To oversee all aspects of the funding policy for LPFA, including liability calculation and projection, investment strategy and implementation, and employer covenant assessment. To ensure that all aspects of risk are identified, managed and reported in respect of all funding areas.
Working with the Scheme Actuary, to carry out in-house analysis, design implementation of risk adjusted contribution payment capability. Contribute to the development of in-house actuarial modelling, risk and Asset Liability Management (ALM) capability, working closely with the outsourced provider on all such matters including valuations, deficit recovery and proposed new rates.
- Determination of the principles for funding for all employers in the LPFA scheme.
- Working with the outsourced provider and Scheme Actuary, oversee all aspects of the triennial valuation, including:
- Agreement of the financial and demographic assumptions;
- Determination of the liabilities;
- Consideration of contribution rates and, where required, recovery periods; and
- Ensuring the LPFA Board are fully engaged and informed throughout the process.
- Liaising with the Scheme Actuary and outsourced Pensions, Risk and Finance Teams as appropriate to determine, analyse and model the future liabilities of the pension scheme.
- Working with the outsourced Risk team, develop the research, implementation and monitoring of appropriate liability stress and scenario testing.
- Responsible for the oversight and continual development of the liability analysis and risk management and reporting processes to support the LPFA ALM capability.
- Working with the Investment Panel, lead the LPFA Board in developing investment objectives, policies and strategy.
- Working with the outsourced provider to ensure that the implementation of the investment strategy is effective and well managed, including control of costs.
- Review performance, risk levels and costs of the investment strategy on behalf of the LPFA Board and ensure all investment reporting is timely and clear.
- Oversight and support of the LPFA investment panel on all investment matters, including consideration of market and economic opportunities and risks, including dealing with the LPFA Asbestos claims.
- Working with the employers to understand covenant issues, including ability and willingness to pay contributions and to understand employer perspectives.
- Ensure all aspects of liability, investment and covenant risk are understood, managed and reported (integrated risk management), including:
- Establishing clear risk tolerances and budgets;
- Ensuring that risks are managed within the budgets agreed;
- Prepare risk reporting for the LPFA Committees and Boards.
- Contribute, support and enhance the development of risk models, including the in-house Value at Risk ALM model.
- To maintain up to date knowledge in the areas of actuarial, regulatory and financial markets matters; LGPS regulations and the standards set by the UK Pension regulator following the 2013 Public Services Pensions Act
- To be central point of contact and LPFA expert in relation to the application of Solvency II or similar regulatory matters as applicable.
- To assist LPFA on communication of relevant matters to Employers and the Local Pensions Board
The post holder will demonstrate:
- Excellent stakeholder relationship experience working with outsourced providers.
- Application of problem solving and lateral thinking skills essential.
- Effective communication skills including the ability to influence and build good working relationships at all levels both internally and externally.
- A proactive, self-motivated team player with the ability to manage a high personal workload with multiple deadlines and continually strive for improvements in quality, efficiency and presentation.
- Understand and support the LPFA’s public sector commitment to combat discrimination and promote equality of opportunity.
Qualifications & Experience
- Educated to graduate level ideally gained within Mathematics, Finance or an Actuarial Sciences related discipline. A post graduate master’s qualification would be desirable.
- Candidates will hold a full globally recognised Actuarial Qualification.
- Experience working across all aspects of pension scheme funding, including liability management, investment strategy and covenant assessment. Full understanding of risks across all these aspects.
- Demonstrable working knowledge of asset and liability modelling practices.
- Highly developed numerical, analytical and report writing skills including a working knowledge of MS office tools to assist in the communication of key messages and to facilitate discussions and decision making.
Reasonable adjustment will be made to working arrangements to accommodate a person with a disability who otherwise would be prevented from undertaking the work.