Job Purpose
To support the Scheme Actuaries in the Croydon office of a rapidly expanding Consultant and Actuary business. To review the work of the senior actuarial students and to act as first contact to a portfolio of trustee and corporate clients when the Scheme Actuary or delegated corporate Actuary is out of the office. There will be scope for attendance at meetings if desired and will be actively encouraged.
To take the lead on a number of projects within the business unit, with support from the qualified actuarial staff and the actuarial student team.
The role is seen as a stepping stone between experienced student and fully-fledged client-facing consultant.
Key Tasks and Responsibilities
To provide consulting support to the Actuary on a full range of Consulting Services to Trustees including;
- Actuarial valuations
- Advice on benefits
- Asset allocation
- Bulk transfers•Debt on employer
- Scheme factors
- Scheme reorganisations.
- Transfer values
To provide consulting support to the Actuary advising employers on their arrangements, including:
- Benefit advice and augmentation
- Pension scheme accounting (FRS17, FAS158 and IAS19)•Sales and purchases
- Scheme reorganisations
- Attendance at Scheme Actuary meetings
- Oversight of the technical and actuarial aspects of corporate presentations and reports
- Scrutiny of actuarial output for accuracy and relevance
- Contributing to the business development strategy for clients
- Contributing to the strategic management of existing clients in terms of service provision and fee structuring
Qualifications and Experience
Ideally, the successful candidate will have worked in a UK actuarial consultancy for at least 4 years, and have passed all of the CT series of actuarial exams, and will have the realistic goal of qualifying as a Fellow within the next 2-3 years.
Well-established experience in the following routine tasks will be required:
- Carrying out various calculations for specific clients or prospects including valuations (funding / accounting disclosure / buy-out etc), switches, enhanced transfer value exercises and individual calculations.
- Drafting second version of various valuation reports (funding / accounting disclosure / buy-out etc) and production of such reports for Actuary.
- Check individual transfer values and early retirement quotes and either sign them off if within their limits or passing them on to Actuary.
- Help Actuarial Students by providing guidance and instructions on valuations (funding / accounting disclosure / buy-out etc), switch calculations, enhanced transfer value exercises and asset modelling. Check their calculations.
- Assist Actuary in their role providing first drafts of letters and simple reports and certificates where appropriate.
- Check work carried out by Actuarial Students, and provide them with supportive feedback to assist their ongoing development.
- Work with Client Services (Administrators) to obtain membership information and deal directly with clients to obtain information from them or third parties, e.g. auditors, previous scheme administrators, etc.
- Assist Actuary in their long-term responsibility for developing any specific areas of work, particularly technical that may have been assigned to them. Such responsibility will be set from time to time as needs arise.
- Manage responsibilities arising from your role as a Primary Co-ordinator.
Complete other tasks as may reasonably be assigned, including attendance at regular Scheme Actuary meetings.
Proven ability to present clearly to pension trustees and employer representative groups in all areas of pension benefits, including valuation results and asset allocation advice
Competencies
Within a reasonable period, have acquired a working knowledge of industry and AFFS’ pensions systems including:
- Superval
- DB to DC Switch
- Sweetspot (ETV Software)
- Various other spreadsheet tools, eg roll-forward s/sheet, TV/ERet calculators, etc.
- High level capability with Excel
- Good interpersonal skills and ability to establish good working relationships with consultants and other departmental personnel, particularly those in Client Services (AFFS Administration team) and outside administrators.
- Understanding the value of services and delivery standards to clients
- Decision making
- Negotiation
- A focus on accuracy and identifying and correcting errors made by students
- Ability to give feedback to students to foster their development
- Taking on Responsibility
- Growing industry knowledge
- An aptitude for networking
- Product knowledge
- Initiating action
- Participation in meetings
Performance Indicators
To maintain a high standard of work, ensure tasks are checked appropriately and meet deadlines imposed by Actuaries. 70%
Participate effectively in special projects and manage responsibilities arising from your role as a Primary Co-ordinator. 30%
Level of attainment will be assessed by Actuaries in conjunction with Principle and based on regularly assessed one to one scoring.
Alexander Forbes is committed to applying its equal opportunities policy at all stages of the recruitment and selection process and recruitment decisions will be made solely on the basis of the applicant's abilities and individual merit as measured against the criteria for the role.
