Senior Risk Actuary

Pension Insurance Corporation plc

Senior Risk Actuary providing model risk management support for pension fund at Pension Insurance Corporation. Enhancing actuarial assurance, oversight, and regulatory compliance.

Posted 5/11/2026contractLondon • 🇬🇧 United KingdomSeniorWebsite

About the role

Key responsibilities & impact

Provide primary support to the Head of Risk Modelling & Validation maintaining and overseeing PIC’s model risk management framework
leading updates to the framework to reflect emerging regulations and best practices
engaging the business on the application of the framework and model risk management practices producing and reporting model risk MI
leading the validation of the design, development, implementation, testing, documentation, governance, approval and performance of the Internal Model, including its supporting infrastructure
leading wider model risk management reviews and model deep-dives
Provide wider support to the Head of Risk Modelling & Validation, the Head of Actuarial Assurance and the Head of Transaction Risk (as applicable), such as:
reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates
providing 2nd line risk oversight of core areas such as new business pricing, hedging, liquidity and collateral management
reviewing analyses supporting experience analyses and assumption setting
leading and reporting on deep dive reviews, e.g. reporting processes, experience analyses, data quality
leading ad-hoc investigations into emerging issues within areas of responsibility
Support planning and co-ordination of annual cycle of line 2 review work, within areas of responsibility
Provide close and effective engagement with Finance, Investment, Operation and the Internal Assurance Functions
Provide oversight of junior members of the Actuarial Assurance Function, within areas of responsibility
From time to time, deputise for the Head of Model Risk and Validation, Head of Actuarial Assurance, Head of Transaction Risk and Actuarial Function Holder at management level committee meetings, within areas of responsibility.

Requirements

What you’ll need

**Experience:**
- Qualified actuary with post-qualified experience
- Good experience working in a technical actuarial role, preferably related to annuities
- Experience of liaising and interacting with senior individuals and presenting to management committees
- Experience working within or closely with an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit
**Skills:**
- Strong general actuarial skills, preferable related to bulk annuities
- Strong written and oral communication skills, with ability to communicate complex actuarial information to senior individuals and management committees
- Able to influence upwards with credible independent opinions
- Able to plan and complete end-to-end tasks independently
- Able to utilise available information to maintain an understanding of developing practices across the market
**Knowledge:**
- Excellent technical knowledge of the actuarial and financial risks associated with UK bulk annuities
- Excellent knowledge of the relevant legal, regulatory and industry requirements
- Excellent knowledge of the Solvency II balance sheet, including the asset and liability requirements for managing matching adjustment funds
- Excellent knowledge of data, models and systems as applied to actuarial work
- Excellent knowledge of relevant business processes, standards, policies and procedures

Benefits

Comp & perks

In addition to a competitive base salary and the opportunity to participate in our performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.

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Applicant Tracking System Keywords

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Hard Skills & Tools

actuarial skillsmodel risk managementvalidationdata analysisfinancial risk assessmentregulatory complianceSolvency IIrisk oversightexperience analysesassumption setting

Soft Skills

communication skillsinfluencing skillsindependent task completionengagement with senior individualspresentation skillsplanning skillscollaborationleadershipcritical thinkingproblem-solving

Certifications

qualified actuary