports/data to agree data schedules and benefit specifications between Canada Life and scheme trustees. To ensure data and benefit specifications are complete and accurate in all respects including legislative requirements.
3. Working independently and autonomously to ensure the modelling of data updates is effectively communicated and understood by our customers and colleagues.
4. Maintain and develop the scheme quotation and/or premium true-up process including restructuring benefits and performing supporting checks to aid in checking completeness and accuracy.
5. Ensure appropriate assumptions (guaranteed or prevailing) and methodology are used.
6. Regular use, maintenance & testing of actuarial models and processes for sign off by senior management.
7. Contribute to the review of products, processes and/or reporting of BPA function and/or market.
8. Produce quality reports and engage multiple teams across the business to ensure strong understanding of results, analysis and to allow the appropriate processing of downstream activities.
9. Clear and accurate written and verbal communication of data, actuarial and modelling reports to senior management and other stakeholders.
Experience Required:
1. Able to operate actuarial systems to produce results including the ability to change parameters and assumptions.
2. Ability to understand actuarial & financial concepts and their application to their work.
3. Ability to produce accurate analysis with an appropriate audit trail.
4. Confidence and clarity in explaining findings and their implications.
5. Ability to implement and maintain a control framework.
6. Intermediate to advanced MS Excel skills demonstrating efficient use of spreadsheets and advanced data manipulation skills.
7. Strong problem-solving skills and attention to detail.
Communication:
1. Strong analytical and report writing/drafting skills.
2. Can explain complexities in a straightforward and accurate way.
3. Ability to understand and explain the wider implications of processes and outputs.
Benefits of working at Canada Life:
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance.
Diversity and inclusion:
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us.
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