Head of Retail Annuity Pricing

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years we have a long history of innovation in savings and investments combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments Asset Management and Life work together to provide access to balanced long‑term investment and savings solutions.

Through telling it like it is owning it now and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer workplace accommodations to ensure you have what you need to effectively deliver in your role.

Location: The successful candidate will ideally be based in our Edinburgh office. We are also open to considering London or Stirling (Hybrid working)

M&G Life is a division of M&G and runs the Prudential Assurance Company and its subsidiaries. Individual Life & Pensions is the division of M&G Life responsible for the manufacture and management of individual insurance products within the UK and internationally.

We have a strong ambition to increase our share of the Fixed Term Annuity market and expand into Lifetime Annuities. We are recruiting a Head of Retail Annuity Pricing to take a key role in our growing annuity offering and to lead the team responsible for the pricing of individual annuities.

This role represents a unique opportunity to play a key role in the launch of a new innovative annuity product to design and implement a competitive and efficient pricing function and to subsequently execute competitive pricing strategies for our individual annuity propositions whilst meeting the businesss financial targets.

• Define appropriate pricing methodologies and processes to support the lifetime annuity launch.
• Develop and implement an active pricing process to support dynamic & frequent repricing post launch to ensure continued competitiveness.
• Ensure detailed understanding of the current pricing dynamic & landscape for individual annuities.
• Liaise closely with the annuities product development team the With-Profits development lead and the underwriting team to ensure that the pricing is well aligned with all relevant features of the overall proposition.
• Set and implement the pricing strategy to consistently meet commercial customer value for money and competitive position targets.
• Design & implement capability & processes required to monitor competitiveness commercial and customer outcomes.
• Monitor economic factors (including asset yields) and competitor pricing activity.
• Guide and develop a team of actuaries to ensure professional growth and project success.

• Deep understanding of UK life insurance products and concepts is essential with both technical and commercial knowledge of annuities.
• Excellent knowledge of annuity products services and distribution methods.
• Thorough familiarity with regulatory requirements and compliance standards in the insurance industry.
• Significant experience with data and trend analysis and statistical techniques to develop compelling pricing strategies.

• Qualified actuary with significant experience of pricing retail annuity propositions (fixed term and lifetime annuities).
• Excellent stakeholder management skills and communication skills to effectively convey technical information to a wide variety of stakeholders.
• Customer centric mindset a genuine passion for putting the customer at the heart of decision making and delivering high-quality customer outcomes.
• Commerciality strong desire to win in the highly competitive individual annuity market by offering market‑leading rates whilst meeting business commercial targets.
• Proven ability to lead and collaborate with cross‑functional teams including finance, propositions, distribution and product development.
• Strong analytical and problem‑solving skills with the ability to interpret complex data and make informed decisions.
• Self‑starter excellent under pressure results focused able to…