Job title: Capital Management Actuary

Job Type : Permanent

Closing Date : 28th May 2023

Location : Wythall/Edinburgh/Telford/London with hybrid working

Salary and benefits: Competitive salary plus 16% bonus up to 32%, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more

Recruiter: Beth Owens

We have an incredible opportunity to join us here at Phoenix Group as a Capital Management Actuary to join our Matching Adjustment team.

Who are we?

We want to be the best place that any of our 6,800 colleagues have ever worked.

We’re the UK’s largest long-term savings and retirement business. We offer our 12 million customers products across our market-leading brands, including Standard Life, SunLife and ReAssure, with c.£259 billion of assets under administration. We’re a FTSE 100 organisation that is tackling key issues such as transitioning our portfolio to net zero by 2050, and we’re not done yet.

The role

As a Capital Management Actuary you will act as a Core MA team member to drive development of the Group’s Matching Adjustment application, with focus on delivering expanded approvals for illiquid asset deployment, and optimisation of the fund. You will d evelope expertise in engaging with internal and external stakeholders on the issues relating to the Matching Adjustment, including advisory to International business

• To provide input to Matching Adjustment treatment of new asset and product propositions, in line with Phoenix Asset management and Retirement solutions strategy
• Assist senior leadership in developing proposals for the inclusion of assets, reinsurance, and liabilities in the MA portfolio
• Develop Matching Adjustment methodologies, including MA calculation, PRA tests, asset hypothecation and idiosyncratic features of illiquid credit
• To use benchmarking and management information to identify and execute management actions to optimise the Matching Adjustment fund
• Assist senior leadership on all MA related governance and guide on regulatory engagement for the Matching Adjustment approval
• Assist senior leadership on VA applications in order to enhance capital efficiency of holding liabilities in the non-MA fund
• To develop of the Group’s MA compliance framework to evidence continuous compliance with MA rules, supporting SMF 20 accountabilities
• To build and maintain effective relationships across Phoenix Group, estbalish stakeholder interests and ensuring outputs from the actuarial function remain up-to-date, relevant and effective

What are we looking for?

Experience in developing or reviewing any of the following:

• MA applications
• Solvency II internal model applications (desirable where these are market / credit risk focused).
• Equity release mortgage proposals

Strong understanding of Solvency II regulation and in particular its application to bulk purchase annuity business.

Good communication skills with a technical actuarial audience and ability to simplify communications of technical issues to a non-technical audience.

We want to hire the whole version of you.

We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you.

If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best.

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