Pension Scheme Technical Loading Actuary

About Legal & General Institutional Retirement

Legal & General (L&G) is a prominent financial services firm established in 1836, focused on securing individuals' financial futures and fostering societal betterment. As a global leader in asset management and origination, L&G specializes in retirement and protection solutions including pension risk transfer, UK and US life insurance, and UK workplace pensions and retirement income. The Institutional Retirement division manages retirement benefits for approximately 700,000 institutional clients, maintaining the distinction as the UK market’s longest-operating bulk annuity provider since 1987, with a UK retirement annuity book valued around A386.1 billion as of December 31, 2023.

Role Overview

We seek an FIA-qualified actuary with extensive expertise in Defined Benefit (DB) pension schemes to join our team. The successful candidate will oversee onboarding of complex DB pension schemes, deliver actuarial assurance, and contribute to implementation of pension legislation and calculations within administration platforms.

Primary Responsibilities

• Manage actuarial loading and validation processes for complex DB pension schemes.
• Interpret various scheme rules, benefit designs, actuarial factors, and calculation methods.
• Review and authorize actuarial rules, assumptions, computations, and system-generated outputs.
• Assist in designing and testing GMP Equalisation features.
• Convert actuarial requirements into practical system specifications and calculation logic.
• Provide clear guidance on complex actuarial challenges encountered.
• Enhance governance protocols, control mechanisms, testing, and audit processes related to loading operations.
• Collaborate closely with colleagues across Loading, Technical, Actuarial, Pension Risk Transfer (PRT), and Client Services teams.

Candidate Profile

• FIA qualification or an equivalent professional actuarial status is mandatory.
• Extensive technical knowledge of Defined Benefit pension schemes.
• Proven ability to interpret intricate benefit structures and scheme documentation accurately.
• Experience working with pension administration systems, with familiarity in ALPS and PPS regarded favorably.
• Confident in reviewing actuarial calculation outcomes and providing formal professional assurance.
• Skilled in articulating complex actuarial requirements effectively to both technical and operational team members.
• Interest in pension-related technology, including systems, testing frameworks, and platform enhancements.
• Exemplifies sound judgment, customer-oriented approach, and willingness to collaborate.

Employee Benefits

• Eligibility for annual performance-related bonuses and participation in valuable share schemes.
• Competitive pension contributions.
• Comprehensive life insurance coverage.
• Healthcare plan available for permanent employees.
• Minimum of 25 days holiday plus public holidays; entitlement rises to 26 days after two years’ service, with options for holiday purchase or sale.
• Competitive family leave policies.
• Access to an electric car scheme, enabling permanent employees to hire brand-new electric vehicles via tax-efficient salary sacrifice.
• Discounts on L&G products and various retail and online stores.
• Investment in sustainable and modern UK offices aimed at achieving net-zero carbon workplaces by 2030, enhancing in-person collaboration.

Additional Information

L&G is committed to positive financial returns alongside creating a sustainable future. Joining the team means experiencing an inclusive culture that values diverse perspectives, ethical leadership concerned with your wellbeing, and career development opportunities. The organization prioritizes outcomes over rigid attendance and supports a variety of flexible working arrangements including part-time and job-sharing where feasible. Applicants should focus on their strengths and alignment with L&G's purpose, even if not meeting every listed requirement.