Annuity ALM Specialist

At M&G, 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 offer workplace adjustments to ensure you have the support you need to succeed in your role.

The Actuarial Valuation and Modelling (AMV) team are the experts in the Group for:

• the valuation of insurance entity liabilities for the regulatory and statutory metrics of Solvency UK, UK GAAP and IFRS 17; and
• determining required capital and IFRS risk adjustment for plc, PAC and PPL for regulatory reporting, including stress and scenario testing to support decision-making such as asset strategy.

The Annuity Asset Liability Management (ALM) team within AMV are responsible for the underlying compliance and strategic plans for the Matching Adjustment (MA) portfolios, which provide significant benefit to the PAC balance sheet. As well as the control aspects of the work, the team supports the design and development of new products and asset strategies, ensuring that these fully consider and adhere to MA rules and regulations.

Furthermore, we are a trusted source of expertise, helping M&G plc to better understand, control and optimise the shareholder balance sheet to deliver improved shareholder outcomes. We apply our expertise and analysis to improve understanding and deliver solutions.

• Delivers high-quality technical and analytical work, using relevant specialist knowledge and sound judgement.
• Takes ownership of allocated work and outcomes, working independently with appropriate support and guidance.
• Applies judgement to evaluate potential solutions, considering customer outcomes, commercial value, cost and risk.
• Builds effective relationships across the business, communicates complex matters clearly and provides constructive challenge where appropriate.
• Identifies opportunities to improve strategy, processes, controls and the quality and efficiency of outputs.
• Contributes proactively in areas where approaches and processes are still developing, using initiative to move work forward and gaining stakeholder support.

The role will support a wide range of activities in shaping and driving forward the Annuity ALM approach:

• Portfolio insight and decision-making – Developing a comprehensive understanding of the assets underpinning the annuity business and working with the Life Investment Office to support investment decisions and portfolio strategy. The successful candidate will be expected deliver high-quality analysis, insight and challenge across areas such as trading, optimisation and portfolio management, helping ensure decisions are supported by robust management information and a clear understanding of their impact on the wider business.
• Compliance and controls – Supporting the Head of Annuity ALM in maintaining MA compliance, through the operation, maintenance and enhancement of the MA process. Including controls, documentation and MI. Supporting the development of the annuity new business and asset strategies within the permissions, constraints and governance applying to the portfolios.
• New business and innovation – Supporting the Pensions Risk Transfer team to deliver new business ambitions and develop innovative propositions, including providing insight into current MA approvals and contributing to projects to vary MA permissions with the PRA where required.
• Asset strategy – Helping shape the asset strategy for the annuity business, taking account of the constraints and opportunities inherent in MA portfolios, capital and liquidity considerations, and the needs of a business open to new pension risk…