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ACTUARIAL POST

FOR THE MODERN ACTUARY DECEMBER 2019

PLUS: ALL THE OTHER 2019 AWARD WINNERS, INCLUDING: SEEMA THAPER NIALL AITKEN LAURA ANDRIKOPOULOS KENNY CHENG

INTRODUCING

MELANIE DURRANT 2019 Actuary Of TheYear TAIT’S MODERN PENSIONS

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Actuarial Post Team EDITOR Jennifer Redwood jennifer@actuarialpost.co.uk SUB EDITOR Jennifer Stone article@actuarialpost.co.uk ADVERTISING MANAGER Alan Burns alan@actuarialpost.co.uk

www.actuarialpost.co.uk @actuarialpost @APjobs Head Office 13 Vale Rise Tonbridge Kent, TN9 1TB 01732 359488

EDITOR’S NOTE Welcome to our main Awards winners issue for 2019. Once again a big thank you to all of our readers for voting in their numbers to make this year the most voted awards since we began the awards in 2011. We need to congratulate all of our winners as the voting in every category was once again extremely close. We also need to thank our sponsors Aon Remetrica for their sponsorship of Actuary of the Year 2019 and Bolton Associates who sponsored the GI Actuary of the Year 2019. Actuary of the Year 2019 goes to Melanie Durrant from Barnett Waddingham. Pensions Actuary of the Year is Laura Andrikopoulos from Hymans Robertson. GI Actuary of the Year is Seema Thaper from Enstar. Life and Health Actuary of the Year is Kenny Cheng from EY. Investment Actuary of the Year goes to Niall Aitken from Royal London. Employer of the Year is Aon. Software of the Year goes to XPS’s Radar and finally Recruitment Consultant of the Year is Lance Randles from Star Actuarial Futures. I hope you enjoy reading all of their responses inside. Of course we still have the rest of our regular columnists and amongst others we have insights including Fiona Tait looking at the Return of the Annuity Dale Critchley reviews pensions for 2019 and also sneaks a look ahead to 2020. May I take this opportunity to wish you all a very merry Christmas and a Happy New Year and I look forward to welcoming you all back with 2020 vision in the New Year.

Legal Notice All rights reserved. No part of this publication may be reproduced or transmitted without the prior permission of the publisher in writing. Whilst every care has been taken to ensure the accuracy, Actuarial Post cannot accept responsibility for loss of business to those referred to in thie magazine as a result of errors.

- Jennifer Redwood


CONTENTS 10

16

26

Regulars News

6

Movers & Shakers

8

City Dealings

9

Features Actuary of the Year

10

GI Actuary of the Year

16

Pensions Actuary of the Year

22

Investment Actuary of the Year

26

Life & Health Actuary of the Year

30

Our Columnists

30

Tait’s Modern Pensions

40

Solvency II & Beyond

42

Pension Pillar

43

Inner Workings

44

Retirement Puzzle

46

Lights, Camera, Actuary

50

Information Exchange

52


NEWS DECEMBER

Labours proposal for reduced pension age for tough jobs The Labour Party’s 2019 manifesto proposed, in the context of a discussion of rising state pension ages, “… to review retirement ages for physically arduous and stressful occupations, including shift workers, in the public and private

sectors”. This policy is a recognition that general improvements in health and longevity have not been shared by all and that increased state pension ages may present particular challenges for those whose health may prevent them from

PASA Publishes DC Master Trust Transition Guidance Earlier this year, The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, invited key individuals from across the industry with wide ranging DC expertise to work together to provide guidance around master trusts - creating the Master Trust Transition Working Group (MTTWG). Today the MTTWG READ MORE

working longer. But whilst this policy is well-intentioned, Royal London Policy Director Steve Webb has highlighted the severe practical challenges in putting it into practice. A number of issues would READ MORE

HMRC warns high earners who fail to report pensions growth When completing annual tax returns, taxpayers are asked if they have put money into a pension above the ‘annual allowance’ – currently £40,000 per year for most people, but as little as £10,000 for those affected by the ‘tapered annual allowance’. This would include growth in their Defined Benefit pension rights as well as cash paid in to Defined Contribution pots. But this requires taxpayers to understand the rules and put the correct data on their tax return.

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There has long been a suspicion that individuals who do not understand the system have been leaving a blank in answer to this question. Shockingly, HMRC has confirmed in its monthly ‘pension schemes newsletter’ that they “know that scheme members are forgetting to declare details of their annual allowance charge on their their Self Assessment returns”.

READ MORE


NEWS Whole of market annuity comparison service launched Commissioned by Legal & General, Annuity Ready - a whole of market, online comparison service - has been developed and will be independently run by theidol.com. It is designed to help Legal & General customers secure the best available annuity rate from across the market and will provide them with an increased level of service, which goes beyond the current regulatory requirements. This service aims to help deliver better outcomes, by seamlessly allowing customers to search the market via Annuity Ready, if a better rate is available from another annuity provider. Under current regulation, firms are required to provide a whole of market comparison, to let their customers know whether a better annuity rate is available... READ MORE

You have Tories and Labour differ on WASPI to the won GBP3m on the tune of 58bn pounds lottery what do you do next

Comment from Steven Cameron, Pensions Director at Aegon, following the publication of the Conservative’s 2019 election manifesto.

also look safe under either party and both will be pushing the BBC to reverse the means testing of TV licenses for the over 75s.

State Pensions

WASPI

“The Conservative Party Manifesto’s pension commitments are largely in line with Labour’s but with some key differences. On state pensions, their commitment to retain the triple lock matches that from Labour, meaning pensioners can now be pretty certain that their state pensions will continue to increase at the highest of price inflation, earnings growth or 2.5%, raising the prospect of another 5 years of inflation busting increases. Free bus passes and the winter fuel allowance

“The biggest difference, and it’s a massive £58 billion difference, relates to the WASPI women who found their state pension age increase from 60 to 66 without clear, personalised advance notice. The Tories are not matching Labour’s commitment to compensate them. National Insurance and State Pension entitlements “The Conservative promise to increase the National Insurance threshold to £9,500 in 2020 and in later years READ MORE

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You’ve finally won a lifechanging sum of money after years of playing the lottery and crossing your fingers – but what would you do after getting the big pay-day? Ahead of the National Lottery’s 25th birthday (Tuesday 19 November), we asked 2,000 people who they would break the news to if they won a £3 million jackpot and found many were surprisingly secretive, with more than one in 10 (11%) saying that they would not tell anybody about their success. When it comes to their nearest and dearest, 12% of married people said that they would not tell their husband or wife. Over three-quarters (77%) of all adults would also hide the news from their friends while only a tiny sliver of the population (0.3%) said that they would want to share the news of READ MORE


MOVERS & SHAKERS The latest moves and appointments from the actuarial marketplace Aegon appoints Actuary as new Client Director for Workplace

IFoA appoint new Chief Executive

Aegon UK has appointed Antonia Balaam as Client Director for Workplace. She will focus on developing, broadening and strengthening key client relationships, while supporting the development of new business ensuring that Trustees and employers maximise the full range of Aegon services. Antonia is a qualified Actuary, with 22 years of experience in the pensions industry and most recently held the position of Senior DC Consultant at First Actuarial. She has strong pensions technical knowledge and a wealth of experience in the large scheme EBC market from previous roles at Willis Towers Watson and Aon Hewitt.

Apollo Syndicate Management have announced the appointment of Paul Grimsey as Chief Actuary, effective 2nd December. Grimsey will lead the Apollo actuarial team and report to Vinay Mistry, who joined Apollo as Chief Risk Officer this month. The Institute and Faculty of Actuaries has appointed Stephen Mann as its next chief executive. Mann will take up the post from 6 January 2020. Originally qualified as a lawyer, Mann has worked extensively with the actuarial community throughout a career in financial services.

Antonia joined in October and reports into Nicky Benstead, Head of Client Relations for Workplace at Aegon.

He has been a Board Director of the Aviva Life business, responsible for strategy, business services and major capital projects, and more recently served as Chief Executive Officer at the Police Mutual Group. Mann has also been Chair of Aviva’s With Profits

Linda Whorlow, Managing Director of Workplace at Aegon UK comments: “I am delighted to welcome Antonia to the Aegon READ MORE

Committee and UK retail investment business, a non-executive director at ALICO UK and the independent member of the Audit and Risk READ MORE

Dalriada Trustees appoint Actuary Charles Ward

Apollo Syndicate announce appointment of new Chief Actuary

Dalriada Trustees has announced the appointment of Charles Ward as a Professional Trustee. Charles joins from the pensions advisory team at PwC and will be based in Dalriada’s Birmingham office.

Grimsey joins Apollo with more than 18 years of actuarial experience. He is currently joint Chief Actuary and Executive Director at Antares Managing Agency, which he joined in 2013, before progressing to his current roles and joining the Board in 2017. He has also held the position of Actuarial Director at QIC Global since 2018. In the past, he has served in senior positions at W.R. Berkley Insurance (Europe) and Randall & Quilter Management Service between 2007 and 2012, having begun his career at Ernest & Young (now EY) in 2001. Grimsey has a broad range of expertise in pricing, reserving and capital modelling. David Ibeson said: “Apollo places great value on the talent within our READ MORE

Charles is a qualified actuary with almost 25 years’ experience of advising companies and trustees on long-term pension scheme strategy and innovative funding, investment and benefit design projects.

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Prior roles with leading institutions including PwC, KMPG and Mercer have included work on a range of complex restructuring situations for distressed sponsors (including PPF compromises), READ MORE


CITY DEALINGS Keeping up to date on acquisitions, mergers and the dealings of companies in the city

Swiss Re agrees to sell ReAssure to Phoenix Group Swiss Re announced today an agreement to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP 3.25 billion, Swiss Re will receive a cash payment of GBP 1.2 billion, shares in Phoenix representing a 13% to 17% stake and be entitled to a seat on its Board of Directors. ReAssure’s minority shareholder, MS&AD Insurance Group Holdings Inc, will receive shares in Phoenix representing an 11% to 15% stake.

“We believe this transaction maximises longterm value for Swiss Re shareholders.”

The respective number of shares Swiss Re and MS&AD receive will depend on Phoenix’s share price at closing of the sale, while the total shareholding of both companies is fixed at approximately 28%. READ MORE

XPS Pensions Group acquire Trigon Professional Services

L and G buy in deal with National Grid pension scheme

XPS Pensions Group announces that it has agreed to acquire the entire issued share capital of Trigon Professional Services Limited (Trigon) from Trigon Pensions Holdings Ltd.

Legal & General announces that it has written a pension risk transfer (“PRT”) transaction of £1.6 billion with the National Grid UK Pension Scheme (“NGUKPS”).

Trigon is the pensions advisory business of Trigon Pensions Holdings Ltd, providing actuarial, administration, consultancy, and investment advisory work to a range of pension scheme clients and sponsors. The acquisition is part of XPS’s continued growth strategy to become the UK’s largest specialist pensions business. The addition of Trigon will further strengthen XPS’s presence in the south-west of the UK, with the 40 Trigon staff based in Bristol joining the Group and doubling the size of XPS’s presence in the city. As part of the transaction, READ MORE

J Christian Mumenthaler, Swiss Re’s Group CEO

The buy-in policy is in respect of Section B of the NGUKPS. The NGUKPS is a £20 billion defined benefit pension scheme primarily for previous employees of the gas industry. This buy-in will further protect the future funding of the Scheme by reducing the potential impact of changes in life expectancy and by removing financial risks such as interest rate and inflation changes. Donald Simpson, Trustee and Chair of READ MORE

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AON TO ACQUIRE COVERWALLET READ MORE


2019 ACTUARY OF THE SPONSORED BY

AON BENFIELD’S REMETRICA TEAM


ReMetrica Team

E YEAR

Message from our Sponsors AON BENFIELD’S REMETRICA TEAM Actuaries play a critical role in the financial services industry from navigating challenging regulation to enabling their firms to make informed and strategic decisions. As such, we’re thrilled to present Melanie Durrant with the accolade of Actuary of the Year 2019. Aon’s ReMetrica team congratulates Melanie on this fantastic achievement and wishes her continued success in her future career.


ReMetrica Team

2019 ACTUARY OF THE YEAR

Melanie Durrant


Melanie Durrant joined Barnett Waddingham and qualified as an actuary in 2011. Her career has seen her work across a range of private sector pension schemes before specialising in advising funds in the Local Government Pension Schemes.

What was your initial reaction to winning this award, nominated and voted for by your peers? When I heard I was shortlisted for this award I was absolutely delighted. This was followed by many messages of support from colleagues, clients, friends and family. It made me feel hugely appreciated for all the hard work I do and even at that point, it felt like I had already won. To then hear that I had actually won the award was really special, and a great early Christmas present! What made you decide to become an actuary? When I was a teenager, I had a cousin who had emigrated to Australia to be an actuary. She wrote to me to tell me all about what she did and it sounded incredibly exciting. I was also very fortunate to have great maths teachers at school who encouraged my love of the subject - so it seemed an obvious choice to pursue a career where I could utilise this passion. I chose the consulting route as I love working with people and building relationships – the culture at Barnett Waddingham has enabled me to develop these skills further and I continue to thrive in a hugely progressive working environment. How did you start your actuarial career? Barnett Waddingham appealed to me from the start as a growing company with a friendly culture. At my interview they made me feel welcome and immediately at ease. Thirteen years later I still clearly remember that day and the positive impression it left on me. Right from the start, I was able to get involved in a huge variety of work and was given plenty of opportunities to develop – those opportunities are engrained in the culture at Barnett Waddingham. Barnett Waddingham’s independence allows its people to think freely about how they tackle challenges

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for clients and I have benefited hugely from this approach. In addition to this they also have a strong focus on training and development which has in no way subsided since I qualified. The company has continued to attract really great people, all driven to achieve success for the benefit of clients, and this has helped my own personal development over the years. In addition to this, the headcount has grown significantly since I started but it’s all been well managed and I truly feel like I’m part of something special. What drew you into working in the field of Public Sector Pensions. What aspect of your work do you enjoy most? I work predominantly with pension funds who participate in the Local Government Pension Scheme (LGPS) which is one of the largest pension scheme’s in the world. I have clients across the UK so I do a lot of travel and I still spend a lot of time in Glasgow, although I am now based in Cheltenham. I love the variety of my job and the challenges it brings. I could be presenting valuation results, attending a conference, helping to develop a new piece of software, training the team, crunching numbers or writing a blog to help clients think more broadly about the challenges they face. No day is ever the same. I’m fortunate to have an incredible team around me at Barnett Waddingham which enables us to draw from a wider range of experiences to deliver the best possible outcome for clients. What would your advice be to those starting out in the actuarial field? Be prepared to work hard and make friends with your fellow students. Self-taught study is quite a different experience to university so it helped me to have group study sessions and be able to talk to other people studying the same exams. I found it really helped as the exams are not easy, but once you master how to balance work, study and play you will be fine. But make sure you always make time to play too! What would your top tip be for those working in the actuarial field? Say yes to new opportunities. I moved to Glasgow in 2014 and changed my specialist field to public sector pensions. It was a great experience for me and I enjoyed learning new things and working with different people. It helps you to understand what you like doing the most and that will help you to get fulfilment out of your career. Doing something outside your comfort zone will challenge you but it could increase your confidence and make you a better actuary. All you want for Christmas is? A good Wi-Fi connection. I don’t actually know where I am going to be for Christmas day this year as me and my husband will be travelling around New Zealand’s South Island having a rather non-traditional Christmas. However, I still want to be able to wish my family a happy Christmas so we will need to find a way to get in touch!

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2019 GENERAL INSURAN ACTUARY OF THE YEAR SPONSORED BY BOLTON ASSOCIATES


NCE

Message from our Sponsors BOLTON ASSOCIATES Bolton Associates are thrilled to present this year’s GI Actuary of the Year award to Seema Thaper at Enstar Group. Seema’s extensive previous consulting background gives her a network which reaches far and wide, which has no doubt contributed to her winning this year’s award. She has worked with a large proportion of the Lloyd’s and London Market, and shared her considerable skillset with many insurance firms, and of course more junior actuaries over the years. On presenting the award to Seema, sponsor Zoe Bolton, MD Bolton Associates, says “I am delighted to present this award to Seema. She is a well-known actuary and contributes greatly to the profession as a whole, not least through her work chairing various committees for the Institute. Her new role at Enstar means she is at the forefront of our changing insurance market - an exciting place to be! Huge Congrats Seema!”


2019 GI ACTUARY OF THE YEAR

Seema Thaper


2019 GI Actuary Of The Year Seema Thaper

What was your initial reaction to winning this award, nominated and voted for by your peers? I felt really honoured to have even been nominated (not that I could get anyone to admit to doing the nominating!) but to win was really humbling. I was genuinely touched to receive so many messages of support from past and present colleagues and to be recognised by your peers is amazing.

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What made you decide to become an actuary? I was always pretty good at maths and problem solving so knew I wanted to do something that involved those skills. My Dad was an accountant and I spent a lot of time in my holidays working for him which led me to the financial world. I came across an actuarial career at school which played into my strengths and managed to get some work experience which set me off on my path. How did you start your actuarial career? I started my career as a graduate at Deloitte. I was so fortunate to be surrounded by some amazing role models (Lis Gibson, David Hindley and Catherine Barton to name but a few) who set the bar pretty high. It helped that I made so many great friends across the years and that my husband started as a graduate at Deloitte at the same time. Deloitte also gave me some amazing experiences across a wide range of topics whilst being able to interact with senior people within businesses, not just actuaries, from an early stage. What drew you into working in the field of GI? What aspect of your work do you enjoy most? Starting out, GI seemed like the rapidly growing and exciting field for actuaries and that hasn’t really changed. I have spent most of my career focussed on the London Market which has always proved interesting and challenging. I loved the variety that my career as a consultant gave me as it meant that I have always needed to be evolving with the market needs. My new role at Enstar has meant stepping into another exciting new challenge. I can honestly say that I’ve never had a dull moment! What would your advice be to those starting out in the actuarial field? Keep at it! I found sitting the exams pretty challenging and remember that I was pretty close to giving it up after my 3rd fail at CA1. But I was surrounded by a supportive team who pushed me to qualify and I never looked back – I even ended up as Chief Examiner for SP7 so there is hope for you even if it’s proving a bit of a tough slog! Also remember that the actuarial world is really small and you’ll keep coming across the same people again and again so keep working on your network. What would your top tip be for those working in the field of GI? Tailor your communication! I think as actuaries we have some really important and useful business insight to deliver to our audiences but the message can be lost in translation. Simplicity and context is often the key – actuaries are generally way better at this than they were when I first started work but we can always improve. All you want for Christmas is? To spend time with my amazing family – my rock of a husband Dave who has always supported me no matter what, my feisty daughter Lara who is my mini-me and my super chilled son Aaron whose smile lights up every room!

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2019 PENSIONS ACTUARY OF THE YEAR LAURA ANDRIKOPOULOS


2019 Pensions Actuary Of The Year Laura Andrikopoulos What was your initial reaction to winning this award, nominated and voted for by your peers? I was delighted! – it was a lovely surprise. It’s always great to be appreciated by peers. What made you decide to become an actuary? The mix of skills required – it seemed a great way to use my maths degree whilst also requiring good communication and business skills. The idea of a profession and serving the public interest also appealed. I was particularly attracted to consulting as I have always enjoyed meeting and working with a large variety of people. How did you start your actuarial career? I obtained a graduate position at Buck Consultants in St. Paul’s Square, Birmingham, to train as a pensions actuary. On my first day I met Ryan Markham, the other graduate trainee, and we now (almost 20 years later) work together again in the Hymans Birmingham office – it’s a small world.

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What drew you into working in the field of pensions consulting and governance? What aspect of your work do you enjoy most? People. I love being a consulting actuary because it is full of incredibly interesting people in all sorts of businesses and organisations up and down the land. The work is varied because clients and colleagues are diverse, and all boards have a slightly different culture and approach, something which makes both my Scheme Actuary and governance consulting (DB and DC) work both interesting and fulfilling. I also feel very fortunate to be working for Hymans, which has a very friendly, innovative and progressive culture. I have plenty of freedom to do what I feel is right for my clients. What would your advice be to those starting out in the actuarial field? The future is very exciting for actuaries as we continue to serve our heartlands whilst also venturing into new fields. We have a huge amount to contribute to the public interest issues of our time like Climate Change and Intergenerational Fairness. My advice is to be bold, adaptable and innovative and apply your actuarial skills and professional training in the fields you feel most passionate about, whether that is within recognised domains or entirely new areas. What would your top tip be for those working in the field of pensions and governance? Value relationships and soft-skills as much as your technical expertise. Building a good network and strong relationships with clients is vital for existing and future business. Equally, being self-aware and adaptable (but robust when you need to be!) are important for dealing with the myriad of situations and personalities that our work entails. All you want for Christmas is? Diamond necklaces are always welcome.

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2019 INVESTMENT ACTUARY OF THE YEAR

Niall Aitken


2019 Investment Actuary Of The Year Niall Aitken “I met an Actuary while diving, prior to which I wasn’t really aware of the profession. He asked me about what my future plans were and what I enjoyed and suggested I’d be a good fit. I’m thankful of this chance encounter otherwise I might have become an accountant!”

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What made you decide to become an actuary?

opportunities the next week will bring and I enjoy the challenge that this creates.

Around the time I was finishing school I was on holiday and met an Actuary while diving, prior to which I wasn’t really aware of the profession. He asked me about what my future plans were and what I enjoyed and suggested I’d be a good fit. I was quite thankful of this chance encounter otherwise I might have become an accountant!

What would your advice be to those starting out in the actuarial field?

How did you start your actuarial career? I started working as an Actuarial Analyst in the defined benefit area at Scottish Life. This was a fantastic place for me to start working with a great bunch of people, I enjoyed DB work as it gave exposure to a wide range of actuarial areas and it was working here that first piqued my interest in investment. What drew you into working in the field of investments What aspect of your work do you enjoy most? I enjoy being responsible and accountable for customer outcomes. There’s a direct link between the decisions made day to day and the impact that can have for our customers. Having this focus makes me more empowered to improve outcomes for our customers. Other than this I enjoy the variety that my role can offer, it’s never clear what new issues or

Embrace change and seek out opportunities that force you out of your comfort zone. I appreciate this sounds a little cliched but i think a lot of trainees and newly qualified actuaries don’t appreciate how transferable their skillset is. It can be hard to find opportunities in areas where you don’t have experience and that can be why joining the right company that can offer a variety of actuarial exposure is vitally important. i have been incredibly fortunate in the opportunities i have had within Royal London. Also developing and maintaining a wide network - you never know when you might need to canvas some votes! What would your top tip be for those working in the field of investment? It’s an extremely fast paced area, so be open to new ideas and be curious about how these could apply for customers. All you want for Christmas is? I suppose global political stability is pushing my luck so having 3 young boys 5 and under I’d be happy with a decent nights sleep but that’s probably an even bigger ask.

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2019 LIFE ACTUARY OF THE YEAR

Kenny Cheng


2019 Life Actuary of the Year Kenny Cheng What was your initial reaction to winning this award, nominated and voted for by your peers? I am absolutely thrilled to win this award! I was really surprised to have even been nominated so it is an amazing feeling to have won. It is such an honour and my biggest professional highlight to date. Thank you to everyone who voted for me, it really means a lot to me and winning this award inspires me to continue to get better at supporting my colleagues and clients. What made you decide to become an actuary? I expect that I am similar to most actuaries in that I enjoyed maths and stats at university and wanted to apply this in a business context, so the actuarial profession appealed to me.

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How did you start your actuarial career? I started as a pensions actuary at Towers Perrin, where I was fortunate enough to work with some really fantastic people and worked on a wide range of projects including valuations and de-risking exercises. What drew you into working in the field of life insurance? What aspect of your work do you enjoy most? I wanted to challenge myself and try something new after working in pensions for a few years. Life insurance appealed to me as a new area to explore and allowed me to use some of my existing knowledge. It was a steep learning curve switching from pensions to life, but I have found it to be a very fulfilling journey so far. During my time at EY, I have really enjoyed the variety and fast pace of the work. I have worked on some interesting projects including supporting clients with internal models / economic modelling, optimising corporate structures for capital efficiency and supporting clients across the world on the Insurance Capital Standard. What would your advice be to those starting out in the actuarial field? This is a really interesting question because the actuarial profession is evolving from where it has traditionally been and actuaries starting out now are using new programs / software and working in less traditional areas. Given how the status quo is changing, I think it is important to be open to learning new things and to be comfortable with being uncomfortable. What would your top tip be for those working in the field of Life & Health? For me, my main goal is to be helpful to my colleagues and clients. This means that I try my best to be insightful, pro-active and supportive. Also, I try to have fun and enjoy what I am doing (although this isn’t always possible!). All you want for Christmas is? This isn’t a Christmas wish, but I would like to say a big thank you to all my current / ex colleagues and clients who I have learnt so much from and inspired me to get better every day. I also wanted to thank John Jones and Rob Nakielny, who have been amazing counsellors to me during my time at EY. Finally, I wanted to thank my wife and my family for supporting me. Thank you!

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2019 EMPLOYER OF THE YEAR AON Dean Roberts, Business Development Executive, Aon Benfield, says:

“We are thrilled to win this award. For me, what makes Aon a great employer is how the firm attracts and celebrates a diverse wealth of talent: you are always close to a world class expert that provides a unique perspective on how to help a colleague or client.�

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Left to right Dean Roberts and Jim Hitchcock, Aon

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left to right: Will Wolfenden, Partner, Head of Radar Paul Cuff, Co-Chief Executive Officer, XPS

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2019 SOFTWARE OF THE YEAR Radar Delighted with their win, we caught up with Paul Cuff, CoChief Executive Officer, XPS

“We are delighted to have won Actuarial Software of the Year award. Radar is the cornerstone of everything we do for our actuarial and investment clients. The significant addition of journey planning this year has really taken Radar to the next level and feedback from clients has been fantastic. Continuing to invest in our technology solutions is a top priority for XPS.�

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2019 RECRUITMENT CONSULTANT OF THE YEAR Lance Randles What was your initial reaction to winning this award, nominated and voted for by your peers? I am elated to have won the award for Recruitment Consultant of the year. In such a competitive market place, it is greatly rewarding to be recognised and to secure such amazing support from the market. What made you decide to become an actuary? I began my working life in the actuarial industry in South Africa, having initially been drawn into the Actuarial Profession through my enjoyment of mathematics at school.

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How did you start your actuarial career? My first foray in the actuarial world began in retirement consulting in South Africa, followed by a brief stint in healthcare. What drew you into working in the field of recruitment? Following a chance discussion which was shortly followed by a leap of faith, I embarked on a professional career in recruitment over 13 years ago, coinciding with my move to London. What aspect of your work do you enjoy most? I enjoy the incredible variety and diversity of people I engage with across all levels of experience, both in the UK and abroad. Many of these people have become close acquaintances and friends over the years. I’m equally fortunate to be working with a collaborative and like-minded group of colleagues at Star Actuarial Futures. My long-term philosophy, seeking to understand people’s fundamental motivations and drivers, and always doing the right thing, have together stood me in good stead and appear to resonate with many of my closest and long-standing clients and candidates. I’m proud to have placed actuaries who remain in their roles over a decade later, and it’s been immensely rewarding helping a number of clients build teams from scratch, with a thorough understanding and appreciation of their ethos and culture. What would your advice be to those starting out in the actuarial field? As with all things in life, nothing worth having comes through any other means other than genuine dedication and hard work. This is all the more critical in such a fast-changing world, where preparation and continual research will be paramount to ensure one stays ahead of the curve, particularly in the age of AI, machine learning, and the challenges posed by wider factors including climate change. It is key to differentiate oneself, build genuine relationships based on trust and value, and reach out to mentors who can share their experience and views of the future. The insurance and finance industry is bound to see an even faster-changing landscape, and we must adapt and look ahead to how to maximise outcomes, both individually and collectively. What would your top tip be for those working in the field of recruitment? Recruitment can be an immensely rewarding profession, affording excellent flexibility in the way you work. I have placed actuaries into roles that have truly elevated their careers, and I have found enjoyment in sourcing new career routes for others. Time management and the ability to prioritise are key considerations for long-term sustainability, along with the ability to roll with the punches! All you want for Christmas is? Health and happiness!

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TAIT’S

MODERN

PENSIONS


Return of the annuity Following the famous announcement in 2014 that “no one will ever need to buy an annuity again” anyone with a brain could probably predict that the majority of retirees would decide that more flexible withdrawal was better for them and the annuity/drawdown pendulum would swing heavily towards the latter. Indeed, we still have many clients who inform us definitively as part of their initial questionnaire that they “never want to buy an annuity”. So why am I getting more questions about the return of annuities – is it because the climate has changed once again or is it possible that they never really went away? Analysis of the FCA’s Retirement Income Data shows that there has been no mass return to annuity purchase since 2015, there has however been a slight increase since 2018 which has restored them to the levels seen immediately following pension freedoms. Moreover, the increase has been driven primarily by those in the 55-64 age group, suggesting that while annuities are certainly not the dominant animal, they are still the right solution for the right person. This should surprise no one. In most cases, the right person is not usually a 55-year-old accessing their pension for the first time to pay off debts or build a conservatory, or a scheme member reaching normal retirement age and facing the prospect of up to 30 years in retirement. Riskaverse clients whose predicted spending pattern is fully covered by the annuity income available to them on the open market in their 50s are vanishingly rare. It does not mean lifetime annuities are dead, it just means they don’t tend to suit younger retirees. The reasons for this are obvious. Not only are annuity providers operating in a sustained period of extremely low interest rates, but longevity continues to increase and neither condition is likely to change any time soon. The slight increase in annuity purchases is not therefore down to a change in the markets but to the equally predictable fact that retirees continue to age. Some of our current drawdown clients have been taking flexible income payments for 10-15 years and their risk profile may have changed. An increasing preference for safety is a well-known human trait as people age and yesterday’s growth investor may well be tomorrow’s annuity purchaser. In addition, spending patterns tend to show increasing consistency as people become less active and

discretionary items such as holidays become less frequent. Then there is also the indisputable fact that the annuity rate available at 70+ is naturally better than the one available to someone in their 50s, and it may be further enhanced as their overall health is impacted by one or more medical conditions. We still find some resistance to the idea of the reviled annuity, thanks mostly to Mr Osborne’s comments, but there is no doubt that a secure lifetime income becomes a more attractive proposition to people who no longer have the same appetite or capacity to actively manage their finances. Another trend that might have been predicted was the use of hybrid annuity products. Given the generally poor rates available to younger retirees it can be good policy to secure income to cover essential spending and rely on more flexible options to cover non-essential and lifestyle spending. This strategy not only provides peace of mind over basic living costs but provides the potential for investment growth on any remaining pension funds. This trend has not been significant so far. One reason is that the guarantees required remain expensive in a low-interest rate environment, which results in higher charges as well as more complicated products. Another is the aforementioned consumer resistance to annuities of any sort but perhaps the major reason is that there is simply a low demand for hybrid products. Product providers are likely to feel that the cost of development is prohibitive in the context of likely returns, particularly when it is possible for consumers to set up their own arrangement using a bespoke combination of separate drawdown and annuity products. There are some interesting developments in this field, including the use of trustee investment plans to create more income flexibility and facilitate tax planning. Once again though it is likely that this will be more suitable for those who are fully retired and not simply accessing lump sums. Taking all of these factors into account, there is no doubt that annuities still have a significant part to play in a long-term retirement plan. They will not however return to a position of being the primary option when people start to take money from their pension. De-risking will still be relevant, but at older ages than before pension freedoms became available.

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by Fiona Tait Technical Director Intelligent Pensions


SOLVENCY II & BEYOND By Kareline Daguer, Director, PwC

HOW TO BE A PRUDENT PERSON: WHAT THE REGULATOR EXPECTS Some things never go out of fashion, and the regulator’s focus on prudence is one of those things. I clearly remember more than a decade ago when interest rates plummeted, most people in the industry were really worried about how insurers were going to survive such an environment for long. The expectation was that it could not last - so what has happened over the past ten years and what role does prudence play? It is important to note that Solvency II does not include any hard limits or rules around investments, as long as the risks from investments are identified, measured and reflected in capital requirements. As a result, management only has to comply with the prudent person principle to guide its investment strategy and policies. This was a significant change compared to the Solvency I regime, where insurers were subject to a range of limits for exposures to different types of asset classes and counterparties. The current pressure to obtain higher yields on investments is compounded by investment rules solely based on the prudent person principle. In the UK, life insurers have increased their exposure to illiquids significantly over the past few years, with exposures to assets such as equity release mortgages and commercial real estate loans reaching 20% to 30% of the portfolios. This has driven the PRA to increase its focus on illiquids, where they have been at the top of the agenda for life insurance supervisors for the last few years. But in September the PRA issued a consultation paper that could have a more significant impact and not just for those investing in ERMs. In Consultation Paper 22/19 - Solvency II: Prudent Person Principle (‘the paper’) the PRA spells out what it considers insurers must do to demonstrate that they are complying with the principle. Some of the proposals are very granular and if implemented will result in most insurers having to review their investment policies, procedures and governance. Even more significantly, for some it might involve significant changes to their investment portfolios. The paper includes proposals around setting and documenting the investment strategy, and how to carry out investment governance and risk management. So far, so within expectations.. However, there are three specific proposals that are more hard hitting and likely to result in changes to insurers’ investment behaviour or at the very least increase scrutiny and reflection. The first is the PRA’s expectation that all insurers will develop internal quantitative investment limits by asset class, geography, counterparty, sector and off-balance sheet type exposures.

In setting these limits an insurer is expected to consider a number of factors such as the nature of its own liabilities and the risks of the investments, valuation uncertainty, its own capability to value complex assets, and the need to have a diversified portfolio. It also includes the expectation that firms that invest in non-traded assets will set internal limits to the level of valuation uncertainty resulting from those investments. Obviously, once limits are set, all insurers are expected to operate within them. The expectation to set internal quantitative limits by type of investment and operate within them seems a very reasonable request, but it also opens up the possibility of detailed regulatory scrutiny where the PRA might have its own views on what these limits should be. The second specific proposal deals with the need for insurers to have a well diversified investment portfolio. To demonstrate this the PRA expects insurers to stress test their portfolios, In particular, the PRA expects insurers to demonstrate that risk from a single source including type of asset, counterparty or geographical area does not threaten the insurer’s solvency position under a stress scenario. They will also have to demonstrate that the application of the internal limits described above would prevent the deterioration of its solvency position under different scenarios. The PRA might increase the severity of the scenarios for insurers that seem to have more significant concentration risk in their portfolios. Finally, the third specific area that might set off alarm bells for some relates to investment in intra-group loans and participations. The PRA states that insurers should demonstrate their investments backing technical provisions are in the best interest of policyholders. It considers it unlikely that investments in intra-group loans could satisfy this condition and therefore firms might have to cease investing in this way. Investment in intra-group loans or participation should be subject to the same level of scrutiny as other investments. In particular, potential conflicts of interest should be discussed and resolved to continue investing in these types of assets. Once these proposals go ahead in 2020 there will be some significant homework for insurers to do but more importantly it will give the PRA tangible angles for scrutiny and possibly intervention. The quest for higher yields at the expense of increased uncertainty and concentration risk might look less attractive but after all this is exactly what the regulator needs to stave off any potential danger.

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PENSION PILLAR The #1 pensions blog by Dale Critchley Policy Manager, Aviva

2019: A YEAR IN PENSIONS AND A 2020 PREVIEW 2019 was a big year for pensions. But the way the British public took it in their stride, you would be forgiven for forgetting all about it. Cast your mind back to April. Spring was in the air, the days were getting longer and warmer, and auto-enrolment (AE) minimum contributions were about to rise for the second time in 12 months, from 5% of earnings, up to 8%. We watched with bated breath to see what people would actually do. We had some precedent of course. Since AE was introduced in 2012, only around 1 in 10 people have opted out, and this remained stable in 2018, when contribution levels increased for the first time, from 1% to 3% for employees and to 2% for employers. But 2019 was looking like a much sterner test. In little over a year, employees were moving from 1% contributions, to 5%. However, once again, employees and employers rose to the challenge. The opt-rate has remained stable and there’s a recognition from all quarters that pension saving is the right thing to do. The other major event for pensions in 2019 was slightly ‘under the radar’the Pensions Regulator (tPR) carried out its Master Trust authorisation process. Master Trusts are multi-employer occupational pension schemes, with one central board of trustees. They’ve become increasingly popular since the advent of automatic enrolment

leading to around 90 schemes at the beginning of the year.

governance standards might also add to the expectations of trustees.

All Master Trusts were asked to submit an application and evidence for authorisation (imagine a stack of the old Yellow Pages!). The aim was to prove that each scheme met the regulator’s governance standards and was financially secure. A high benchmark meant that the number of Master Trusts is now down to 37 with the remainder deciding to wind up and transfer their members’ benefits elsewhere.

Consolidation - we might see the Department for Work and Pensions implement their proposed “consolidate or explain” policy to encourage those schemes who can’t meet their governance targets to wind up. This will mean more work for master trusts which will be the destination of choice for many trustees.

Now, I did promise a sneak preview of 2020. Well, one thing that isn’t happening is hat-trick of auto-enrolment increases. Minimum contributions will remain at 8% for the foreseeable future. This is an issue that will need to be addressed at some point, but the promised consultation on mid2020 changes to the calculation of contributions hasn’t materialised. 2020 will be a big year for responsible investment. There’s an increased focus on how and where the billions of pension savings are being funnelled and there are regulations to require trustees to report of what they’ve done to turn their policy on responsible investment into reality by October. The other big themes for next year are: Improved governance - a new tPR code 9 is due at the end of the year, which will lay out expectations around risk management within the scheme. A response to the regulator’s consultation on improving

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Pension freedoms - change is already afoot for personal pensions. Changes to retirement wake up packs, improved disclosure and the introduction of ‘retirement pathways’ (packaged investment choices based on how people expect to access their pension funds) are all designed to reduce the risk of unadvised drawdown. We could see mirror requirements for trustees. Member engagement - through pensions dashboards, which we expect to become a reality next year, and the wider adoption of simper annual benefit statements that concentrate on answering 3 questions, “How much do I have?”, “How much could I have in retirement?” and “What can I do to make a difference?” I look back on 2019 and feel pretty satisfied. The AE contribution increase went smoothly, and millions of people are now saving more for their retirement in well-run schemes. 2020 promises lots more change, but we wouldn’t have it any other way! Have a Merry Christmas and Happy New Year.


INNER WORKINGS

IT’S ALL ABOUT CONTROL

By Tom Murray Head of Product Strategy, LifePlus Solutions, Majesco One of the most salient features of modern life is the increasing need for people to feel in control. Perhaps it is an overhang of the tremendous changes that have happened at such speed over the last few decades; technology, in particular the Internet, has speeded up the pace of life whilst reducing the effect of distance. The result has been a demand by people for more control over their personal life and,

correspondingly, far less tolerance for depending upon other bodies such as companies and governments. Life and pension providers need to respond to this. Traditionally, financial services has operated in a way that meant that the actual customer - the owner of the money - had to go through an incredibly bureaucratic process to get hold of his or her money, or even to get any information about it.

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Pension valuations could take months. Fund switches could take days. The length of time it took to make a claim could vary wildly. All because of the highly manual processes needed to ensure confidentiality for the client focus on making it easy for the company to keep the data secure rather than placing the customer at the centre of the process. No one is arguing that data security isn’t important, and


consumers generally don’t have any objection to going through processes designed to ensure that their financial details are kept secure. But generally, not at the expense of having to undergo a cumbersome process just to get information about their own finances and particularly not while the technology exists to do this far more easily. Other industries have grasped the opportunity provided by voice, fingerprint and retina recognition technologies to eliminate a lot of the procedures that go with authenticating requests from the public, ensuring that the request is coming from someone authorised to make it. Many banks now allow money to be transferred or payments to be made based purely on fingerprint or retina identification. Credit cards information is often stored and used based on using the biometric id attached to the account. Technological advances are making it easier and more intuitive for consumers to transact their life online rather than having to drop back into the paper-based world in order to get stuff done. As the rest of the economy moves rapidly into the digital space and puts the consumer firmly at the heart of the process, how long can the life and pension sector hold out? Key to the ceding of control to the customer is providing the ability for consumers to decide when, and in what way, the interaction with the company

will happen. This means that the customer journey should be totally based on the customer’s preferences, and not on how the life and pension company wishes to manage the process. In order to achieve this, the company needs to think like the customer. It needs to prioritise the customer’s need to access their data or carry out whatever changes they wish without unnecessary complications. It also needs to “think digital” as the default approach, as only a digital by default approach can supply the flexibility that enables the customer to control the process. And flexibility is key, as customers are not a homogenous group. Providing them with options for engaging with the company, allowing multi-platform approaches with interactions able to start on one platform and be completed on another – these are central towards giving the customer the control of their finances that they wish to have, in the way that they wish to have it, and at the time they wish to have it. At the core of these customercentric environments must lie a cloud-based solution, which can be accessed from any platform. This will enable the life and pension provider to introduce new services and apps rapidly to respond to customer demand and market initiatives. In particular, allowing smartphone apps to access real-time information and

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allowing customers to authenticate themselves and avail of services or access their product information without having to interface directly with the providers staff will be an important aspect of the financial services sector going forward. These types of real-time services are difficult to implement without utilising a cloud-based solution at the heart of the provider’s infrastructure. Providers can try to maintain control over the customers interaction with the company but the more control they hold onto, the less control the customer has. Companies that don’t manage this will look out of place in a world dominated by new entrants from the fintech world who are focused on providing customer centric services that will be far more appealing to the younger “always on” generation. Life providers must adjust their mindset in order to empower their own customers and leverage technologies that will enable them to compete by providing the customer-centric environment of the future, rather than remaining in the businesscentric approaches of the twentieth century. Clinging on to control will ultimately lead to reducing sales as customers switch to providers who do give them control. It’s a zero-sum game and those providers that don’t adapt, won’t survive.


RETIREMENT PUZZLE AN ACTUARIAL PERSEPCTIVE ON STUDENT LOANS

Alex White Head of ALM Research Redington This is not a political piece. This is not a polemic, or a campaign for change. This is merely factual analysis of the student loan system from an actuarial and investment perspective, rather than from a moral or governmental one. For those like me who were lucky enough to have studied before the new system, and may not know it, the new student loan system allows £9,250 per annum for tuition fees and a variable maintenance loan. For students living away from home and studying outside London, this is capped at £8,700. Interest is charged at RPI plus a spread which rises with income up to 3%, and payments are taken as 9% of the portion of salary above a threshold (currently 25,725). Loans are written off after 30 years. The thresholds rise at RPI + 1.6% each year. Looking at the structure, there is a lot about it that is well designed, and the goals of the design are fairly clear. Payment amounts are meansbased, so low earners are not forced to make huge payments, and no-one pays more than they

can afford. The interest charged is also meanstested, which implies a desire not to charge punitive interest to low earners. But does it work? As often in finance, the question comes down to what might be an appropriate discount rate. There’s not an obvious choice, but we could start with 95% LTV mortgage rates, on the grounds that this will be a similar demographic. At around 2.5% fixed, these are roughly gilts + 1.5%. This is secured lending to the richer end of the market, so would be a lower bound. Broad market BBB-BB spreads are around 80, so we may want to add that. We would also want to factor in the complex optionality within the payment structure, so we might say gilts plus 3% is a vaguely sensible rate in the current market. So what happens? For different salaries, I assumed increases of RPI + 1.6%, in line with the long-term rate used to increase the salary thresholds. I then made some simplifications

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around payment timings, and projected the loan of a graduate starting now, having just completed a 3y course, and earning different amounts, and worked out the PV of their total payments. In all cases there are no overpayments. While many of these are unlikely to be graduate salaries, the same effect will occur if salaries reach these levels a few years into graduates’ careers. The results are below. PV of payments on Gilts + 3% (total undiscounted payments)

What we see is a slightly bizarre effect. Anyone earning below the threshold pays nothing, and lower earners benefit greatly from this floor.Very high earners can afford to pay off the loan faster than it accrues interest. Those in the middle, however, can expect to make large payments of several thousand pounds per year, while seeing their loan grow faster than they can pay it off. This means they end up paying a lot more than higher earners- the middle does get squeezed. Regardless of political views, it’s unlikely that this was an intentional aspect of the design.

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UNDERSTANDING MEMBERS

Pension schemes exist for the benefits of their members. Making the most of how you engage with your membership can materially improve the prospects for your scheme and improve their experience at the same time. There are over 6 million members of defined benefit (DB) schemes in the UK yet to retire. Members are making choices every day that have an impact on their scheme’s funding progression and risk profile. This impact, whether positive or negative, is usually incidental to the scheme’s long-term strategy. A well-thought-out strategy around member options should form an integral part of any scheme’s journey plan and allows trustees and sponsors to take control of the likely impact. Without such a strategy, your objectives will either cost you more or take longer to achieve.

Setting a member options strategy: The following three elements should be considered as part of any member options strategy: • What options to offer: There is a wide range of options available and it is important to select options that are appropriate, compatible and straightforward to understand • The Terms: These need to be fair to members but will also have a significant impact on the journey plan flightpath. Where possible there should be consistency between different options • Communication, education and support: This is key to whether members engage with their options, understand the choices available and ultimately to whether they make appropriate decisions regarding their benefits

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A member options strategy may involve the introduction of a new option or it may focus on communicating an existing option to members. There are broadly two member option strategies: 1. Those schemes that discharge some or all of a members’ benefits in exchange for a cash payment: a. Reduces scheme liabilities and will generally accelerate progress to the Long Term Funding Target (LTFT) b. Requires cash outflows, which may have an impact on investment strategy c. May improve the funding position where terms are set appropriately Cash commutation • Exchanging part of a member’s pension for a lump sum


• Paid at the point of retirement and tax-free under current legislation • A well established and communicated option for most schemes Trivial commutation • Exchanging a small pension for a one-off lump sum • Usually at least partly taxable • Can apply at retirement or for existing pensioners Transfer value • A cash payment representing the value of the member’s benefits • Extinguishes all benefits but must be paid to another registered pension scheme • Allows access to flexibilities available to defined contribution (DC) members • IFA advice is required if over £30,000 Partial transfer • A transfer that only represents part of the member’s benefits 2. Those that reshape members’ benefits that: a. Have only modest impact on scheme liabilities and progress towards the LTFT

b. Do not require cash payments but will increase the level of pensions payroll c. Can reduce exposure to inflation or mortality risks Pension increase exchange • Exchanging an increasing pension for a higher, nonincreasing pension • Only applies to non-statutory increases • Can apply at retirement or for existing pensioners Bridging pension • Brings forward income from later years to pay a higher pension upfront • Intention is to pay the same overall income, after allowing for the member’s state pension Crucial to the success of any strategy will be choosing the right options. Some options will be more applicable on certain schemes, for example based on pension size and type. Furthermore, offering too much choice can be counterproductive, particularly if members are not financially sophisticated. To devise an effective member options strategy, pension schemes need to prioritise actions which have the greatest beneficial impact to the members and to the scheme. • Understand what options are available to members in the scheme and what other

options could be additionally implemented. • Gain a better understanding of scheme membership. Potentially use data analytics to better appreciate the attitudes of your members to financial risk, level of understanding and preferences for communications. • Consider how the take-up of each option impacts the overall journey towards the LTFT to consider which strategy is likely to have the largest influence. • Members need appropriate communication and education in order to make informed choices, traditional methods of communication and engagement are not always suited to the scheme’s membership. • The risks associated with pension scams and transfers that are not in the interests if members should be mitigated with best practice scamchecks and ensuring members have access to good quality independent financial advice. Without member options as part of your scheme’s strategy, it will cost more money and take more time to reach your target. It should not be an optional aspect of your thinking if it makes strategic sense.

Helen Ross, Head of Member Options, XPS Pensions Group

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LIGHTS, CAMERA, ACTUARY... Bolton Associates’ focus is specifically in the non-life actuarial space; the largest dedicated GI actuarial specialist in the market, working across the whole insurance market. The consultants at Bolton Associates offer an exceptional service, managing the process with the utmost tact and respect for all parties. We are passionate about our market, taking great interest in the insurance world as a whole; keeping up with trends and changes, and maintaining our ever-expanding network. We are good at what we do, because we enjoy what we do.

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The next focus for Bolton Associates’ Spotlight page, is an interview with a leading actuary from one of the broking houses. With the broking firms now offering important analytical, actuarial and deal-assisting advice, for the next few months Zoe Bolton will be talking to the senior actuaries in these firms, getting a brief insight into their career paths and visions for the future. This month Zoe talks to James Robinson at Aon Benfield. What is your current role, and how did you end up in it? My current role is in the UK & Ireland reinsurance broking team at Aon, where I develop novel analytics to support clients and their reinsurance transactions. I’ve worked in reinsurance broking analytics ever since I started my first actuarial role back in 2004. What is the defining moment of your career to date? Probably the snap decision I made when invited by two friends to join their start-up in the original dot-com boom of 1999. Up to that point my career was in physical science – I was finishing a PhD in Chemistry at the University of Birmingham and my expectation was that I would continue down an academic path. Instead, I moved to London with a weeks’ notice and started a career in finance that would eventually lead me into actuarial science. In your opinion, what prepared you best to take on your current role? I feel I’ve always benefited from drawing on the skills developed in my past diverse roles. My PhD taught me how to communicate clearly & effectively both written text and visual graphics – I was lucky enough to publish several papers in international journals, which demanded the highest standards. My dot-com role required me to learn how to compile accounts, still useful today when analysing insurer and reinsurer balance sheets. In my first role in insurance I ran Cat models for a year, experience which I continue to draw upon when making actuarial interpretations of outputs from Cat models. What is the biggest challenge you face in your role within this market? The way clients decide on an optimal reinsurance strategy is continually evolving, and increasingly our touch points into the client’s hierarchy have expanded, from underwriters all the way up to

non-executive board members. Reinsurance can be complex and is not most individuals’ day job, so I am continually looking of ways to improve how we communicate the value and impact of reinsurance. When did you first join the Institute & Faculty of Actuaries, and what advice would you give to those students looking to emulate your career path? Although I’m not a qualified actuary, I was fortunate to find that my employers have actively sought to build analytics teams with diverse experiences such as my own. I do think the exams are valuable, especially for those starting their actuarial career immediately after education. However, there is no substitute for experience gained through work and when seeking a solution, I always counsel colleagues to not rest on their qualifications and instead use verbal and numerical reasoning to arrive at the correct answer. If you had your time again, what would you do, career-wise? I have always wondered what it would be like to have remained in academia and whether I could have developed a successful research career. During my PhD I was fortunate to work in the laboratory of Sir Fraser Stoddart, who went on to win the Nobel Prize for Chemistry in 2016. His research was inspiring, showing the dedication and effort required to achieve at the highest level, and what it took to be competitive internationally. Please share your favourite piece of trivia with our readers! One of my life-long hobbies has been astronomy. When that started, in the early 1990’s, it was not known when our star was unique in having a planetary system. Now over 3,000 planetary systems have been discovered and it’s estimated there are over 100 billion planets in our galaxy!

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INFORMATION EXCHANGE THE ADAS DATA CHALLENGE Paul Stacy, R&D Director & Director of Automotive Development EMEA, LexisNexis Risk Solutions Paul Stacy looks at the challenges and opportunities of sharing and utilising connected car data for insurance pricing and underwriting. Having studied immense amounts of data, at LexisNexis Risk Solutions we believe that by 2025 all new cars rolling off the production line will be ‘connected’, and the connected car data marketplace will be worth $5 billion. This is a huge opportunity, and something we’re extremely excited about. But there is already connected car data piling up and underutilised. Forward collision warning, adaptive cruise control, parking assist, lane departure warnings, blind spot monitoring. These features are in many cars already, but the safety benefits they bring are not yet used in insurance risk assessment and pricing because insurers can’t access the data at point of quote. The potential of ADAS data A recent US study of 12 million vehicles assessed the impact of ADAS features on claims. The study found these features are preventing accidents and reducing the severity when collisions do occur. Of course, this reduces the frequency and cost of claims.

There is something very exciting here, with huge potential to save lives and cut insurance costs. Most new vehicles have at least two ADAS features. 60% of the UK car parc now has ADAS, and that figure is growing all the time. But how can insurance providers price accurately for the reduced risk these vehicles represent? When it comes to any vehicle, there are three levels of data. 1. The most basic: model-level data, e.g. engine size, body type, transmission. This is the easiest to access but is the least informative as it is too generic. 2. One-up is trim-level data, e.g., wheel size, interior fabric, optional technology available. Available from 3rd parties, this gives insurance providers a better idea of cost-to-repair. However, it doesn’t list specific features each customer adds when they order a brand-new vehicle, so the value is limited. 3. The ideal is VIN-level data. Essentially the DNA of the car, this comes direct from the manufacturer, detailing every feature installed on individual vehicles, every one of which is different.

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Only VIN-level data confirms which ADAS options are installed on an individual car. This is extremely useful in risk assessment and pricing, although future developments will add further value as driving information such as the frequency with which each safety feature is triggered will feed into usage-based insurance. The data difficulty In Europe alone there are hundreds of insurance providers, more than 15 OEMs which have hundreds of different brands and models. Data therefore comes in a multitude of formats, with different names for similar features. Before this mass of data can produce consistent results, for building attributes and creating scores that can be useful to insurance providers in pricing and underwriting, it must be normalised, cleansed and analysed. This sort of industry challenge lends itself very nicely to a third party, neutral server which provides an exchange service. LexisNexis Risk Solutions is not the only provider, but we have what we believe to be a unique aspiration to solve the manyto-many problem. We have already learnt a huge amount through our relationships with OEMs and are therefore well-placed to build a solution that works for them as well as for insurance providers. OEMs are large complex companies usually comprising three separate entities – the manufacturer builds the vehicles and handles procurement and distribution; another entity manages the aftermarket servicing and

repairs; a third handles leasing and insurance. These three silos are typically separate companies with independent digital and connected car teams. The challenge facing the exchange service provider is to bring together every silo and satisfy their individual requirements. The road ahead Clearly, we are still some way off reaping the full insurance benefits of ADAS, with several ongoing issues to resolve. One significant difficulty is that ADAS features, still being relatively new and built by many different manufacturers, do not perform uniformly across makes and models. Some manufacturers are simply doing a better job than others. While we wait for the market to mature further and deliver more uniform data in a way which can be utilised by insurance providers, we have created a range of products to utilise and multiply the value of data currently and soon-to-be available. The solutions will provide insurance providers with individual vehicle scores based on build data, which ADAS are fitted, and estimated claims outcomes. These are exciting times for the motor insurance industry, on the brink of a risk, pricing and underwriting revolution based on accurate, individual, instant vehicle and driving data. Bringing the industry together – OEMs and insurance providers – is the only way in which all parties can benefit and pass on the benefits to consumer customers via reduced premiums and safer roads.

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TMENT


N OLNI -FLEI F E ASSOCIATE DIRECTOR - PRODUCTS

CAPITAL OPTIMISATION

Qualified

LEAD ACTUARY Large Firm

Qualified

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LIFE FLEXIBLE LOCATION

STAR5983

LIFE LOCATION UPON APPLICATION

Leading Insurer STAR6023

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STAR5984

Our client has a unique opportunity for a life actuarial leader with a detailed knowledge of regulatory reporting requirements to take responsibility for defining the actuarial methodology and assumptions for the technical provisions.

Leverage your strategic thinking, partnership development and management experience to deliver the business plan and develop our client's products. Digital solutions experience (e.g. Insurtech) is required.

Use your detailed knowledge of capital, liquidity and ALM to take ownership of the capital optimisation capabilities, playing a key role in developing the culture and operating model of the Chief Actuary function.

SENIOR LIFE ACTUARIAL MANAGER

ASSOCIATE DIRECTOR

LIFE ACTUARY - FINANCIAL REPORTING

Qualified

Major Global Consultancy

LIFE MANCHESTER

STAR5926

Play a leading role, building strong client relationships and becoming a trusted advisor. You will network both internally and externally, and play a significant part in new business proposals and presentations.

MODELLING WITH THE BEST Part-Qualified / Qualified

Global Player

LIFE LONDON

STAR5769

Qualified

Major Consultancy

LIFE LONDON

STAR5882

Qualified

Leading-Edge Global Insurer

LIFE LONDON

STAR6001

A key role, allowing you to develop, launch and exploit new initiatives and service lines to diversify the business. You will be a role model for colleagues, providing them with appropriate learning and development opportunities.

Seeking an excellent communicator to play a key role in the delivery of the IFRS and Solvency II reporting requirements. You will evaluate, develop and implement the methodology used.

REPORTING THE FUTURE

ACTUARIAL CONSULTANT

Part-Qualified / Qualified

Major Global Clients

Part-Qualified

Market Leader

STAR6003

LIFE BRISTOL

STAR5927

LIFE LONDON

Use your experience building models with MoSes, Prophet, RAFM, or other similar platforms within a high-calibre team. The role has a specific financial modelling focus, and is part of a wider finance transformation team.

Seeking multiple candidates with financial reporting experience and IFRS17 knowledge. Take up one of many exciting opportunities to shape the future of financial reporting within major global firms.

An excellent opportunity to hone your consulting, project management and modelling skills. You will support a wide variety of assignments, and be involved in diverse workstreams, building your profile with extensive client contact.

SENIOR ACTUARIAL ANALYST - LONGEVITY

SENIOR ANALYST

SENIOR SYSTEMS ANALYST

Part-Qualified

Major Reinsurer

Part-Qualified

Major Insurance Group

LIFE LONDON

STAR6016

LIFE LONDON

STAR6005

In this key role, you will co-ordinate reinsurance quotations and reviews of treaty profitability, and make recommendations as necessary. You will have experience of RAFM (or similar financial modelling software).

Develop and price new and existing products whilst interpreting results of experience investigations, and updating the pricing model and basis using data analysis and modelling techniques.

INVESTMENT REPORTING ACTUARY

CREDIT RISK MODELLING ANALYST

Part-Qualified / Qualified

Part-Qualified

Major Insurer

LIFE INVESTMENT LONDON

STAR5998

A unique role taking ownership of the production of IFRS and Solvency II reporting metrics with a focus on the asset side of the balance sheet. Modelling experience in R is desirable.

Major Insurer

LIFE INVESTMENT LONDON

Part-Qualified

Large Firm

LIFE SOUTH EAST

STAR5972

Use your experience in model design, coding and testing (ideally in Prophet), and assetliability modelling, within a forward-thinking actuarial systems team. You will also have an understanding of programming developments.

Is your next role one of the

66

STAR5839

A great opportunity to provide technical advice, modelling and insight in relation to credit risk for Solvency II and Economic Capital purposes. You will assist in the development of updates and replacements to credit models.

LIFE

VACANCIES on our website?

Lance Randles MBA

Peter Baker

Jan Sparks FIA

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

PARTNER +44 7477 757 151 jan.sparks@staractuarial.com

Jo Frankham

Adam Goodwin

Clare Roberts

Sarah O’Brien

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

SENIOR CONSULTANT +44 7841 025 393 sarah.obrien@staractuarial.com

Irene Paterson FFA

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

P LE A S E CONTACT US AT ANY TI M E TO D IS C USS Y OUR RECRU I TM ENT NEEDS

+44 20 7868 1900

staractuarial.com


ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

NON-LIFE E IV

US

Market Leader

NON-LIFE LONDON

STAR5834

PRICING LEADER

HEAD OF PRICING

Qualified

Managing Agency

NON-LIFE LONDON

STAR5954

Qualified

Large Insurer

NON-LIFE LONDON / SOUTH EAST

STAR5974

A pivotal role for a commercial actuary with the ability to provide strategic input and challenge across pricing and analytics, whilst being equally able to contribute from a technical and modelling standpoint.

Our client has an exciting opportunity for a qualified non-life actuary with specialty lines pricing experience to lead its commercial lines and personal lines pricing function, developing tools and processes.

Lead the development of innovative pricing models, be a data leader, and work with other stakeholders to identify commercial opportunities where pricing can help to deliver business objectives.

SUPERSTAR CAPITAL ACTUARY

LEADING ACTUARIAL ANALYTICS

RISK MANAGER - PROPERTY & CASUALTY

Qualified

Offshore Reinsurer

NON-LIFE LOCATION UPON APPLICATION

STAR5854

A unique offshore opportunity for a highcalibre actuary with advanced knowledge in capital management. Any broader experience, including reserving, will be helpful. Take a step up on your path to the top!

PRICING - NATIONWIDE Part-Qualified / Qualified

Leading Consultancy

NON-LIFE NATIONWIDE

STAR5837

Qualified

Global Market Leader

NON-LIFE LONDON

STAR5849

Qualified

Major Insurer

NON-LIFE LONDON

STAR5994

Join a niche team, offering the opportunity to develop and deploy your strong analytical skills in the design and delivery of bespoke solutions for clients, taking account of capital and profitability considerations.

A fantastic opportunity to use your analytical problem-solving skills to provide second opinion on risk considerations for financial planning, pricing models and strategic developments.

SPECIALIST NON-LIFE ACTUARIES

NON-LIFE REINSURANCE ANALYTICS

Part-Qualified / Qualified

Part-Qualified / Qualified

Leading-Edge Client

NON-LIFE LONDON / INTERNATIONAL

STAR5948

Market Leader

NON-LIFE LONDON

STAR5841

Join a growing team working on a wide range of projects, from building machine learning models to regulatory reviews, deep model reviews, governance, internal audit, catastrophe pricing, and transfer pricing.

In these key roles, you will contribute to the production of transaction assessments for companies in our client’s group across multiple jurisdictions, and produce models and robust reserve analyses of potential transactions.

An ideal opportunity for a reinsurance pricing specialist to join a leading team in a global business. You will provide a diverse set of clients with cutting-edge solutions to a wide range of technical problems.

COMMERCIAL LINES PRICING MANAGER

CAPITAL MODELLING ACTUARY

VARIED LONDON MARKET ROLE

Part-Qualified / Qualified

Market Leader

NON-LIFE SOUTH EAST

STAR5915

Part-Qualified / Qualified

Large Insurer

NON-LIFE SOUTH EAST

STAR5976

Use your experience in Commercial Lines insurance, along with your strong analytical and statistical skills, to lead the development and delivery of appropriate GLM analysis and technical pricing models.

Work with senior management to ensure compliance with the regulatory framework, whilst also assisting with financial modelling, planning and forecasting activities and ensuring team policies meet the needs of the business.

SENIOR PRICING ANALYST

GI ACTUARIAL ANALYST

Part-Qualified

Household Name

NON-LIFE SOUTH EAST

STAR5955

Join a specialist pricing team to play a crucial role in delivering a rating structure that will achieve premium income and profit objectives. You will support research into new statistical techniques and market best practice.

Part-Qualified

Personal Lines Insurer

NON-LIFE SOUTH EAST

STAR5946

Take up this exciting development opportunity, undertaking reserving reviews across Personal Lines portfolios. You will use SQL to manipulate the data to investigate emerging trends and drivers.

Part-Qualified

Specialist Insurer

NON-LIFE LONDON

STAR5975

Our client is seeking a part-qualified non-life actuary with strong technical and communication skills to provide actuarial support on reserving, capital and M&A projects.

Is your next role one of the

103

NON-LIFE & HEALTHCARE

VACANCIES on our website?

Lance Randles MBA

Jan Sparks FIA

Paul Cook

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

PARTNER +44 7477 757 151 jan.sparks@staractuarial.com

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

Satpal Johri

Clare Roberts

Diane Anderson

ASSOCIATE DIRECTOR +44 7808 507 600 satpal.johri@staractuarial.com

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

SENIOR CONSULTANT +44 7492 060 219 diane.anderson@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

Experts in Actuarial Recruitment

Star Actuarial Futures Ltd is an employment agency and employment business

CL

Qualified

EX

NON-TRADITIONAL PRICING LEAD


ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

PENSIONS

INVESTMENT

The pensions market is currently extremely buoyant, with exciting opportunities across the UK at all levels. Now is a great time to contact us regarding the next move in your pensions career. IN-HOUSE PENSIONS

Qualified

Growing Business

PENSIONS LONDON

STAR6027

Exciting opportunity for a qualified actuary with strong technical skills and entrepreneurial flair to take up a leadership role and build a new London team. Contact us now for further information.

E IV

US

CL

Part-Qualified / Qualified

EX

YORKSHIRE - NICHE PENSIONS

Niche Pensions

PENSIONS YORKSHIRE

STAR6025

IN-HOUSE CORPORATE PENSIONS

Qualified

Leading Client

PENSIONS MIDLANDS

STAR5996

Qualified

Multinational Corporation

PENSIONS SOUTH EAST

STAR6014

Provide support for the pension risk management infrastructure and contribute to effective risk and capital management by establishing and maintaining assessment mechanisms, stress testing and governance.

Join a growing specialist corporate pensions team, working on one of the UK's largest schemes. Your project management experience, excellent communication and teamwork skills will all be valued and utilised.

CLIENT LEADERSHIP

PENSIONS ACTUARY

Qualified

Trustee Specialists

PENSIONS FLEXIBLE / NATIONWIDE

STAR5937

Qualified

Major Firm

PENSIONS LONDON

STAR5908

A unique and interesting opportunity to work in a small team on a niche area of pensions. Areas of work range from divorce settlements and unfair dismissals to personal injury and professional negligence claims.

Seeking creative individuals looking to make a real difference. Take the lead on independent trustee services, and be responsible for managing a portfolio of clients whilst assisting the development of the firm.

Take on a wide-ranging portfolio of work whilst developing client exposure and essential business skills. You will work on scheme funding, company accounting work, actuarial factors and individual member calculations.

ACTUARIAL PENSIONS MANAGER

CORPORATE PENSIONS LEADER

SPECIALIST PENSIONS ACTUARY

Qualified

Qualified

Qualified

Leading Global Consultancy

PENSIONS MANCHESTER

STAR5165

Major Organisation

PENSIONS LONDON

STAR6006

Market Leader

PENSIONS LONDON

STAR5969

Join an expanding business to deliver highquality advice to a range of clients. Building and managing relationships with trustee boards, you will act as Scheme Actuary to a number of smaller DB Pension schemes.

A fantastic opportunity for an entrepreneurial actuary to transform and expand a pensions business. You will have experience of being reponsible for hitting revenue targets and driving strategy for multi-disciplinary teams.

Take up this varied role, offering a good worklife balance and the opportunity to diversify. You will provide a high-quality consultancy service to large pension schemes, managing the production and delivery of large projects.

SCOTTISH PENSIONS - FLEXIBLE

ACTUARIAL PENSIONS ASSISTANT

PENSIONS INVESTMENT MANAGER

Part-Qualified / Qualified

Leading Consultancy

PENSIONS GLASGOW OR EDINBURGH

STAR5786

We have a number of opportunities available for pensions specialists to work closely with the senior actuaries on corporate DB schemes, DC consulting, and expert witness testimony. Flexible working patterns will be considered.

Is your next role one of the

99

PENSIONS & INVESTMENT

VACANCIES on our website?

Part-Qualified

Leading Consultancy

PENSIONS LEEDS

STAR5705

Qualified

Major Global Consultancy

PENSIONS INVESTMENT BRISTOL

STAR5995

Use your understanding of pension benefits and their calculations to support modelling workstreams, assisting with a variety of data reconciliation work. You will also perform cash flow modelling under various scenarios.

A fantastic opportunity for a talented investment consultant with excellent workflow management and client relationship skills to contribute to the growth of a brand new investment team.

INVESTMENT MANAGER

DC INVESTMENT CONSULTANT

Part-Qualified / Qualified

Qualified

Major Global Consultancy

INVESTMENT LEEDS

STAR5520

Take a lead role in investment manager research and the provision of investment advice to a wide range of clients. You will use your interpersonal and communication skills to develop various manager relationships.

Global Leader

INVESTMENT LONDON

STAR6022

Oversee a portfolio of DC clients, delivering investment advice, ongoing investment governance and ensuring schemes continue to provide value for members.

Peter Baker

Adam Goodwin

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

Irene Paterson FFA

P LE A S E CONTACT US AT ANY TI M E TO D IS C USS Y OUR RECRU I TM ENT NEEDS

+44 20 7868 1900

staractuarial.com

Star Actuarial Futures Ltd is an employment agency and employment business

LONDON HEAD


search & selection Senior Actuarial Analyst

Senior Reserving Actuary

General Insurance Up to £60,000 Per Annum Home County’s/North of England

General Insurance Up to £110k + Excellent Package City of London

My client is looking for a Senior Actuarial Analyst to join their team to complete Reserving tasks and calculations for Solvency Capital Requirements and Technical Provisions. Your role will be in supporting the delivery of the key responsibilities of the team, including calculations for regulators and reporting for the business.

Global (re)insurer with a Lloyd’s syndicate has an opening for a senior reserving actuary to join in a number 2 capacity due to growth. A management role, responsibilities will include reserving, reporting, and business planning, across multi lines, with the ability to work with minimal guidance. Excellent communication skills are a must.

.

REF: ZB 001233 PW

REF: ZB 001275 OG

Actuary – Mixed role

Actuarial Analyst

General Insurance £Competitive North East

General Insurance £Market Rates London

Global insurer has an opening for a qualified or close to qualified general insurance actuary. The position will cover reserving (bringing the reserving in-house), pricing analysis, financial analysis (reinsurance and investments) and capital and risk management work. You will be a key member of the actuarial team and will work closely with senior management. .

Rapidly expanding specialty (re)insurer seeking part qualified actuarial student. All commercial actuarial backgrounds will be considered providing you have strong experience with some of the following: R/Python/SQL/ Tyche. Ideal opportunity for proactive, innovative individuals who have an interest in data driven analytics.

REF: ZB 001300 CS

REF: ZB 001209 HT

Actuary - Broker

Nearly Qualified Pricing Actuary

General Insurance £40 - £100k Depending on Experience London

General Insurance Circa £70,000 Per Annum London

Due to growth a specialty reinsurance brokers are hiring. In your role you will consult with brokers and implement complex models to assess risk. They are looking for candidates who have had exposure within the London Market across pricing (direct/ reinsurance) and an understanding of capital or reserving. You must be an ambitious, driven individual. .

A Lloyd’s/London market Managing Agent is looking for a nearly qualified actuary to join the pricing team. Ideally you will have 3+ years experience within GI insurance/will have strong technical background in pricing. This hire must have good communication skills and be comfortable dealing with Underwriters.

REF: ZB 001280 HT

REF: ZB 001278 MM

www.bolton-associates.co.uk

+44 (0)207 250 4718

Bolton Associates, 5 St. John’s Lane, London, EC1M 4BH


ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

C U RR E N T U K VA C A N C IE S * SCOTLAND

NORTH EAST & YORKSHIRE

PENSIONS

8

INVESTMENT

3

PENSIONS

12

LIFE

7

INVESTMENT

2

NON-LIFE

3

LIFE

3

NON-LIFE

1

MIDLANDS NORTH WEST

PENSIONS

8

PENSIONS

8

INVESTMENT

2

INVESTMENT

1

LIFE

10

LIFE

8

NON-LIFE

6

NON-LIFE

6

EAST ANGLIA LIFE

2

NON-LIFE

1

SOUTH WEST & WALES PENSIONS

11

INVESTMENT

3

LIFE

7

NON-LIFE

7

SOUTH COAST PENSIONS

1

INVESTMENT

2

LIFE

4

NON-LIFE

6

LONDON PENSIONS

37

INVESTMENT

20

LIFE

30

NON-LIFE

57

SOUTH EAST PENSIONS

21

INVESTMENT

1

LIFE

10

NON-LIFE

20

*at time of writing

CONTACT STAR TODAY TO DISCUSS THESE ROLES Antony Buxton FIA MANAGING DIRECTOR +44 7766 414 560 | antony.buxton@staractuarial.com

staractuarial.com

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Actuarial Post December 2019  

Welcome to our main Awards winners issue for 2019. Once again a big thank you to all of our readers for voting in their numbers to make this...

Actuarial Post December 2019  

Welcome to our main Awards winners issue for 2019. Once again a big thank you to all of our readers for voting in their numbers to make this...

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