Benefit Correction Specialist

ref ID: 219

Section: Actuarial

About First Actuarial

First Actuarial has been around since 2004, when a small group of like-minded actuaries came together to bring fresh thinking to pensions consultancy. Two decades later, we’re celebrating our 20th anniversary with events at all our five offices. It’s a great time to be part of First Actuarial. Following last year’s 20% revenue increase, our strong growth path has continued into this year, and we now employ around 450 people in the UK.

We’re still an independent business with no chargeable hours targets, giving our people the time to deliver their best work and excel. We shape our high-quality services by listening closely to our clients’ needs. And we price those services fairly.

As we develop our business, prospects for our people grow. Our Basingstoke, Leeds, Manchester, Peterborough and Tonbridge offices provide supportive work environments where everyone can make a difference. We enjoy work and celebrate our successes. And we provide support and helpful feedback so we all learn and improve.

We love numbers, but we love people more. Staff wellbeing and work-life balance have always been core values. Beyond the firm, we’re known for our integrity. We’re happy to challenge conventional thinking and speak up. Our pioneering work is set to transform the lives of millions of younger people with a new type of pension.

The role

We are recruiting for a Benefit Correction Specialist based in one of our five offices.

This role is centred around the delivery of benefit correction projects. Initially the focus will be on GMP related projects, before evolving into wider benefit project work overtime as the demand for specific GMP work reduces.

This role is open to candidates who are taking the Actuarial exams and wish to continue to qualification, as well as those who no longer wish to continue sitting. Ideally you will have a Pensions background with a preference for more technical actuarial work.

  • You will support a range of clients, working directly with and reporting into Client Managers and Scheme Actuaries
  • Responsibilities include taking ownership of processes and projects including data cleanse.
  • Handling key aspects of projects from start to finish – as part of this you will be required to communicate with other teams within the business to ensure a smooth handover at the point of implementation.
  • You will check and review correction calculations and assist with the production of reports.
  • Located in all 5 offices – with work on a cross office basis.

About you

Ideally, degree qualified, with an actuarial background (qualified or part-qualified), though we will consider candidates from a Pension’s administration background.

  • You will display strong analytical, numerical, and critical thinking skills, along with a good understanding of actuarial approaches for pensions.
  • GMP Equalisation experience would be ideal, but is not essential.
  • Project management experience is desirable.

Role and Responsibilities

Have overall responsibility for the following tasks:

  • Manage the process of GMP comparisons between Scheme and HMRC records
  • Reviewing the GMP equalisation model
  • Manage the implementation process for GMP equalisation and other pension correction exercises
  • Prepare regular updates on progress
  • Review client reports and discuss findings with client teams

General tasks

  • Draft/review reports
  • Manage own workload
  • Complete accurate timesheets
  • Knowledge of the risk, quality, complaints breaches and procedure frameworks

Knowledge, experience, skills

  • Desirable to have experience of managing projects
  • Desirable to have some knowledge of pensions administration systems

 What we offer you

We’ll actively support you as you build your career – and reward you for doing so. At every level of seniority, we offer:

  • A competitive remuneration package, including bonus and profit-sharing payments
  • Private health insurance, life insurance and income protection insurance
  • 25 days annual leave as standard, increasing with length of service, an extra day at Christmas, plus bank holidays and the option to purchase additional holidays
  • A non-contributory pension
  • Full training and study support.

We have hybrid working in place for colleagues who prefer home-working for part of the week. We’re also flexible on working day arrangements and will happily accommodate a range of personal commitments from day one.

Our straightforward, interview-based approach to recruitment ensures equal opportunities for all applicants.

Please note that we can only accept candidates who have a permanent right to work in the UK.

Apply now with covering letter and CV