About the Programme
Our Career Returner Programme offers a paid placement of 12 months, starting in March 2025, with the possibility of a permanent role at the end of the programme.
You will receive coaching support from Career Returners to help you transition successfully back into the workplace. Flexible working options are available, and you will also be paired with a Bank buddy.
Actuarial roles will be located in the Bank’s Leeds city centre location. We aim for all colleagues to spend half of their time in the office, with a minimum expectation of 40% across the month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.
Who are we looking for
The Programme is aimed at people who have had a career break of two or more years at the start of the programme in March 2025.
For this particular opportunity, we are looking for experienced Actuaries who are looking to return from a career break to shape and deliver insurance regulation and supervision at the heart of the UK economy within the Bank of England.
The Opportunity
We are a diverse and inclusive employer who recognises the importance of a work-life balance. We have openings on a full or part-time basis for experienced senior actuaries through to those studying toward qualification.
There is no better employer for you to gain wide industry experience at the forefront of regulatory development, working with skilled professionals in a collaborative, learning environment. We can offer opportunities to:
* Be engaged with a variety of life insurance firms.
* Be involved in specialist technical work and gain expertise.
* Work with actuaries and others in an intellectually meaningful environment.
* Work on PRA/Bank activity that impacts the industry.
* See and hear what is happening in other financial sectors, including banking.
* Use your skills in an interesting and collaborative environment.
About the Insurance Directorate
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies, and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.
We face a complex task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.
About the Life Insurance and Pension Risk Department (LIPRD)
The Life Insurance and Pension Risk Department (LIPRD) principal function is to provide a broad and deep understanding of the prudential risks posed to PRA by life insurers, reinsurers and pension schemes. Our principal aim is to help ensure that firms are adequately controlled and capitalised.
You will have the opportunity to expand and develop your specialist level technical risk knowledge through firm work, research, and development.
About the Role
You will be a motivated life actuary with a good knowledge of financial and insurance risk issues affecting life insurance firms.
You will work in a team of actuaries with diverse experience, as well as with other colleagues, in order to support the supervision of firms.
The typical responsibilities of the roles include:
* Performing proportionate risk-based assessments and oversight (e.g., Solvency II reviews and Part VII transfers) and applying well-reasoned judgement to identify risk to PRA statutory objectives and to identify potential mitigation for these risks.
* Developing the knowledge, skills, and experience in specialist areas.
* Performing research in key risk areas (e.g., credit risk, longevity, dependencies) aimed at developing house views of what constitutes good practice.
* Conducting thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks.
* Supporting the Department in the delivery of effective, risk-based prudential supervision of firms.
* Creating, and taking part in, initiatives across the Division, Directorate and wider Bank.
Role Requirements
Minimum Criteria
* Professional actuarial qualification, such as Fellowship of Institute & Faculty of Actuaries. (Not prohibitive if exceptional experience and depth of knowledge can be demonstrated)
* Demonstrate a diverse and in-depth range of life insurance and technical actuarial experience.
* Have a good understanding of the key financial and life insurance risk areas for insurers and the actuarial controls needed to ensure these are prudent.
* Demonstrate actuarial / technical competence of Solvency II including capital modelling requirements.
Essential Criteria
* Demonstrate knowledge of the life insurance market in the UK, key industry issues and trends.
* The ability to perform supervisory work independently and as part of a cross-functional team, and the ability to lead supervisory work with minimal support.
* Demonstrate an ability to explain complex technical issues and solutions to a wide range of stakeholders, including non-actuaries, in a simple and accessible manner using a combination of written, spoken and numerically based communication approaches.
* Demonstrate ability to form actuarial judgement, recommending conclusions and next steps.
* The ability to give and receive constructive feedback.
Desirable Criteria
* Demonstrate an understanding of the PRA regulatory framework and supervisory approach as well as knowledge of the PRA rules and wider professional guidance.
* The ability to proactively identify areas of improvement in work.
Our Approach to Inclusion
The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.
At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.
Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.
Salary and Benefits Information
Salary: £52,810 – £60,930 per annum depending on the role and skills and experience held. We also offer a comprehensive benefits package as detailed below:
* A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
* A discretionary performance award based on a current award pool.
* An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
* 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
* Private medical insurance and income protection.
* Dental insurance level 1.
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.
The Application Process
Important: Please apply online and ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. Your application will not be considered if all mandatory questions are not fully completed.
The closing date for this role is 20th October 2024 at 23:59.
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