Senior Equity Release Pricing Actuary

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Job Title: Senior Equity Release Pricing Actuary
Contract Type: Permanent
Location: Edinburgh, Alderley Park, London
Working style: Hybrid 50% home/office based
Closing date: 25th June 2024

Royal London is entering a very exciting period of growth, having recently announced both its commitment to enter the Bulk Purchase Annuity market and its acquisition of later life lending specialists Responsible Life and Responsible Lending.

Later life lending through equity release and lifetime mortgages is important to Royal London given the option it provides customers to utilise their property wealth as a tool to contribute towards financial resilience in retirement. The product is also important given the role mortgage backed assets can play in supporting the profitability of our annuity business.

This is a new role which provides a unique opportunity to join our recently formed Equity Release Funding team - part of our annuity business - and play a key role in the development of this new venture through leading pricing activity to ensure its future success.

About the role

• You will lead the pricing activity for our equity release mortgage funding proposition, carrying our reprices and optimising our pricing methodology to maximise performance and ensure our business objectives are met.
• You will collaborate with our equity release lending partner and the wider business to develop existing and new propositions that drive profitability for Royal London, determining suitability from a funding perspective and establishing new pricing methodologies.
• You will monitor the performance of Royal London's ERM funding proposition, developing an appropriate performance MI, providing regular reports to management and presenting at governance or oversight committees as required.
• You will lead the continuous improvement of our pricing toolkit and processes to optimise origination and drive operational efficiencies.
• You will support ad-hoc projects by providing input from a pricing perspective.

About you

• You will be a qualified actuary with strong post qualification experience.

• You will have strong commercial acumen and have experience in product pricing roles - with experience in equity release mortgage pricing extremely desirable.
• Experience in asset restructuring and asset liability modelling is also very desirable.
• You will have a very good understanding of the components of the Solvency II balance sheet and the Matching Adjustment.
• You will thrive at problem solving and take an analytical approach to your work with high attention to detail.
• You will have excellent Excel skills and significant experience of using and developing actuarial models.
• You will be highly pro-active and capable of working autonomously, with very strong communication and stakeholder management skills.

About Royal London

We're the UK's largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services.

Our People Promise to our colleagues is that we will all work somewhere inclusive, responsible, enjoyable and fulfilling. This is underpinned by our Spirit of Royal London values; Empowered, Trustworthy, Collaborate, Achieve.

We've always been proud to reward employees by offering great workplace benefits such as 28 days annual leave in addition to bank holidays, an up to 14% employer matching pension scheme and private medical insurance. You can see all our benefits here - Our Benefits

Inclusion, diversity and belonging

We're an Inclusive employer. We celebrate and value different backgrounds and cultures across Royal London. Our diverse people and perspectives give us a range of skills which are recognised and respected - whatever their background.