Actuarial Post November 2019 - Stars Of The Future Issue by BB Media Co

ACTUARIAL POST

FOR THE MODERN ACTUARY NOVEMBER 2019

INTRODUCING

MOHAMMED RAZA

Stars of the Future 2019 Winner PLUS: ALL THE OTHER STARS OF THE FUTURE FINALISTS INCLUDING ROSE PASHLEY AND ANDREW SHAW

TAITâ&#x20AC;&#x2122;S MODERN PENSIONS

RETIREMENT PUZZLE

PENSION PILLAR

BRIDGE

the Gap

RISK & FINANCE

Between

with ReMetrica’s new IFRS 17 components

With IFRS 17 on the horizon, actuaries play a critical role in calculating and reporting insurance reserves, reinsurance recoverables and forward-looking profitability—now is your chance to step into the limelight with ReMetrica’s new components. • • •

Carry out an eligibility test for the simplified model Identify if a contract is onerous and track its account balance over time Automate the necessary calculations, assumptions setting and cash flow projections with flexibility and a transparent audit trail

Aon UK Limited is authorised and regulated by the Financial Conduct Authority. FP# 12948

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

EDITORS NOTE Welcome to our first Awards edition, where we congratulate all of our Stars of the Future 2019, sponsored by Star Actuarial Futures, nominees and especially to our worthy winner Mohammed Raza from Gen Re, you can read Mohammedâ&#x20AC;&#x2122;s reaction to winning inside. I would also like to congratulate the runners up Rose Pashley from Asta and Andrew Shaw from Royal London. It was a closerun contest with all of our nominees in very close order at the end of voting so congratulations to all. We also have our regular columnists as the supporting cast on this occasion with Dale Critchley asking why do pensions have an image problem? On the subject of pensions, Fiona Tait looks at the 2019 Pensions Bill in more detail. Away from pensions and for most of us our worst nightmare concerning our homes, LexisNexis looks at the dreaded risk of subsidence. With voting closed, on our Awards, we find out next month the names of the winners of the coveted Actuarial Post awards for 2019. In the meantime, now is the time to once again congratulate all of the participants in this yearâ&#x20AC;&#x2122;s Stars of the Future 2019 Award.

- Jennifer Redwood

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.

CONTENTS 10

News

Movers & Shakers

City Dealings

Features

Regulars

Stars of the Future Finalists

Taitâ&#x20AC;&#x2122;s Modern Pension

Solvency II & Beyond

Inner Workings

Pension Pillar

Retirement Puzzle

RPI to Align with CPIH

Lights, Camera, Actuary

Information Exchange

Recruitment

NEWS NOVEMBER

TPR sets up new guidance group for climate related issues Working with other Government Departments, TPR has set up a new pensions industry group to produce guidance on how pension trustees can address climaterelated financial risks as part of their governance processes.

The Department for Work and Pensions and the Department for Business, Energy and Industrial Strategy are part of the group, alongside trustees, consultants, investment managers, civil society groups and representative bodies.

What have people used their cash lump sums for HMRC have released its latest figures on the number and value of flexible payments from pensions. The statistics show 327,000 people withdrew £2.4bn in flexible payments from their pensions in the third quarter of the year. This is a 27% increase in the number of people withdrawing cash compared to the same period in 2018 (258,000 people) and a 21% increase in the value of payments (£2bn in 2018). Andrew Tully, Technical Director at Canada Life, commented... READ MORE

The group is chaired by Stuart O’Brien, partner at Sackers. The group will provide guidance for pension trustees on how to integrate, manage and report on climate risks using the recommendations from... READ MORE

Impact of an early General Election on the Pensions Bill

Ahead of the UK Government’s confirmation they will be holding an early General Election, David Everett, partner at pensions consultancy LCP, comments on the impact a General Election may have on the Pension Schemes Bill. David Everett, partner at LCP, comments: “December’s election pulls the curtain down on the Government’s Pension Schemes Bill that appeared, after much gestation, only a fortnight ago. And in so doing, throws completely up in the air work that has been underway, in one form or another,

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on a Pensions Bill since David Cameron was Prime Minister. “However, the issues being addressed in the shortly to expire Bill will confront the post-election Government whatever its hue. The Pensions Regulator will still need its powers to be strengthened in order to effectively tackle issues of concern, and it will still need to deliver a modified approach to... READ MORE

NEWS ABI calls for a cut in the mother of all stealth taxes Families and firms could be £100 a year better off if the Government does the right thing and cuts the rate of Insurance Premium Tax The Association of British Insurers (ABI) is urging the Government in its forthcoming Budget due on 6 November to cut the rate of Insurance Premium Tax (IPT) to ease the squeeze on families and businesses who do the right thing by taking out insurance. The standard rate of IPT has doubled since 2015, most recently going up from 10% to 12% in June 2017. It applies to the vast majority of policies sold, including property, motor, health (including cash plans), pet and business insurance. In 2017, research by the Social Market Foundation estimated... READ MORE

Winter and festive driving myths and misconceptions

As the nights draw in and the weather worsens, Aviva has put together a list of myths and misconceptions about driving at this time of year. But which are true, which are false and which depend on the situation?

manner” so it’s up to motorists to ensure their footwear is suitable.

1. It’s illegal to drive in wellies.

TRUE – Most motor insurance policies have a ‘keys exclusion’ clause, so if your car is stolen while you left it unattended with the engine running, you may not be covered. Leaving the engine running on a vehicle parked on the public road also breaks 123 of the Highway Code and is an offence under regulations 98 and 107 of the Road Vehicles (Constructions.

FALSE – Technically it’s not illegal to drive in wellies and Aviva research finds that 13% of UK motorists have done just that. But that doesn’t mean it’s a good idea. Rule 97 in the Highway Code states that motorists should ensure “clothing and footwear do not prevent you using the controls in the correct

2. If you leave your car unattended with the engine running to warm it up, you may not be covered if it is stolen.

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FCA announce future work on climate change The FCA has published a feedback statement setting out its proposals to improve climate change disclosures by issuers and information to consumers on green financial products and services. The Statement identifies a number of priorities, which will provide a foundation for the FCA’s future work on climate change and green finance. These include issuers’ climate change disclosures, regulated firms’ integration of climate change risk and opportunities into their decision-making and consumers’ access to green financial products and services. Andrew Bailey, Chief Executive of the FCA said: ‘We have an important role to play in creating an environment where firms can manage the risks from moving READ MORE

MOVERS & SHAKERS The latest moves and appointments from the actuarial marketplace Dalriada Trustees appoints actuary to Board of Directors

Aegon appoints Actuary as new Client Director for Workplace

Dalriada Trustees Limited has appointed Vassos Vassou and Chris Roberts to its Board of Directors. Between them,Vassos and Chris bring over 40 years of pensions industry experience to the Dalriada Board and, as heads of the London and Manchester offices respectively, will continue to play a lead role in the development of the business strategy across both offices. Vassos joined Dalriada in 2016 having spent almost 21 years as a consulting actuary working for Capita Employee Benefits and Willis Towers Watson, advising numerous single and multi-employer UK pension schemes on how best to deliver pension solutions, funding, investment and risk management. At Dalriada,Vassos’ role as a professional trustee has spanned a broad range of clients across a range of sectors and situations. Chris joined Dalriada as a professional trustee in 2011, originally working in the Glasgow office. He relocated... READ MORE

Aon appoint co-leaders of UK and Ireland Specialty Casualty

Deloitte appoint Sankar Mahalingham as Pensions Director Deloitte has appointed Sankar Mahalingham as a director within its UK pensions business. He will be based in London, specialising in pensions advice to both corporates and trustees, and focusing on the expansion of Deloitte’s pensions consulting activity.

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 READ MORE

The Reinsurance Solutions business of Aon has appointed Aon colleagues Dean Jenner and Richard Evans as co-leaders of its UK & Ireland and Specialty Casualty business.

Sankar previously spent four years at XPS Pensions Group, most recently as Head of Defined Benefit Growth. He has over 20 years’ experience advising both corporates and trustees in managing pension scheme risks. His appointment is the third senior hire within Deloitte’s pensions and total reward business in recent months. This includes the appointments of Simon Robinson... READ MORE

In their new roles, Mr. Jenner and Mr. Evans report to Peter Stubbings, Reinsurance Solutions CEO of Global ReSpecialty, and work with a leadership group of Nigel Light,

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Graham Gradwick-Light and Francis Paszylk. Previously, Mr. Jenner was leader of Reinsurance Solutions’ UK & Ireland Property team, while Mr... READ MORE

CITY DEALINGS Keeping up to date on acquisitions, mergers and the dealings of companies in the city Aviva first insurer to join AA broker panel in 10 years The AA is pleased to announce the addition of Aviva, the UK’s largest insurer, onto their broker panel for motor insurance. Aviva are the first external insurer to join the AA motor panel, which includes many of the UK’s leading insurance companies, in over 10 years. Aviva, who have 16 million customers in the UK, will help expand the potential market for the AA broker as well as providing competitive premiums for AA members and customers. READ MORE

NEST HAS APPOINTED BNP PARIBAS ASSET MANAGEMENT

Simon Breakwell, AA CEO says; “I’m delighted to welcome Aviva onto our broker panel. Aviva insures one in 10 cars on UK roads, so we are delighted to welcome this incredible partner onto our panel. This demonstrates the strength, stability and potential of the panel and our insurance business.”

ASDA Group Pension Scheme secures buy out with Rothesay Life

Hymans Robertson advises on Aviva Staff Pension buy in

Asda, Walmart and the Trustee of the Asda Group Pension Scheme have announce an agreement for a bulk annuity insurance ‘buy-in’ of the Scheme with Rothesay Life, a specialist insurer of defined benefit pension schemes. The agreement secures the benefits of members providing certainty and security for all of the Scheme’s approximately 12,300 members (4,800 pensioners and 7,500 deferred pensioners). The Scheme is separate to the Asda Pension Plan, a defined contribution scheme, which provides ongoing pension arrangements to the majority of Asda’s colleagues.

The Aviva Staff Pension Scheme (the “Scheme”) has completed a £1.7 billion buy-in with Aviva Life & Pensions UK Ltd (“Aviva”) covering the Scheme’s liabilities in respect of c.5,800 members. Hymans Robertson acted as lead adviser to the Scheme.

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Through the buy-in arrangement, Aviva will insure the defined benefit pension liabilities of approximately 4,300 deferred and 1,500 current pensioner members of the Scheme. Brian Bussell, Chair of the Trustee of the Scheme, said: “The Trustee is delighted to have entered into this first buy-in to help secure the...

2019 STARS OF THE FU SPONSORED BY

Star Actuarial Future

UTURE

Message from our Sponsors Star Actuarial Futures It is a great pleasure to sponsor the Actuarial Post Stars of the Future Award. This award provides an excellent platform to showcase the emerging stars of the actuarial profession. We would like to offer our congratulations to all of the nominees, wishing them all the best in their future careers. In particular, we would like to congratulate this yearâ&#x20AC;&#x2122;s winner Mohammed Raza for coming top of this all-star poll and with the voting this year being so close a further mention must be made for Rose Pashley and Andrew Shaw who came so close to winning.

2019 STARS OF THE FUTURE WINNER Mohammed Raza

I’m thrilled to have won the 2019 Stars of the Future award from the Actuarial Post. There were some outstanding candidates and to just have my name amongst the nominees was a privilege – let alone winning the award! I graduated from LSE with a degree in Actuarial Science in 2014 , which somewhat dented any aspirations I had for alternative career choices! Speaking of studies, I’m currently working towards qualification and have a few exams left to do, so fingers crossed this happens sooner rather than later. I work in the Life and Health pricing team at Gen Re and have been working here since 2015. In that time, the company has grown from strength to strength and being involved in this journey has been something that I have really enjoyed, and I hope to continue to contribute to its success. I focus on data projects within the company and I’m also responsible for producing regular reports on the UK Protection market. My role also involves assisting the pricing team with requests from clients, and it is this variety of work which has really honed my skills as I’m continuously learning new things. My career highlight was presenting the key findings of the Protection market reports at Gen Re’s annual conference Regenerate earlier this year to a record attendance. I didn’t trip over so I’d count that as a success! The biggest challenge for me during my career has been juggling work, study, play and rest. It’s been really difficult at times, especially when exams are approaching and having to turn down social events or even holidays from friends and family. This has taught me to appreciate the value of your time and ensuring you spend it the right way – which can be different for everyone. What’s next for me? Well apart from working on my batting in the nets now that the cricket season has finished, I’d like to finish my exams, and pursue the Certificate in Data Science which the IFoA will launch next year. I think it’s great that the IFoA are highlighting this space and encouraging collaboration with other industries as it is important for actuaries to evolve and embrace new ideas which can help them deliver better solutions and therefore become better in their job. I’d like to thank the person who nominated me for this award and I would also like to thank everyone who voted for me and the other nominees as everyone on the shortlist deserves to be recognised. I think it’s a fantastic initiative by the Actuarial Post to be able to identify and highlight the great things some of these young actuaries have achieved in their career so far.

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Mohammed Raza (right) receiving his award, presented by Lance Randles, from sponsors, Star Actuarial Futures

Rose Pashley being presented wth her award by Asta’s Chief Actuary, Richard Barke

Thank you to the people who took time out of their busy days to vote for me. It was lovely of you, so cheers (whether or not you were cajoled into it by Gemma Dawson, who was a very enthusiastic campaigner). I love working as a general insurance actuary - it’s a great mix of collaborating with people and mathsy-type analysis. An ex-colleague told me she thinks being curious is a key part of being a good actuary, and it stuck with me. Having curiosity helps you to drill into what really matters, so you can take what you learn from data and industry knowledge, and help put it into practice in the business. At Asta, we have mixed roles across capital, reserving and other areas of the actuarial function. I really enjoy the variety of work, learning something new every day and making connections across different business areas. I’ve especially enjoyed getting stuck into capital work over the last year, meeting underwriters to understand their view of the risks, and learning more about the business planning process. You asked what the biggest challenge has been of my career so far. Becoming qualified is a huge challenge - you’re taking a pool of people who have all been high achievers academically and get

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2019 STARS OF THE FUTURE

2 Rose Pashley them to sit many exams, some of which have pass rates of around 30%. That on top of juggling work, study and home life makes it really tough. The exams are a long hard slog, so I think the key is to find what works for you and keep plodding along steadily. In terms of passing on what I found useful, I tried to concentrate my study, both in terms of time and content, as it’s easy to get exhausted from working non-stop but it not really helping towards the exam. I found the pomodoro technique useful, which I think is named after the tomato kitchen timers people used to use. Each 25 minute block of studying is a “pomodoro”, which is followed by at least a 5 minute break.You can count up how many pomodoros you’ve done in a day, and it gives you a way of measuring how much productive time you’ve spent on each exam (plus seeing how many you’ve done gives you good justification for taking the evening off). There are a few different apps to help you too. Everyone’s different though - if rewarding yourself with cheese is your bag then keep at it (this definitely also worked for me). My favourite part of my career so far has been the people - learning from everyone, bouncing ideas off each other, and just getting to know everyone over a beer. Having a cracking team around you is fantastic, and I feel really lucky to have that, both at Asta and at LCP where I previously worked. I’m looking forward to more of that in the future.

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2019 STARS OF THE FUTURE

Andrew Shaw

First of all, thank you to everyone who voted for me! It’s amazing to receive this award, and I’m so thankful to the actuarial community for choosing me, no doubt led by my colleagues at Royal London. It’s a massive honour and I just hope I can live up to the expectations of being a star of the future. I’ve celebrated in true family style; sharing Prosecco with my wife and cakes with my boys. I’ve been at Royal London (and previously Co-operative Insurance Society) for 7 years now, working across lots of different teams and with some really fantastic and engaged people. My favourite role to date is my current one, where I support our department with understanding and using output from our new model, MGALFA. My role lets me work with many different people, across junior trainees and senior leaders, and gives me the opportunity to improve the way we do things and challenge old approaches. I want to give a shout out here to my team, who are a fantastic group of people who all genuinely care about doing the best they can and making our work better. AP 16

My current role has also produced some of my biggest challenges yet, whether understanding and justifying complicated modelling techniques, or trying to understand the best approach that will satisfy lots of different and conflicting stakeholders. This is of course made worse by the weeks where my children decide that sleeping is optional! Whilst I really enjoy my current role, Iâ&#x20AC;&#x2122;m also excited about the work Iâ&#x20AC;&#x2122;m going to be getting involved in next year, working on some fantastic new projects where hopefully my positive attitude will be welcomed. I also really look forward to seeing how Royal London adapts to the changing world we live in, with all sorts of new and exciting opportunities (and challenges!) presenting themselves in these uncertain times. One thing to say to all the trainees trudging their way through the exams; I promise it will be worth it in the end! You may not get the study days anymore, but the level of opportunity and challenge is huge compared to most other jobs and will keep you interested if you pursue it. AP 17

4 Rhys Mellens I am a qualified actuary at Willis Towers Watson where I provide advice to a range of trustees and sponsors in relation to their pension schemes. I specialise in longevity risk transactions, supporting pension schemes with their de-risking journeys and helping them to transfer risk to the insurance market. Recently I helped one of my clients to implement an innovative multi-billion pound longevity swap. Helping to improve the security of benefits for the thousands of members in this pension scheme was a big highlight of my career to date. The transaction was the first longevity swap to be implemented through a captive insurer in Bermuda, and although I was lucky enough to attend contract negotiations in Frankfurt, unfortunately I didnâ&#x20AC;&#x2122;t get to visit Bermuda! When Iâ&#x20AC;&#x2122;m not busy being an actuary and crunching numbers, I am a big fan of sports and play rugby for my local club.

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I currently work within Buck’s Retirement Consulting team and qualified as an actuary in 2018. I joined Buck in 2014 after graduating with a Master of Mathematics degree from Durham University. I work with both trustee and corporate clients, helping them to understand and effectively manage the risks associated with their defined benefit pension schemes. I am the day-to-day contact on a range of schemes and advise on areas such as pension scheme funding, accounting and long-term strategy. I am also a member of Buck’s liability management team, with experience on member option exercises and de-risking initiatives, and currently act as Buck’s Northern “champion”. I particularly enjoy the variety of my role and whilst specialising in the technical side, I find communicating actuarial work to my clients the most rewarding aspect. Outside of work, I am a keen sportsman, playing both football and cricket for my local teams at the weekend. When not playing, I am also a big football fan and have a season ticket at Man City.

Christopher Wyche

I joined Hymans Robertson 8 years ago after my mathematics degree at the University of York, being attracted to the actuarial career for the wide range of skills it requires – numerical and analytical skills but also strong communication and consulting skills. In my time at Hymans I have served a wide variety of pensions clients, and although I’ve thoroughly enjoyed all areas, the highlight has been transitioning to being a DC specialist where I have particularly been able to put my love of networking and relationship building into practice as I develop connections with the wide range of providers, and assess what products and services my clients would most benefit from. I have also greatly enjoyed being involved with our learning and people management initiatives, which really speak to my love of communication and concern with the development of others. When I’m not being an actuary, I have my hands full with my young daughter, but I do enjoy the odd game of Badminton and spending time with my wider family, particularly twin sister Kate!

Faye Brady

Catherine Miller

Catherine joined Hymans Robertson 7 years ago as part of its grad scheme and qualified as an actuary in 2016. Whilst Catherine started in the actuarial and benefits team providing actuarial support to DB clients, Catherine soon realised she most enjoyed consulting with clients about their DC Schemes, feeling she could make a real difference to member outcomes. As a result, Catherine now has a large number of DC clients and joined the DC Consulting team where she supports clients with governance, communications and investment advice. Catherine has regular feedback that clients like her down-toearth consulting manner and has made a real difference to the quality of their DC Schemes.

Outside of work, Catherine enjoys keeping active, with her latest hobby being open water swimming (albeit only in the summer months!). She has competed in a number of sprint triathlons over the last few years and is now training for a full triathlon. Having recently got engaged and bought a house, Catherine is currently spending most her spare time alternating between DIY and wedding planning! AP 21

8 Clare Keeffe I work for Mercer (formerly JLT) providing investment consulting advice to Defined Benefit pension schemes. In recent years I have loved working in a client facing role. I have been able to develop strong relationships with my clients by not only providing timely and personalised advice, but also by developing my soft skills so as to better communicate with clients and understand their needs. A career highlight has been helping clients to understand the potential financial significance of ESG factors as part of my role on JLT’s Responsible Investment team. Since qualifying, I have volunteered for the IFoA and I am now the Deputy Chair of the Finance and Investment Lifelong Learning Committee, helping to organise events for members in this field. Outside of work I somehow manage to fit in teaching ballet and practicing yoga. I am currently on the RADs ballet teaching certificate, a rather gruelling two year course (as if actuarial exams were not enough!).

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In 2013, I began my actuarial career with Buck as part of the retirement team, but eventually found my calling in investment consulting and moved teams in early 2015. Since then, I’ve been engrossed by investment markets and the challenge of providing practical advice to help DB and DC pension trustees achieve their objectives. My proudest achievements have been facilitating strategic changes for my clients. Through clear communication, I’ve helped a number of long-time LDI sceptics to adopt meaningful allocations, which has helped materially offset losses as yields have fallen and provided a more stable platform and greater certainty for trustees and sponsors to make strategic decisions. Since relocating in 2017, I’ve also helped grow a new investment team in our Manchester office. I consider myself lucky in that I genuinely really enjoy my job, which I think is down to the engagement I have with my colleagues and clients who continuously challenge my views. When I’m not thinking about investment strategies, you will often find me plodding around the centre circle of Sunday morning football pitches or sitting back and watching professionals play more capably.

Daniel Shaw

I joined LCP as an intern in 2014 and am now a qualified Consultant in the DB Pensions Practice. The main areas I work in are funding, corporate accounting work and longevity de-risking transactions. I am also keenly involved in new graduates development at LCP, being a deputy team leader on one of the teams and running the first stage of the consulting skills graduate program. Recently I have been working on secondment at one of the new DB Pensions Consolidators, an exciting new area in the pensions landscape, which has opened my eyes to what happens on the other side of de-risking transactions. When I’m not working I enjoy (trying to) play various sports, such as football, touch rugby, running and cycling. I also love going away to new countries and places as much as possible!

Samuel Tomes

Dan Brady

John Doe

Danâ&#x20AC;&#x2122;s actuarial career at Barnett Waddingham started on the Trustee Consulting Team, where he helped to advise the trustees of Defined Benefit pension schemes on funding strategies for their schemes. Over the next couple of years, his interest in the investment aspects of the role grew, and he gradually moved over to the Investment Consulting Team. Since qualifying, Dan continues to enjoy the wide range of challenges and opportunities that he is faced with as an Investment Actuary. Dan particularly enjoys helping to set investment strategies for different investors, from pension schemes to university endowment funds. Achieving a well-rounded investment strategy involves balancing many conflicting objectives, which presents an interesting challenge that is different every time. Outside of work, Dan enjoys keeping fit with a variety of sports and listening to music, although helping to plan his wedding next year has been taking up a lot of his time recently!

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Jacob Sapwell

I joined Willis Towers Watsonâ&#x20AC;&#x2122;s retirement consulting team as a graduate in 2011 and qualified in 2014. During my eight years at Willis Towers Watson I have worked on a wide range of projects for both Trustee and Corporate clients. I really enjoy problem solving and working in pensions there is no shortage of challenges to help my clients work through! Each day I strive to make life easier for my clients and my colleagues, whether this is by carrying out technical analysis, communicating results to people in a clear and engaging way, or coming up with ideas on how processes can be improved. I am also a people manager and I enjoy guiding and supporting junior colleagues to help them make the most of their actuarial careers. Outside of work I enjoy running, playing Ultimate Frisbee and fantasy sports (why restrict statistical analysis just to the office?)

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I am a manager in EY’s actuarial team and have worked on a wide range of projects with life insurers, non-life insurers and asset managers over my five years at the firm. Highlights include supporting recent high-profile transactions and restructuring in the UK insurance market, helping firms to design and deploy assets into Solvency II friendly investments (including infrastructure debt, commercial real estate debt and equity release mortgages in particular), and more recently leading our climate risk solution within UK insurance. The latter is something I’m particularly passionate about and I’m excited for what the actuarial profession can achieve in this area. When I’m not at work I enjoy playing as much sport as possible. This includes in particular cycling of all kinds - ranging from mountain biking in Wales, cycling the fjords of Norway on a touring bike, and tackling the hills of Devon on my tandem!

Ryan Allison

I am a pensions actuary. More specifically, I’m a manager at KPMG, doing a mix of Trustee and Corporate work, having spent the first six years of my career at Barnett Waddingham. I became an actuary because I couldn’t find a profession that combined my love of shoes, gin and numbers! I’ve always been good at maths, I enjoy talking to people and I (foolishly) liked being the smartest person in the room. Unfortunately, teaching maths was out of the question as I couldn’t face spending my life dealing with loud children. It also soon became clear I’d never be the smartest person in the room again once I joined a firm of actuaries. My favourite moment of actuarial life to date (apart from finally qualifying this year!) was explaining pensions to a roomful of displeased pension scheme members. It was incredibly rewarding helping them understand their own retirement benefits. When I’m not in the office I am off traveling to far flung destinations - seeing the midnight sun in the Arctic Circle was a highlight this year, and I’m currently trying to decide how much travelling I can fit in on my honeymoon next year, shocker, I’m marrying another actuary.

TJ Dhutia

Jacob Bowman

Jake is an Executive Consultant in KPMG’s Investment Advisory team, providing investment advice to trustees and sponsoring employers of defined benefit pension schemes with assets ranging from £25m to £1bn. Jake helps his clients to understand and manage their investment risks, assisting them with objective-setting, strategic asset allocation and liability hedging analysis. Jake is also a member of KPMG’s investment research team specialising in Environmental, Social and Governance (ESG) factors. Recently, Jake has also begun advising defined contribution pension schemes and insurance firms. Jake joined KPMG seven years ago as part of its graduate programme within the Pensions Actuarial team in Birmingham. After qualifying as an actuary in 2017, he moved into Investment Advisory and now divides his time between Reading and London. Outside of work, Jake can either be found hacking around his nearest golf course, struggling to beat his 5km PB, or spending far too much time in Disneyland. AP 29

Sabeen Iftikhar

Sabeen is a pensions actuary at KPMG specialising in insurance solutions. She’s particularly proud of the work she’s done for the Nortel Plan, helping the Trustees come out of PPF assessment and securing a great outcome for members after years of uncertainty. Sabeen joined KPMG in 2013 as a graduate, moving permanently to London from Pakistan where she was born and raised. Her greatest achievement is the network and lifelong friendships she’s developed here through work. Outside of work, Sabeen enjoys travelling (particularly back home to visit family), a good spin class and watching cricket.

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I joined the actuarial profession in 2010 and have recently joined Aon as a Consultant. I am a supporting actuary on a range of Trustee consulting work for predominantly large, private and public sector, pension schemes. I started my actuarial career at Alexander Forbes (now JLT) where I spent 3 years. I then moved to Buck where I spent over 5 years before I joined Aon.Â I became an actuary because it lets me utilise a variety of skill sets and provides a fulfilling career. From presenting at client meetings, to being absorbed in technical modelling, to managing and mentoring junior analysts â&#x20AC;&#x201C; the variety is vast and certainly interesting. In my spare time, I am an avid gym attendee, avid swimmer and, as I miss the exams so much after qualifying in 2017, an examiner for the Institute and Faculty of Actuaries and also mark for ActEd.

Bhavesh Mistry

Beth is a consulting actuary at Barnett Waddingham and qualified as an actuary in 2016. She joined Barnett Waddingham in 2012 after graduating from Warwick with a First Class Master’s degree in Mathematics. Beth specialises in advising trustees of pension schemes, covering a wide range of funding issues and shortly hopes to become a Scheme Actuary. Last year she enjoyed participating in a mentoring programme designed to improve diversity in the profession by providing advice and support to female actuaries. Outside of work, Beth is a keen netballer who enjoys playing in a weekly league. She loves fussing over her two cats and enjoys supporting the Welsh rugby team.

Bethany Kate Allison

“Whilst I enjoy the challenges that come with the technical aspect of my role, my favourite part is delivering these complex messages in a clear way to help my clients make the best decisions for their pension schemes.”

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Ruth Bryson

Ruth joined Willis Towers Watson in 2014, having graduated with a degree in Mathematics from the University of Cambridge. Being an actuary appealed because it gave Ruth the opportunity to use her problem-solving skills in a client-facing environment. While she was a student, Ruth sat on the IFoAâ&#x20AC;&#x2122;s Student Consultative Forum, representing the views of actuarial students to the IFoA, influencing policy changes and improving access for students with disabilities. Since qualifying as a pensions actuary in 2018, Ruth has become a line and operations manager for junior colleagues and acts as a mentor for actuarial students. She hopes to complete the CERA qualification this year. In her spare time Ruth plays the oboe in an orchestra in North London and is a keen recorder player.

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Craig Burns

Craig works for Scottish Friendly, leading a project team with a diverse remit, from setting up processes for acquisitions to model validations and with-profits management. He supports running of the With-Profits Committee and is also a member of a committee providing technical review of actuarial and finance results and methodology. He enjoys the wider business applications of actuarial work and technical tasks. Craig has a broad actuarial experience having started his career at Hymans Robertson in public sector pension schemes, before moving to Prudential where he held positions in Risk and Financial Reporting. He has a good understanding of internal governance having undertaken secretariat duties to two committees at Prudential, one of which was chaired by the CFO. Out of the office Craig enjoys outdoor sports, particularly white-water kayaking, and travelling and dining out with his wife (who is also an actuary - hopefully one vote is guaranteed). AP 34

After graduating from Oxford in 2013, I’ve been working in Pensions Actuarial for LCP in Winchester. In anticipation of qualifying in 2018 I started an online MBA, which I completed in 2019. As a glutton for punishment, I’m now pursuing a speciality in removing inequalities arising from GMP (otherwise known as “GMP Equalisation” for the less pedantic among you). I’m a big believer in work-life balance, and switched to working part-time in order to better manage my health conditions and increase my charitable work. LCP offers great support with this, with their volunteering policy and the launch of LCP Foundation earlier this year. I work on a small team that has raised over £13,000 for charity over 2019 to date, and helped staff further their fundraising and volunteering too.

Sarah Robinson

I joined the Finance team at Aegon UK in 2014 after graduating with a Mathematics degree from The University of Edinburgh. I have worked there ever since and over that time have gained a lot of experience in various aspects of Life Insurance business. My current role as a Reporting Actuary revolves around Solvency II, contributing to actual results submitted to our Group (Aegon N.V.) and estimating our solvency position to aid decisionmaking within the company. The highlight of my career so far has definitely been qualifying as a Fellow in 2018. It was a goal I had worked towards since being at school so it was great to finally say I had achieved that. After gaining back some of my free time away from studying, I decided to take up golf – it’s not always enjoyable to end up in the long grass but at least there’s plenty of scope for improvement. I have also been planning my wedding and marking actuarial scripts for The Actuarial Education Company.

Alexandra Montgomery

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Sanjay Chandran

I work at EY in the Non-life Actuarial department. Most of my work is in the London Market / Lloyd’s reserving space. I have been involved driving forward some of our data visualisation projects as well. This helps provide additional insight internally and to clients that isn’t as tangible by just looking at a spreadsheet. A career highlight for me was presenting a market benchmarking exercise at a client’s strategy day – it was a fun presentation but an interesting discussion as well. I enjoy being an actuary because we can turn numbers into a story. Outside work I enjoy sports / exercise. My latest addiction is CrossFit which I try to do as often as possible. I am also a huge Star Wars fan so may the force be with you!

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TAITâ&#x20AC;&#x2122;S

MODERN

PENSIONS

The 2019 Pensions Bill

may be imposed by tPR for non-compliance

The Queens Speech on the 14th October confirmed the government’s intention to proceed with the 2019 Pensions Bill however, we are still under the shadow of Brexit and an increasingly likely general election. What are the chances then that the proposed changes will obtain Royal Assent?

These proposals also seem to have attracted cross-party support, the most likely objection being that they do not perhaps go far enough to fully protect members.

Fortunately, the majority of the proposals are likely to attract cross-party support and may well be passed whatever party is in government. It is difficult to argue against better stronger powers for the Pensions Regulator (tPR), improved scheme governance or helping people to track down and benefit from “lost” pensions. As ever though, it is not all plain sailing. Greater powers for the Pension Regulator Headlines about collapsed defined benefits (DB) schemes have led to questions about why tPR did not intervene earlier and what is required to allow them to do so. The Bill intends to address these issues by strengthening both scheme governance requirements and tPR’s information gathering powers.

Collective Defined Contribution (CDC) CDC has to some extent polarised the pension world, with many strongly advocating its introduction and just as many believing it won’t work. The Pensions Minister is very much in the former camp though and with no signs of political opposition it is likely this will go ahead, albeit under the technical description of Collective Money Purchase (CMC). Whilst it is technically possible to set up a CDC scheme now, concerns remain that members may feel their benefits are guaranteed and it is believed that legislation is required to reassure employers that they will not be liable for any shortfalls. Pensions Dashboards

Currently tPR’s ability to request information in connection with a potential breach is not consistent across different situations and pension schemes, which means that firms can challenge the validity of tPR’s actions in order to prevent or delay proceedings. While most employers do their utmost to comply with the regulations, this is not true for all and in one case it was necessary for tPR to issue a total of 123 separate section 72 (PA14) notices, taking over 18 months to complete.

This should be a no-brainer. It was promised for 2019 and the rationale for its introduction is unarguable. The average person will have 11 jobs in their lifetime often leading to the accumulation of multiple pension pots and an estimated £19.4 billion in pots that have been “lost”. The dashboard is intended to improve retirement outcomes by helping people find these pots and: • increasing individual awareness of their pension plans and estimated retirement income • building an increased sense of control and ownership over pensions

The government’s intention is that legislation should be amended to:

• increasing engagement with retirement planning

• allow tPR to interview any individual it believes has a connection to a potential breach without the need for a section 72 notice

• increasing access to guidance and advice

• allow tPR to enter a wider range of premises than currently prescribed, and • to allow tPR to impose a civil penalty in cases of noncompliance with these powers. Based on feedback to date, it does not seem likely that any of these proposals will be challenged. Improved scheme governance In order to target poorly-run schemes the government also intends to introduce legislation which will support the voluntary Code of Practice for trustees and increase the penalties that may be applied where potential member detriment is identified. The proposals are to: • require all trustee boards to appoint a Chair and to supply an annual statement to tPR outlining their funding strategy, even where the scheme is currently in surplus

• enabling more informed choices at decumulation

The problem is it won’t work effectively unless there is comprehensive coverage across all pension arrangements, and this won’t happen unless legislation is put in place to require all schemes and providers to comply. The contentious issue is that the government is proposing to introduce multiple industry-led dashboards rather than a single government-sponsored one. The reason for this is obvious. Estimated one-off implementation costs range from £200m to £580m over 10 years and ongoing costs from £245m to £1.48bn over 10 years and it is difficult to see the government footing more of this bill. Involving the industry ensures their co-operation and is likely to lead to much quicker implementation. Either way, legislation to enforce the provision of data could be enacted while this debate continues.

• give tPR stronger powers to act against trustees who do not comply with this requirement • increase the range and scope of civil penalties that

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by Fiona Tait Technical Director Intelligent Pensions

SOLVENCY II & BEYOND

By Kareline Daguer, Director, PwC

Are insurers heading into a Recovery and resolution regime? Itâ&#x20AC;&#x2122;s been more than a decade since the financial crisis and almost four years since Solvency II came into effect. Over that period banks quite expectedly went through a regulatory revamp that included among other things extensive recovery and resolution (R&R) requirements in the shape of a European Directive (BRRD). At that time insurers were undergoing painful preparations to implement Solvency II and escaped the R&R train or so they might have thought until now... In mid-October EIOPA published a consultation on the changes to the Solvency II Regime as part of the 2020 review. The consultation is the very first step in the 2020 review journey and considering the consultation length and scope it will take some time to digest. More to the point today, this gigantic document includes a proposal to establish a recovery and resolution (R&R) framework for the insurance sector. For context EIOPA has been pushing for an insurance R&R regime for a few years now. Quite recently some countries such as France and The Netherlands have gone solo and established their own insurance R&R regimes. This is prompting EIOPA to propose incorporating an R&R regime into the Solvency II directive to avoid further fragmentation of approaches to R&R in the Union.

In parallel, the Financial Stability Board and the International Association of Insurance Supervisors (IAIS) have both called for extending recovery requirements from global systemically important insurance groups (G-SIIs) to all internationally active insurance groups. The IAIS requirements might even come in before EIOPAâ&#x20AC;&#x2122;s proposals make their way into updated Solvency II regulations. Here in the UK, it is understood there are four groups currently caught as G-SIIs and therefore already preparing pre-emptive recovery plans. However, the current proposals would mean most insurers will be required to prepare them. But when is this all going to happen? The path from consultation towards getting all the necessary approvals is long, possibly taking us into 2023 or 2024. But for firms it is worth understanding and forming a view on the impact of these measures. Although Brexit might change the landscape, it is very likely the PRA would adopt similar proposals to keep in step with changes to the Solvency II regime for some years to come. What are the key EIOPA proposals? First on recovery EIOPA proposes that a significant share of each national EU market is required to prepare recovery plans. This means preparing pre-emptive recovery plans that include a set of measures to be taken in the case of triggering recovery. The trigger is

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expected to be breach of SCR. How regulators will determine who is in or out? This is still to be determined, but could include criteria such as size, type of activity, business model, risk profile, interconnectedness and substitutability. Reinsurers are also captured in the proposals with clarification that reinsurance businesses are different to insurance and therefore the expected plans and the criteria for being subjected to this measures might be tailored. In addition, EIOPA proposes to give national regulators specific powers to deal with firms entering the recovery phase. These include the ability to demand different or more frequent reporting, require the implementation of certain measures included in the recovery plan, require updates to the plan, etc. Secondly, on resolution EIOPA proposes that Member States designate a resolution authority to maintain pre-emptive resolution plans and resolvability assessments. Similarly to recovery planning, it is expected resolution planning captures a significant share of each

national market but its scope is likely to be narrower than for recovery planning. Also, EIOPA proposes to give resolution authorities extensive powers that include traditional tools such as part VII transfers to more drastic measures that can include allocating losses to policyholders. The trigger for entering the resolution phase is expected to be the nonviability of the insurer, exhausted recovery measures and the public interest. I believe R&R to be almost inevitable for the insurance sector at this stage. On the plus side, in a Brexit environment R&R can provide some backbone and protection when it comes to setting out the ground rules of crisis management among regulators and is likely to help when negotiating a deal with the EU that includes insurance. So at long last, and more than a decade since the financial crisis it looks like insurers will not escape R&R requirements. The good news is that there is still time to shape the proposals to ensure we end up with a regime that is beneficial and fit for purpose.

INNER WORKINGS By Tom Murray Head of Product Strategy for LifePlus at Majesco

PENSION SAVING TRUMPS INHERITANCE TAX REFORM The Institute of Economic Affairs (IEA) have proposed that Inheritance Tax (IHT) be abolished. The IEA feels that the tax is a big disincentive for people to save, as it hinders them from passing on the accumulated wealth to their offspring. The idea of inheritance tax is always a controversial one. Those against say that IHT penalises savers who want to provide for their kids while those in favour believe it should be looked at from the recipients’ side. They ask why some people should receive tax-free sums whilst those not lucky enough to have been born into wealth pay tax on all their income. The argument will no doubt rage back and forward but what is interesting about the Institute’s proposal is the fact that they believe the abolition

of IHT should be made revenueneutral for the government. It is proposing the abolition of the 25% tax-free lump sum (TFLS), which is allowed to people taking their pensions. This is a dramatic move as the policy of all governments over the last few decades has been focused on driving up the numbers saving for their retirement, reaching its peak with the introduction of the workplace pension schemes and auto-enrolment of the workforce into it. When it comes to pension savings, the TFLS is one of the best known and most appreciated benefits. It is an important driver for many to start and maintain their savings rates, with an easily understood promise and without the ‘risk’ of losing out by dying earlier than

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the actuarial norm. For many people, it is the TFLS that is the most attractive benefit of pension saving and the easiest to understand the value of, with its promise of a large amount of money at the very start of their retirement. Lots of workers have this earmarked to either clear outstanding debts or embark on a well-deserved holiday or cruise to mark the end of their working life. The ability to clear any outstanding mortgage is particularly appreciated as, given that for the majority of people income drops in retirement, the repayment of their outstanding mortgage is key to their plans for having a secure future in their old age. It also gives comfort because they feel that they are now in full ownership of a substantial asset – an asset

that it will be possible to release equity from should the need arise. This can be done either via an equity release product or by selling the house / apartment and downsizing. This ability to realise a lump sum at relatively short notice gives them much reassurance against the fears of a sudden need for capital in their old age, such as might arise from a severe health issue requiring care or the need to move into a nursing home. The UK has made great strides in recent years in increasing the proportion of the population saving for their own retirement. The auto-enrolment process has encouraged almost 10 million people to begin taking control of their own future by investing in a workplace pension. However, this saving habit is recent and may well be fragile. Risking it by changing something as popular

as the tax-free lump sum given at retirement would be a very retrograde step. Instead we should be focusing on further ways to increase the amount people are saving. One of the best ways we can do this is to use technology to keep people far more in touch with their savings and allow them to monitor their progress on a regular basis. But it has to be about much more than just showing them whatâ&#x20AC;&#x2122;s been saved so far. The tax-free lump sum pays a key part in this, given its attractiveness and how easy it is to understand. The key to maintaining and increasing retirement savings levels will lie with clever apps that give the employee projections of what they will have in the future if they maintain their savings. In

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this regard, showing them the size of the lump-sum, they will be entitled to take at retirement will be very important, as will showing them the effect on said lump sum of small increases in the amount being saved. This would show a dramatic increase, particularly for those who are in the early stages of their career, those whom it is generally harder to get interested in retirement saving. To keep people saving, the government need to ensure that retirement saving is seen as a highly attractive option for people making decisions on their finances. The TFLS is a key part of this. Proposals for the abolition of the TFLS should not be entertained; if the IEA feel the need to recommend the removal of IHT, they should find another way to pay for it.

PENSION PILLAR by Dale Critchley Policy Manager Aviva

WHY DO PENSIONS HAVE AN IMAGE PROBLEM? I was recently thinking about stereotypes and how unfair they can be. It came about when I was explaining to a colleague that I write a column for Actuarial Post. We somehow got onto actuary stereotypes. My colleague then went on to tell me about a BBC comedy from a couple of years ago called ‘Uncle’. (Disclaimer: there is some fruity language included, so avoid if that’s not your thing) It’s about a frustrated, thirtysomething, wannabe rock star who starts to hang out with his young (about 12), very straight-laced nephew. The part that was highlighted to me involved the boy being questioned on what he wanted to do when he was older. His answer – ‘I want to be an actuary’. That led to a confused/ angry/comedy reaction from his Uncle. I get it – a 12-year-old saying his dream career is to be an actuary is unusual. But it made me wonder why that particular line of work was used as the butt of a joke. Maybe I’m overthinking it. But it did spark something in me about the way pensions are portrayed, particularly when compared to similar financial products such as ISAs. How often have you heard a phrase such as ‘rip-off pensions’ with ‘skyhigh’ or ‘hidden’ charges. And yet ISAs

are almost always described much more positively as ‘tax-free saving’. There are couple of reasons linked to the product: 1. Pensions are much more complicated than ISAs, especially cash ISAs, in which the majority of people save. 2. Pensions are often in the headlines for the wrong reasons, for example when an employer with a defined benefit scheme goes bust. The thing is, those stories get column inches because they are rare, and because of the impact they have on those involved. It’s like the statistics on air crashes; we know we’re unlikely to be affected but many of us feel apprehensive as we climb the steps to get on board. So, why are ISAs the darling of the savings world and pensions often painted as the villain? After all – pensions are more tax-efficient than an ISA. Their charges are more transparent and often lower, and I haven’t even mentioned the employer contribution.

to understand complicated rules, investments, taxation etc, then we’re going to struggle to trust pensions. Another issue is that humans can’t cope well with long-term planning. 53% of US respondents to a survey said they rarely or never think about something that might happen to them 30 years from now . We consistently tend to opt for immediate rewards instead of a greater return down the line (hyperbolic discounting). Then there’s the fear of regret - you’ll never be disappointed if you don’t plan! More research, this time into brain activity, has revealed that when we think about our future selves, we actually think about a different person. Why save in a pension if we feel that someone else is going to get the benefit? Compared with the instant-access ISA the pension has an uphill battle. At Aviva we’ve tried showing people a picture of their older self to increase engagement. We also provide a forecasting tool that promotes the same.

I think it comes down to behavioural biases that we struggle to overcome as individuals, as an industry and amongst the media.

We won’t give up explaining pensions in ways that people (and journalists) understand, in order to promote trust.

People don’t trust what they don’t understand. The fear of the unknown served us well as hunter-gatherers. It saved us from being eaten or eating the wrong thing. But it means that unless we take the time

We can’t change human nature overnight. But given all the benefits of a pension, I think those who understand them, and can take an analytical approach, will have the last laugh!

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RETIREMENT PUZZLE CASHFLOW MATCHING, LIQUIDITY AND SECURITY Alex White, Head of ALM Research Redington DB funding levels have improved over the last few years, meaning many schemes are looking for safer, simpler allocations. With most schemes now closed, they’re also maturing and face concerns over cashflow management. Cashflow matching, or CFM, has become more popular as a result. Intuitively, if you buy safe assets that pay out the necessary cashflows, you may not have the best strategy but you may have one that it is “good enough”. Schemes can avoid becoming forced sellers at depressed prices by contractually “locking in” returns, in turn reducing re-investment risk. However, it may not be income generation that’s the key property. It’s worth taking a step back to consider which asset properties are crucial to make a CDI strategy work. To avoid selling at depressed prices, liquidity is needed at the point of payment. When benefits are due, schemes need cash available so they don’t have to sell growth assets. Having assets that throw off cash is one approach, but not the only one - at its simplest, large cash reserves would also achieve this . This is important because it means the assets needn’t be constrained to generate income at certain times, and any constraint is liable to reduce the Sharpe ratio that can be obtained. The key property a portfolio needs to avoid being a forced seller is liquidity at future points, not income generation. It’s worth noting that a desire to avoid selling assets at depressed prices implies some ability to time the market. If that’s possible, the scheme may want to rebalance while prices are depressed and buy more growth assets when they’re cheaper. This is easier with cash buffers than cashflow matching. Of course, if you bought bonds which are still moneygood, you may care less about the current valuation, relying on those providing adequate income. In effect, it’s possible to ignore price volatility as long as there’s sufficient security.

This is a separate point from income generation however. For this, or to lock in more returns, longerdated corporate bonds typically offer a higher spread, and by definition do so for longer, “locking down” more returns. They offer less security than shorterdated bonds, however, as the probability of a company defaulting increases through time. The key property needed to lock in returns is that returns are secure and contractual, not the level of income generation. To counter that, longer-dated bonds are a more obvious fit to reduce re-investment risk. If shortdated bonds need to be rolled, there’s a risk that the spreads (and therefore returns) available will be too tight, and the scheme won’t have access to assets with enough expected return. You gain security upfront, but potentially lose it on a forward-looking basis. Re-investment risk is a valid concern , but long-dated corporate bonds may not offer the best mitigant. A spread tightening is likely to coincide with an equity rally, so a small equity allocation may be a better hedge. An equity portfolio won’t “lock in” returns in the same way, but corporate bonds aren’t as effective in locking down returns as they might seem. This is partly because, while defaults are low, trading out of downgraded bonds can be expensive; and partly because, with a long duration and relatively low spread, it can take time for bond prices to deliver returns. In excess return terms, the US broad market was in a near 17-year drawdown between 1997 and 2014. Returns may not be as “locked-in” as they seem. This isn’t an argument against bonds, as they may well offer the best balance of future liquidity, security and ability to mitigate re-investment risk for many pension schemes. The point is that those are the key factors for a CFM portfolio. Income generation can be a thumb-rule for them, but it’s not the same property; and that focus might lead to a different portfolio.

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RPI TO BE ALIGNED WITH CPIH

William Fitchew, Senior Consultant, XPS Pensions Group AP 46

On 4 September 2019, the Chancellor of the Exchequer and the UK Statistics Authority (UKSA) announced that RPI is to be aligned with CPIH, a variant of CPI introduced in 2013 which includes an allowance for owner occupiers’ housing costs (OOH). The change proposed is due to happen sometime between 2025 and 2030 but there will be a consultation in early 2020 on the precise timing of the proposed change. Background RPI has been on the receiving end of some criticism in recent years. The Johnson Review in 2015 recommended that the government and regulators end the use of RPI as soon as practicable. Furthermore, the chair of the UKSA stated that RPI is a poor measure of inflation. CPI is also not without its critics, a key shortcoming being that it does not take account of OOH costs. Lords Economic Affairs Committee Report The Lords Economic Affairs Committee (EAC) published a report on ‘Measuring Inflation’ in January 2019 following an inquiry in 2018. The EAC suggested that the UKSA could be in breach of their statutory duties by publishing an index (i.e. RPI) which ‘it admits is flawed but refuses to fix’. The Committee was of the view that the UKSA should request that RPI be fixed and that the Chancellor should agree to this. Response from UK Statistics Authority and Chancellor On 4 September 2019, the UKSA announced that it had proposed to the (previous) Chancellor that the publication of RPI should stop at some point in the future. In the

meantime, shortcomings in RPI should be addressed by bringing methods used in CPIH into RPI. On the same day the current Chancellor, Sajid Javid, announced that he did not intend to legislate to remove the requirement for RPI to be published. He also noted the potential for the proposed change to have ‘significant and diverse effects’, concluding that it must be appropriate to assume that users would need significant time to prepare. Consequently, he said that the government would consult publicly on what date between 2025 and 2030 the change should be made. The UKSA will, at the same time, consult on technical matters relating to how to implement the proposed change. The government and the UKSA will publish a response before the 2020 Spring Statement and the end of the financial year. The Chancellor reconfirmed that the government views CPIH as ‘conceptually the best measure of inflation’ and that its objective is that CPIH will become its headline measure over time. He also confirmed that the government has ‘no current plans to stop issuing gilts linked to RPI’. The announcement is silent on the question of whether the government might start to issue CPI-linked gilts. It remains to be seen whether the proposals are challenged, or if the alignment will be an ‘overnight’ change or phased-in over a period of years. Occupational scheme pension increases Once the change has occurred, schemes that have RPI ‘hardcoded’ in their scheme rules can expect to pay out lower pension increases in future, and hence smaller pensions, than they would

AP 47

otherwise have done. Similarly, schemes that revalue deferred members’ benefits in line with RPI can expect to pay out smaller pensions in the future than they would otherwise have done. Current deferred pensioners could therefore be subject to a ‘double whammy’ of lower revaluation in deferment and lower indexation in payment. Inflation assumptions Inflation assumptions are required into the long term for a number of actuarial purposes e.g. funding valuations, transfer value bases and company accounting figures. Long-term RPI assumptions are typically set using data from gilts or swaps markets. CPI assumptions are often set by subtracting a margin from RPI assumptions. Consequently, both RPI and CPI assumptions might need to be reviewed. Funding and investment impacts All other things being equal, RPI is now expected to be lower than it was before and consequently RPIlinked investments, such as index linked gilts (ILGs), are expected to pay out less than they would otherwise have done. If there are future falls in long-term market expected inflation, these could impact schemes’ funding positions and also their hedging strategies. Trustees of schemes with inflation-linked liabilities might wish to discuss with their scheme actuary the potential impact of the proposed change to any assessment of those liabilities, in particular where liabilities are being settled. Similarly, trustees of schemes with inflation-linked assets and/or inflation hedging strategies in place might wish to engage with their investment adviser and scheme actuary.

LIGHTS, CAMERA, ACTUARY... Bolton Associatesâ&#x20AC;&#x2122; 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.

search & selection

As a new focus for the coming months in the Spotlight column, Zoe Bolton, founder of Bolton Associates will be speaking to the actuaries who have been appointed Partners at the actuarial and broader consulting firms; these senior actuaries are respected industry-wide, and are networked into the insurance market at the highest level. We hope to get a brief insight into their career paths and visions for the future. This month Zoe talks to David Oâ&#x20AC;&#x2122;Gorman, Global Head of Analytics for RFIB. What is your current role, and how did you end up in it?

perhaps the biggest challenge but one that can also be very rewarding.

For five years I have been Global Head of Analytics for RFIB, the independent international insurance and reinsurance broker. I started my career in reinsurance following which I worked for companies in the insurance, broking and the financial modelling sectors as well as working as an independent consultant. Without doubt, I have enjoyed pricing reinsurance the most and so I would say I have come full circle. What is the defining moment of your career to date? Having had the privilege to work with some of the pioneers in Finite Risk and Financial Reinsurance. The cross over between actuarial and underwriting has been the most enjoyable part of my career to date and one I am fortunate enough to still be involved in. In your opinion, what prepared you best to take on your current role? Having been exposed to the different areas where actuaries are employed has given me a broad perspective and skillset, in addition to working alongside and learning from some of the best minds in our industry.

How does your actuarial training and background assist in your day-to-day role now? It has given me the tools and foundation with which to meet the various demands of a global analytics role; not only from a technical perspective, but also the discipline to be objective and detached, where necessary. 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? I first joined the Institute on leaving university in order to obtain exemptions from the actuarial exams. My advice would be to get through the exams as quickly as possible though this can be easier said than done (life has the tendency to throw a few curveballs!) but most of all, enjoy what you do! If you had your time again, what would you do, career-wise?

What is the biggest challenge you face in your role within this market? I think the role of an actuary in general reinsurance is changing rapidly and solely being a numbers person is not enough to succeed. Learning to adapt and model new risks is

See previous point on exams! Non-actuarially speaking, probably something to do with the sea and scuba-diving. Please share your favourite piece of trivia with our readers! Great white sharks can smell one drop of blood in 100 litres of water!

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INFORMATION EXCHANGE

IDENTIFYING THE ROOT CAUSES OF SUBSIDENCE RISK

Richie Toomey explains the factors causing a ten-year spike in subsidence claims and how insurance providers can more accurately assess the growing risk through tree and soil data combined. Subsidence can be caused by man-made issues, like dramatic cases of mine shaft collapse, however the most common causes are natural, unseen and unpredictable which makes pricing for this risk a challenge for the insurance sector. Soils naturally shrink and swell to some extent with the effects of weather. Clay soils, in particular, are prone to shrinkage, while lighter soils can wash away from under foundations. However, trees can also be a significant root cause of subsidence. Vegetation absorbs water from the soil and can potentially cause shrinkage, but in the case of trees, the damage can be far-reaching. Root spans of fully-grown trees can vary from eight metres for a pine to the imposing 40 metres diameter of a willow’s roots . The impact of the root system is, on average, as wide as the tree is tall. With these roots absorbing huge amounts of underground

water, soil can be dried out under buildings to damaging levels. While insurance providers seek to understand the distance and height of trees in relation to the insured properties, last year’s subsidence event has spurred further investigation to gain a more precise understanding of the subsidence risk caused by trees. Could a database of 300 million trees - including their height, overlaid with soil and weather data provide the sector with the clarity it needs to underwrite this risk? Climate change and subsidence In December 2018, the ABI announced that following one of the UK’s hottest and driest summers on record , with 12 weeks of uninterrupted sun, subsidence claims had quadrupled reaching their highest level for more than a decade. In just three months, more than 10,000 households made subsidence-related claims, totalling £64 million and an average value of £6,400 per claim. In dramatic contrast, there were just 2,500 subsidence claims in the previous quarter, totalling £14 million. This increase of 350% is the highest quarter-on-quarter jump

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since records began more than 25 years ago. The figures for July, August and September 2018 show the highest level of subsidence claims since the record-breaking heatwaves of 2006 and 2003. Intergovernmental Panel on Climate Change (IPCC) predictions state that the average global temperature will increase by 1.5 degrees by 2030. Our changing climate will bring changing risks and subsidence years could become much more frequent. What a difference a tree makes

conditions, coupled with soil type, soil shrink and swell and likelihood of landslides already enable us to create a risk score which can be used in insurance pricing, providing an indication of a property’s propensity to subsidence. We believe that by adding to this mix key data for the 300 million trees across England and Wales will deliver a clearer picture of subsidence risk. The data includes tree height, which is used to highlight the area of potential impact, and any buildings in that atrisk zone.

In testing, we have seen a dramatic increase Subsidence primarily causes damage to in variation of risk in an area. Where once buildings when it occurs unevenly. If the a whole village may be given the same risk ground under an entire building shrinks score, or one street will be given a single evenly, the building will simply sit slightly score, with tree data added we can bring lower, as will its neighbours. It is possible to the risk prediction down to individual see in radar data from the Sentinel-1 satellite building level. We are then able to distinguish where large areas of landscape have sunk in between high risk buildings and, for example, dry conditions. The height difference of the the buildings in high clay areas which are ground between April and June 2018 reached lower risk than the area average as they a maximum of -0.134cm. are not close to any trees. This is delivering more granularity and spatial-accuracy in the However, especially during drought conditions, predictions and therefore allows for more a thirsty tree may remove more moisture accurate and fair pricing. from the soil at one side of a building than the other, meaning that side of the property With warmer summers set to become the will subside quicker, resulting in structural norm in as little as a decade, subsidence damage. surges are likely to become increasingly common. The good news is that data can be Assessing the risk at individual building level the insurance sector’s ally in helping to more Data on the average or expected weather accurately predict subsidence risk.

Richie Toomey, Snr Manager, Commercial Insurance, LexisNexis® Risk Solutions 1. 2. 3. 4. 5. 6.

https://www.abi.org.uk/globalassets/sitecore/files/documents/publications/public/migrated/home/protecting-your-home-from-subsidence-damage.pdf https://www.metoffice.gov.uk/news/releases/2018/end-of-summer-stats Source: ABI subsidence stats, December 2018: https://www.abi.org.uk/news/news-articles/2018/subsidence-claims-quadruple-to-highest-level-in-more-than-a-decade/ Source: https://www.metoffice.gov.uk/climate/uk/summaries/2018/summer Source: The Intergovernmental Panel on Climate Change (IPCC) 2018 Special Report: Global Warming of 1.5 ºC https://www.ipcc.ch/sr15/ https://www.telegraph. co.uk/news/2018/10/08/earths-temperature-rise-15c-early-2030-amid-dire-warnings-un/ Source: Copernicus Sentinel data 2018

AP 51

SULTANTS • TEMPORARY JOBS • LIFE • G K+ • CONSULTANTS • TEMPORARY JOBS • BS • £100K+ • CONSULTANTS • TEMPORA MEDIATE JOBS • £100K+ • CONSULTANTS ENSION • IMMEDIATE JOBS • £100K+ • CO UATE • PENSION • IMMEDIATE JOBS • £1 GRADUATE • PENSION • IMMEDIATE JOB OBS • LIFE • GRADUATE • PENSION • IMME TEMPORARY JOBS • LIFE • GRADUATE • P SULTANTS • TEMPORARY JOBS • LIFE • G K+ • CONSULTANTS • TEMPORARY JOBS • BS • £100K+ • CONSULTANTS • TEMPORA MEDIATE JOBS • £100K+ • CONSULTANTS ENSION • IMMEDIATE JOBS • £100K+ • CO UATE • PENSION • IMMEDIATE JOBS • £1 GRADUATE • PENSION • IMMEDIATE JOB

RECRUI

GRADUATE • PENSION • IMMEDIATE JOBS • LIFE • GRADUATE • PENSION • IMMEDIA ARY JOBS • LIFE • GRADUATE • PENSION • S • TEMPORARY JOBS • LIFE • GRADUATE ONSULTANTS • TEMPORARY JOBS • LIFE 100K+ • CONSULTANTS • TEMPORARY JO BS • £100K+ • CONSULTANTS • TEMPORA EDIATE JOBS • £100K+ • CONSULTANTS PENSION • IMMEDIATE JOBS • £100K+ • GRADUATE • PENSION • IMMEDIATE JOBS • LIFE • GRADUATE • PENSION • IMMEDIA ARY JOBS • LIFE • GRADUATE • PENSION • S • TEMPORARY JOBS • LIFE • GRADUATE ONSULTANTS • TEMPORARY JOBS • LIFE 100K+ • CONSULTANTS • TEMPORARY JO BS • £100K+ • CONSULTANTS • TEMPORA

ITMENT

search & selection Consultant

Senior Product Actuary - Specialty

General Insurance £Market Rates London

General Insurance £ Highly Competitive London

Entrepreneurial actuarial consultancy firm are seeking a qualified reserving or capital modelling GI actuary. A varied role covering reserving, capital, IFRS 17 and solvency II. You will be very client focused and managing the junior members. Opportunity to join a passionate, driven team who are offering a refreshing, less corporate take on a London consultancy . environment.

Rare opportunity to join a highly respected Specialty lines insurer in a mixed role. You will be an experienced, qualified Actuary with a demonstrable track record in pricing and/or reserving within the Lloyd’s and London Market. A confident communicator, you will be dealing with the underwriters on a daily basis. Open to candidates requiring a 4 day week or flexi working.

REF: ZB 001204 HT

REF: ZB 001249 PW

Senior Actuarial Analyst

Reserving Actuary Nearly /Newly

General Insurance Up to £60,000 Per Annum Home Counties/North of England

General Insurance Up to £90,000 Per Annum 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 insurance business with a Lloyd’s syndicate has an opening for a reserving actuary due to business growth. The role will cover multi-lines including direct and reinsurance business written through the syndicate and company. You will be covering both reserving and business planning with the ability to work with minimal guidance. Excellent communication skills are essential.

REF: ZB 001275 OG

REF: ZB 001277 CS

Actuarial Reserving Manager

Nearly Qualified Pricing Actuary

General Insurance Up to £110k plus Excellent Benefits and Bonus London

General Insurance Circa £70,000 Per Annum London

Prominent Lloyd’s Insurer require an experienced Reserving Actuary keen to take the step up into Management. Working at Group level, you will have responsibility for the reporting process as well as driving and implementing improvements across the function, deputising for the Head of Reserving as required. Fantastic opportunity to further your career. .

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 001233 PW

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

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. SENIOR PENSIONS CONSULTING ACTUARY

SPECIALIST PENSIONS ACTUARY

ACTUARIAL MANAGER - PENSIONS PRICING

Qualified

PENSIONS LONDON

STAR5890

Market Leader

PENSIONS LONDON

STAR5969

Leading FS Company

PENSIONS LIFE EDINBURGH

STAR5932

Utilise your extensive knowledge of UK pensions pensions within a great multi-disciplinary team. You will provide clients with leading-edge advice on funding, investment, risk transfer & covenant.

A varied role offering great work-life balance, and the opportunity to provide a high-quality consultancy service to large pension schemes. There may also be the chance to branch out into different areas in the future.

This role presents a fantastic opportunity to use your commercial awareness in taking investment decisions to develop the customer proposition and commercial decisions in customer pricing.

CLIENT LEADERSHIP

DB PENSIONS MANAGER

PROACTIVE PENSIONS

Qualified

Trustee Specialists

PENSIONS FLEXIBLE / NATIONWIDE

STAR5937

Part-Qualified / Qualified

Major Global Consultancy

PENSIONS LONDON / READING / BRISTOL

STAR5870

Part-Qualified / Qualified

Leading Consultancy

PENSIONS LONDON

STAR5934

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 this chance to focus on the delivery of a range of technical actuarial services and advice to corporate sponsors of pension schemes, and support a number of diverse areas including pension scheme strategy and scheme funding.

Take a proactive role in keeping a wide variety of clients up-to-date on technical developments and anticipating their needs. Working closely with the client partner, you will also advise on and draft member communications.

MAKE A MOVE IN PENSIONS CONSULTING

CONSULTANCY IN SCOTLAND

DIVERSE PENSIONS

Part-Qualified / Qualified

Part-Qualified

International Firm

PENSIONS SOUTH EAST / BIRMINGHAM

STAR5741

Large Consultancy

PENSIONS EDINBURGH

STAR5941

Leading Global Consultancy

PENSIONS LONDON

STAR5580

Multiple opportunities with a leading client for actuaries with people and project management experience to work on innovative, marketleading analysis, including M&A, risk and liability management, plan design and more.

As well as performing actuarial calculations, in this role you will also formulate and deliver advice based on the implications of your results. Taking client management responsibility, you will identify ways to work more efficiently.

Take up this chance to work on both trustee and corporate assignments, covering diverse workstreams such as integrated risk management, liability management and plan design, in the context of a broader total reward strategy

SENIOR ASSOCIATE - MIDLANDS

PENSIONS IN MANCHESTER

IN-HOUSE INVESTMENT

Part-Qualified

Pensions Consultancy

PENSIONS BIRMINGHAM

STAR5940

Turn your talent to taking an active role in client meetings, engaging on key issues and presenting actuarial conclusions. You will also support the development and presentation of our client’s market-leading modelling software.

Is your next role one of the

PENSIONS & INVESTMENT

VACANCIES on our website?

Major Client

PENSIONS MANCHESTER

STAR5942

Qualified

Leading Client

INVESTMENT LONDON

STAR5866

Join a large consultancy who work closely with trustees and plan sponsors to build bespoke funding plans for pension schemes for a wide range of clients. You will excel at explaining complex issues in simple terms.

Seeking an investment actuary or CFA, with strong technical and communication skills and a proactive approach, to take up this new role, which can be shaped to the successful candidate.

INVESTMENT OPPORTUNITIES

A STAR OF EQUITY RESEARCH

Part-Qualified / Qualified

Major Consultancy

Part-Qualified / Qualified / CFA

Investment Bank

INVESTMENT LONDON / SOUTH COAST STAR5780 - 5784

INVESTMENT LONDON

STAR5877

We have several opportunities for investment consultants to join a well-respected, growing team in London or near the South Coast. Candidates from a pensions background will be considered for certain positions.

Become an Insurance Equity Research Analyst, building and maintaining financial models that evaluate historic data and produce forecasts. You will write research reports recommending trading strategies regarding listed insurance companies.

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

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Star Actuarial Futures Ltd is an employment agency and employment business

Leading Consultancy

N OLNI-FLEI F E STRATEGIC LIFE LEADER Qualified

ASSOCIATE DIRECTOR Leading Consultancy

LIFE LONDON / EDINBURGH

STAR5738

ACTUARIAL MANAGING IN THE MED

Qualified

Major Consultancy

Qualified

Major Global Consultancy

STAR5882

LIFE NON-LIFE MEDITERRANEAN LOCATION STAR5916

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.

Take up a fantastic role, using your life or nonlife (re)insurance background to support reserving, financial reporting (e.g. IFRS17) and audit activities. You will utilise modelling and statistical techniques to assess business risk.

SENIOR LIFE ACTUARIAL MANAGER

LIFE ACTUARIAL MANAGER

ACTUARIAL MANAGER

Qualified

Seeking a recognised industry leader with strategic business acumen, to use their expert risk knowledge to support a variety of diverse assignments. You will have extensive experience of supporting high-profile projects.

Major Global Consultancy

LIFE MANCHESTER

STAR5926

LIFE LONDON

Major Global Consultancy

LIFE LONDON

STAR5929

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.

Use your excellent stakeholder management skills to work within a multi-disciplinary team, engaging with clients on a variety of workstreams, including Solvency II, mergers and acquisitions, reserving and IFRS.

RISK ANALYSIS & DEVELOPMENT ACTUARY

WIDER FIELDS ANALYSIS

Qualified

Global Insurer

LIFE RISK ZURICH

STAR5919

Support diverse risk capital workstreams and internal model development, whilst also reviewing, maintaining and developing existing methodology and related tools.

REPORTING ACTUARIES

STAR5970

Embrace new technologies and techniques, and be part of innovation and change. You will have managerial responsibility and lead analysis across a portfolio of projects. Actuaries from any discipline will be considered.

Major (Re)Insurer

LIFE FLEXIBLE LOCATION

STAR5952

Part-Qualified / Qualified LIFE LONDON

Global Player STAR5769

Multiple roles in with-profits reporting! Produce financial reports across all the relevant bases, and capital calculations and aggregate balance sheets for with-profit funds, whilst also performing stress and scenario testing.

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.

ACTUARIAL CONSULTANT

PRICING ANALYST

Part-Qualified

Market-Leader

Part-Qualified

Global Leader

LIFE BRISTOL

STAR5927

LIFE LONDON

STAR5917

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.

STAR5935

Harness your innovative and experimental mindset to change how we work. You will solve problems, improve efficiency and drive insight by examining new techniques and granular data sources.

Qualified

Leading Insurer

LIFE LONDON

STAR5968

A highly-visible and responsible role, leading the technical development and implementation of the IFRS17 reporting capability. Knowledge of bulk and individual annuity products and of the assets backing annuity products is required.

LONGEVITY RISK ACTUARIAL ANALYST

MODELLING WITH THE BEST

Part-Qualified / Qualified

Major Financial Institution

IFRS17 REPORTING Market leader

WIDER FIELDS LONDON

Qualified LIFE BRISTOL

An excellent, varied role, offering experience in pricing new deals, assisting in the negotiation of commercial terms both internally and with clients, and supporting basis development work across product lines.

Part-Qualified

Major Insurer

LIFE PENSIONS LONDON

STAR5901

Assist in the development and communication of longevity assumptions, and support the evolution, maintenance and review of the predictive model describing the mortality experience of the business.

Is your next role one of the

62 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

PLE A S E CO NTACT US AT ANY TI ME TO D I S C U S S Y OUR R ECRUITMENT NEEDS

+44 20 7868 1900

staractuarial.com

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

NON-LIFE Growing Consultancy

NON-LIFE LONDON

Qualified

C EX

PARTNER & DIRECTOR OPPORTUNITIES

STAR5857

An incredible opportunity for senior actuaries with market presence, credibility and gravitas to take their next career step. Successful candidates will demonstrate a flair for business development and innovative thinking.

RESERVING MANAGER Qualified

Major Insurer

NON-LIFE LONDON / EAST OF ENGLAND

STAR5737

Take up this key role, managing the independent reserve review, and overseeing the development of the tools and methods utilised to ensure the process is efficient, robust and up-to-date with the latest actuarial practices.

PRICING LEADER

HEAD OF PRICING

Qualified

Managing Agency

NON-LIFE LONDON

STAR5954

Qualified

Large Insurer

NON-LIFE LONDON / SOUTH EAST

STAR5974

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.

HOUSEHOLD PRICING EXCELLENCE

NON-LIFE REINSURANCE ANALYTICS

Part-Qualified / Qualified NON-LIFE LONDON

Leading Global Reinsurer STAR5872 / STAR5873

We have exciting opportunities for you to join a market leader to develop a new household insurance product. Strong modelling skills are required, and optimisation experience is desirable.

Part-Qualified / Qualified

Market Leader

NON-LIFE LONDON

STAR5841

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.

RESERVING IN THE MIDLANDS

SPECIALIST NON-LIFE ACTUARIES

CAPITAL MODELLING - LONDON MARKET

Part-Qualified / Qualified

NON-LIFE MIDLANDS

Global Business STAR5846 / STAR5847

We have several roles offering flexible and enthusiastic candidates exposure to multiple lines of business. Ideally, you will have reserving and ResQ experience, alongside strong analytical and communication skills.

Leading-Edge Client

NON-LIFE LONDON / INTERNATIONAL

STAR5948

London Market

NON-LIFE LONDON

STAR5845

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 analysis of potential transactions.

In this excellent career-development role, you will assist in the improvement and maintenance of capital models, help to parameterise new classes, and assist with business planning and reinsurance purchase.

COMMERCIAL LINES PRICING MANAGER

LONDON MARKET PRICING

VARIED LONDON MARKET ROLE

Part-Qualified / Qualified

Part-Qualified

Market Leader

NON-LIFE SOUTH EAST

STAR5915

London Market

NON-LIFE LONDON

STAR5900

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.

Use your market knowledge to adapt pricing Techniques, provide pricing support to the underwriting team, advise on risk selection, and support business reporting.

PRICING IN THE NORTH WEST

NON-LIFE PRICING ANALYSTS

Part-Qualified NON-LIFE NORTH WEST

Large Insurer STAR5430

Build and develop pricing models, undertake price optimisation and implement price changes to drive profitability and growth. You will also assess model performance on a continuous basis and highlight changes that need to be made.

Part-Qualified

Major Insurer

NON-LIFE BIRMINGHAM

STAR5947

We have multiple opportunities within a pricing team, developing and maintaining product pricing for prospective new products and new business tenders. Applications from candidates with a life or pensions background will be considered.

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

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

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

INVESTMENT

PENSIONS

LIFE

INVESTMENT

NON-LIFE

LIFE

NON-LIFE

MIDLANDS

NORTH WEST PENSIONS

INVESTMENT

LIFE

NON-LIFE

PENSIONS

INVESTMENT

LIFE

NON-LIFE

EAST ANGLIA NON-LIFE

SOUTH WEST & WALES LONDON

PENSIONS

INVESTMENT

PENSIONS

LIFE

INVESTMENT

NON-LIFE

LIFE

NON-LIFE

SOUTH COAST PENSIONS

INVESTMENT

LIFE

NON-LIFE

SOUTH EAST PENSIONS

LIFE

NON-LIFE

*at time of writing

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

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