Pensions Risk Manager

End Date Thursday 30 July 2026 | Salary £84,051 - £93,390 | Location Edinburgh | Full‑time, 35 hours per week | Hybrid working style (at least two days per week in office)

We have an exciting opportunity to join the Pensions Risk team within Liquidity, ALM and Pensions Risk, providing oversight and challenge on the Group‑sponsored Defined Benefit Schemes. The Schemes comprise approximately £30bn of assets and are among the largest defined benefit schemes in the UK, offering a wide range of activities.

This role involves becoming part of a small, cooperative Pensions Risk team. You will lead multiple activities, assist colleagues, and step in for the Senior Pensions Risk Manager as needed. Working closely with Group Corporate Treasury and Pensions Risk Management, the role acts as a trusted partner on pension scheme funding, strategy and risk plans. You will deliver clear, evidence‑based analysis, offer constructive feedback, and assist with internal and external pensions stress testing, including work on the PRA ICAAP submission.

• Lead multiple activities and step in for the Senior Pensions Risk Manager as required.
• Act as a trusted partner on pension scheme funding, strategy and risk plans.
• Deliver evidence‑based analysis and offer constructive feedback to foster sound decision‑making.
• Assist with internal and external pensions stress testing, including PRA ICAAP submission.
• Assess how various scenarios affect pension risk within the Group strategy.
• Develop and maintain pension risk appetite, regularly check exposures and analyse trends.
• Support pension model reviews.
• Contribute to the annual review and attestation of market risk policies and procedures.
• Review external pensions‑related IAS
  19 disclosures and contribute to the assumptions setting process.
• Represent the team in pensions and broader governance forums, sharing expertise and influencing outcomes.
• Drive ongoing improvements to strengthen pensions risk frameworks.
• Build strong working relationships with key partners and keep current with changes in the pensions landscape through internal and external networks.
• Participate in wider initiatives across Liquidity and Asset Liability Management Risk, collaborating with colleagues to support broader team goals.

• At least 5 years hands‑on experience of defined benefit pension schemes and their financial risk management in a complex environment.
• A relevant professional qualification, such as a qualified actuary (FIA/FFA or equivalent) or CFA.
• Confident communication skills, with the ability to explain technical concepts clearly, provide constructive challenge and influence a range of collaborators, including senior colleagues.
• A proactive, self‑starting approach and experience managing your own workload, balancing multiple priorities and adapting to new challenges.
• Strong analytical and problem‑solving capability, with good judgement, attention to detail and the ability to work across multiple work streams.
• Experience presenting complex technical information to diverse audiences and building strong, collaborative relationships across teams.
• Relevant, transferable experience is also valued.

• Generous pension contribution of up to 15%.
• Annual performance‑related bonus.
• Share schemes, including free shares.
• Benefits adaptable to your lifestyle, e.g. discounted shopping.
• 30 days’ holiday, with bank holidays on top.
• Range of wellbeing initiatives and generous parental leave policies.