Job Description
The Pension Protection Fund was established to pay compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation. The Financial Assistance Scheme is administered by the Pension Protection Fund.
Job Title
(permanent / or temp) / Part-qualified actuary
Department / Actuarial
Directorate / Financial Risk Management
Reports to / Actuarial Practice Leader/Senior Actuary / People Management / None
Budget Responsibility / Key contacts internal/ external
None / Internal actuaries at PPF
External actuaries
Liaise with other teams (policy, relationships, investment, finance, legal)
General Description of the Job
The part-qualified actuary role supports the provision of actuarial advice to the Board by carrying out or checking a range of actuarial, quantitative finance or modelling processes within the Financial Risk directorate. They are expected to contribute to the quality and timeliness of overall output. Depending on the experience of the post holder, the main responsibilities listed below may vary in terms of complexity and accountability.
Main Duties of the Job
1. / Calculate results from actuarial models, ensuring this has been complete to the required quality and within the required timescales. When closer to qualification, also review models and provide guidance to more junior members of team.
2. / Assist in implementing process changes and improvements within the team with guidance from more senior members of the team. Suggest improvements to models and processes.
3. / Draft responses to internal and external queries and assist in the development of external publications eg s179 guidance.
4. / Develop an understanding of technical issues in the relevant practice area.
5 / Support more senior members of the team in the preparation of responses to committees and other teams, using the appropriate actuarial methodology and assumptions.
6. / Liaise with other teams within the organisation to achieve goals and resolve problems. Provide training on actuarial matters to other teams.
7. / Be aware of relevant financial and non-financial risk management issues. Daily work should include sufficient documentation and intellectual rationale to more senior team members to identify material decisions and should be consistent with the adopted risk framework.
8. / Identify own training, learning and development needs and work to address these.
9.
Key Competences Required
Competence / Level A, D or
E *higher level expected of nearly qualified actuaries / Example of Behaviour
Shaping the future
1. / Commitment to Stakeholder / D/E* / Acts promptly to effectively resolve customer requests
2. / Continuous Improvement / D / Contributes views and ideas for improving planning, processes and service within the team
Making things happen
3. / Goal orientated / D / Identifies and schedules work priorities for self to achieve what is expected
4. / Takes responsibility / D/E* / Demonstrates the ability to make quality decisions and take action when required
Working collaboratively
5. / Working together / D / Builds effective working relationships with colleagues and shares knowledge, information and best practice
6. / Develops self and others / D / Identifies and seeks out opportunities to extend own skills and knowledge
Working Style
7. / Personal proficiency / E / Distils technical data/information and presents in a clear, structured and succinct way.
8. / Lives PPF values / D / Shows commitment and energy and responds positively to requests for help and support
Living the PPF Way
9. / Managing Resources
10. / Inspiring Leadership
Person Specification
Below are the qualifications, experience, skills and knowledge that are required by an individual to successfully undertake the job. / Essential / Desirable
Qualifications or equivalent experience / · Passed CT1-CT9
· Passed one or more of CA1/2/3
· Pensions or insurance experience / Y
Y / Y
Skills / · Good verbal and written skills
· Strong IT skills including Excel
· Strong numerical and analytical skills
· Ability to manage own workload, dealing with conflicting priorities and ensuring deadlines are met
· Experience of using VBA / Y
Y
Y
Y
Y / Y
Knowledge / · Knowledge of relevant actuarial specialities e.g. risk, valuations, pensions, investments, modelling.
· Has awareness of the UK pension landscape / Y
Y
Acknowledgement
This job description has been designed to indicate the general nature and level of work performance by employees within this post. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications / experience required by employees assigned to the role. These may therefore be subject to future amendments following appropriate consultation
Job title / Date
Approved by:
Reviewed by:
Jobholder’s signature:
Part Qualified Actuary Job No 9052,9057, 9064, 9089, 1 April 2012Page 4