In-Force Management

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £73 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately £360 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury’s, the Civil Aviation Authority, the Co-Operative Group, National Grid, NatWest, Morrisons and Telent.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

Job title: In-Force Management

Scheme Transition work

Review data from pension scheme

Work with the transition team and the pension scheme advisers to resolve any issues or queries

Ensure compliance with contractual requirements for data cleansing actions

Where relevant, calculate premium adjustment, in line with approach set out in the contract

Work with RL third party administrators and in-house teams (as applicable) to set up scheme database, including coding of calculation routines and payroll reconciliations

Set up RL valuation system to receive data from administrators and update modelling

Explain the move in value as a result of data or modelling updates

Work with pricing team to understand any benefit and/or data complications

Monitor monthly updates, to ensure accurate modelling and administration

Provide input to transition team in production of Individual Policy documents, ensuring proper benefit descriptions

Longevity swap data cleanse

Construct updated data files for the reinsurers to reflect cleansed data

Update the fixed cashflows underling the longevity swap to reflect the new data

Explain the move in value between the old and new fixed cashflows, reconciling to data changes

Ensure compliance with contractual requirements for data cleansing actions

Update trade bookings and explain any moves in value

GMP equalisation

Check implementation of GMP equalisation as calculated by the pension scheme

Manage implementation of ongoing calculations with administrator

Ad-hoc

Work on projects with pricing & reinsurance team, relating to backbook liability and reinsurance deals

Validating individual records and data

Independent reviews of trade bookings (liability and reinsurance)

Complying with and checking adherence to contractual requirements

Due diligence exercises in relation to new deals or backbook deals proceeding to buyout

Monitor and control reserve balances, ensuring continued appropriateness, and take actions to ensure accuracy

Actuarial support for ad-hoc backbook initiatives such as option exercises

Individual calcs

Implementing calculation routines on in-house systems

Checking results of internally/externally produced calculations

Skills & Experience

Experienced pensions actuarial work

Actuarial qualification desirable but not mandatory

Mature decision-maker

Problem solver

Eye for detail

Happy to take on big projects

Persistent

Self-motivated

Likes to improve efficiency

Rothesay competencies

Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills

Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks

Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions

Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others

Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues

Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value

Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations

Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level. The role shall be performed within a professional office environment. Rothesay has health and safety polices that are available for all workers upon request. There are no specific health risks associated with the role.

Inclusion Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.