DB Transaction Solutions Manager

Just Group plc

We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.

We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.

That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.

Purpose

The purpose of this role is to undertake actuarial input on asset solutions and funded reinsurance as required to support delivery of the DB Business Plan and the management of ongoing funded reinsurance contracts.

Job Accountabilities

• Support the Head of DB Transaction Solutions with the development of tools, processes and methodologies for the production of price locks for DB transactions, working closely with the DB pricing team to streamline BAU price lock production and colleagues in Treasury on the production of bespoke price locks for complex transactions.
• Monitor aggregate market risk exposure across ongoing DB transactions and summarise for the Pricing Committee and Market Risk Forum.
• Liaise with Treasury and ALM on the implementation of hedges to mitigate market risk in “exclusivity”.
• Give initial consideration to scheme requests to transfer liquid assets in-specie as part of premium payment and coordinate with the Investment Team on more detailed analysis.
• Support the Head of DB Transaction Solutions with the continued development of illiquid asset solutions, including deferred premium and in-specie transfers to either hold on balance sheet or in anticipation of a secondary market sale.
• Support the Head of DB Transaction Solutions with the continued development pricing methodologies for larger DB transactions – including bespoke pricing approaches for specific deals.
• Collateral management for existing funded reinsurance arrangements and support for the DB Reinsurance Development team in relation to new funded reinsurance agreements.
• Provide ad hoc support for new “features” as needed for strategically significant, complex, or large deals.
• Develop a deep knowledge of systems and tools used across DB and ensure further developments are efficiently integrated. This will include developing proficiency in programming languages utilised in DB (in particular, Julia) and a focus on scalable coding solutions that limit reliance on excel.

Qualifications

• Obtained FIA qualification

Skills and Knowledge

• Strong analytical and problem solving skills
• Strong IT skills, particularly Excel and coding
• Good interpersonal, team working and leadership skills
• Excellent verbal, and written communication, with the ability to present complex financial concepts in a clear and concise manner
• Ability to work without supervision
• Strong technical skills, deep technical knowledge of actuarial concepts particularly those underlying bulk annuity pricing.
• Strong knowledge and awareness of the DB buy in/buy out market, life insurance and relevant regulation.

Experience
Minimum of 3 years of experience of working within a pension consultancy or life insurance company.