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Phoenix Group
Phoenix Group
5,001 – 10,000 Employees
FinanceHealthcare InsuranceInsurance
Phoenix Group is a UK-based financial services company focused on long-term savings and retirement, with expertise in closed-book pensions and life insurance. It manages established portfolios that are no longer open to new customers while continuing to serve policyholders through open businesses including Standard Life and SunLife. Its customer brands also include Phoenix Life and ReAssure. Phoenix Group’s teams work across offices throughout the UK, with additional operations in Dublin and Frankfurt, supporting customers, colleagues, and communities across its finance and insurance businesses.
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Technical Actuary, Bulk Purchase Annuities

Provide actuarial support to Standard Life’s UK bulk purchase annuity schemes through buy-in and buy-out transactions. Lead member option calculations and handle complex defined benefit pension workstreams.

GBUnited Kingdom
£60,000 / year
HybridFull-timeMiddleSeniorEnglish RequiredActuary

Description

  • Lead actuarial support across a portfolio of bulk purchase annuity schemes.
  • Guide schemes through buy-in and buy-out, delivering and overseeing member option calculations.
  • Interpret transaction benefit specifications to support accurate, consistent calculations of member options and benefits.
  • Coordinate with scheme advisers, trustees, outsourced administrators and internal teams throughout the member option process.
  • Help implement Standard Life actuarial factors during buy-in.
  • Review administrator calculations, including transfer values, retirement quotations and projections.
  • Manage the transfer of member option calculations from the incumbent administrator to Standard Life at buy-out.
  • Review factor assumptions across the bulk purchase annuity portfolio.
  • Advise on GMP equalisation and complex calculations for individual members.
  • Lead or contribute to actuarial workstreams and resolve complex technical issues.
  • Maintain governance with audit trails, version control and review procedures.
  • Track legislative and market developments and assess their effects on actuarial calculations and the broader proposition.

Requirements

  • Qualified actuary with relevant defined benefit pensions experience.
  • Strong technical knowledge of UK defined benefit pensions and related legislation.
  • Experience reviewing member calculations, such as transfer values and retirement quotations.
  • Ability to analyse complex technical issues and develop clear, practical solutions.
  • Strong communication skills, including explaining actuarial concepts to technical and non-technical audiences.
  • Experience working effectively with colleagues and stakeholders across business areas.
  • Experience working within appropriate technical governance and risk frameworks.
  • Current knowledge of regulatory and market developments affecting defined benefit pensions.
  • Experience with bulk purchase annuity transactions.
  • Knowledge of GMP equalisation and its effects on member calculations.
  • Experience setting factor bases and calculating actuarial factors.
  • Experience developing actuarial models for factor generation or cashflow projections.
  • Experience with Pension Increase Exchange, Enhanced Transfer Value or Level Pension Option exercises.
  • Experience working with scheme advisers, trustees, administrators or outsourced delivery partners.

Benefits

  • Discretionary bonus.
  • Private medical cover.
  • 38 days of annual leave.
  • Pension plan.
  • Life assurance worth 12 times salary.
  • Income protection.
  • Career breaks.
  • Three volunteering days.
  • Part-time, job-share and other flexible working options.

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