In-Force Management

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over 74 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately 355 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 workReview data from pension schemeWork with the transition team and the pension scheme advisers to resolve any issues or queriesEnsure compliance with contractual requirements for data cleansing actionsWhere relevant, calculate premium adjustment, in line with approach set out in the contractWork with RL third party administrators and in-house teams (as applicable) to set up scheme database, including coding of calculation routines and payroll reconciliationsSet up RL valuation system to receive data from administrators and update modellingExplain the move in value as a result of data or modelling updatesWork with pricing team to understand any benefit and/or data complicationsMonitor monthly updates, to ensure accurate modelling and administrationProvide input to transition team in production of Individual Policy documents, ensuring proper benefit descriptionsLongevity swap data cleanseConstruct updated data files for the reinsurers to reflect cleansed dataUpdate the fixed cashflows underling the longevity swap to reflect the new dataExplain the move in value between the old and new fixed cashflows, reconciling to data changesEnsure compliance with contractual requirements for data cleansing actionsUpdate trade bookings and explain any moves in valueGMP equalisationCheck implementation of GMP equalisation as calculated by the pension schemeManage implementation of ongoing calculations with administratorAd-hocWork on projects with pricing & reinsurance team, relating to backbook liability and reinsurance dealsValidating individual records and dataIndependent reviews of trade bookings (liability and reinsurance)Complying with and checking adherence to contractual requirementsDue diligence exercises in relation to new deals or backbook deals proceeding to buyoutMonitor and control reserve balances, ensuring continued appropriateness, and take actions to ensure accuracyActuarial support for ad-hoc backbook initiatives such as option exercisesIndividual calcsImplementing calculation routines on in-house systemsChecking results of internally/externally produced calculationsSkills & ExperienceExperienced pensions actuarial workActuarial qualification desirable but not mandatoryMature decision-makerProblem solverEye for detailHappy to take on big projectsPersistentSelf-motivatedLikes to improve efficiency Rothesay competenciesTechnical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skillsDrive 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 setbacksTeamwork – 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' contributionsCommunication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with othersJudgement 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 issuesCreativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical valueInfluencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendationsDisclaimer 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.