Location: UK: London

Start Date: ASAP

Programme: Supported hiring into permanent role

Closing Date: 22 June 2023

*Applications have now closed*

The Bank of England is partnering with Women Returners to seek a Senior Technical Specialist (Actuarial). The Bank of England welcomes professionals who have taken an extended career break to apply for this role.

Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. You may have taken time out for childcare or eldercare, for relocation, or for other reasons. You may have been working on a small-scale basis to fit around your other commitments or have not done any paid work for a number of years. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about. Flexible working options are available, including part-time working.

About the Bank

The Bank of England is the UK’s central bank. Their mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

Prudential Policy Directorate is responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Division Overview

Their area of PPD – the Insurance Policy Division – works to maintain a strong and coherent prudential regime for UK insurers. They do this by crafting the international and domestic regulatory regimes, and supporting their implementation.

Job Description

They are recruiting for a Senior Technical Specialist (Actuarial).

Insurance regulation in the UK is changing. Solvency II is being reformed to tailor it to the UK market. The Future Regulatory Framework will bring new objectives and accountability for the Bank and will change how they make policy. They need an experienced actuary to join them, using their technical leadership to help set effective policy at home, and to shape it internationally. You will have real reach and influence; what they do affects the entire UK insurance industry and all of its policyholders.

As a Senior Technical Specialist (Actuarial), you will spend your time:

  • leading technical policy and actuarial work across policy and supervision, working with other actuaries, policy specialists and economists.
  • presenting work to senior committees including PRC, and preparing material for external publication (eg discussion and consultation papers).
  • mentoring and developing others in building their technical capabilities, and acting as a peer-reviewer.
  • advising Bank seniors, and providing technical input to HM Treasury and other external parties.
  • supporting and influencing the PRA approach to insurance supervision.
  • handling relationships with technical experts in firms and industry bodies.
  • forging links with other areas of the PRA and Bank.

Their recruitment approach

The Bank values diversity, equity and inclusion. They play a key role in maintaining monetary and financial stability, and to do that effectively, they believe they need a workforce that reflects the society they serve.

To help them identify the best candidates for their roles, they are committed to the use of inclusive recruitment processes and ensuring diverse recruitment outcomes. They anonymise applications so that hiring teams cannot see your personal information, including your CV, when reviewing your submission.

Minimum/Essential Criteria

  • Qualified Actuary (to IFoA Fellowship level), or equivalent similar actuarial experience.
  • In-depth experience of at least one of investments, risk management or solvency capital requirements, gained through roles held in financial services, regulation or public policy.
  • Experience in Solvency II or the IAIS Insurance Capital Standard.
  • Significant experience of leading analytical projects, with strong creative and problem-solving skills, demonstrated thought leadership, and the ability to effectively delegate to, empower and motivate others.
  • An inclusive approach to technical leadership and mentorship, bringing out the best in and developing the talents of people from a variety of different backgrounds, and listening to and assimilating diverse views.
  • Excellent communication skills, both oral and written – able to identify priorities, credibly present and defend views, and respond openly and constructively to challenges.
  • Relationship management skills – able to work effectively with and influence different areas across the Bank, as well as external parties, adapting style as needed.
  • Track record of leading and supporting diversity and inclusion initiatives and encouraging others to do the same.

You should not be put off from applying if you do not meet or do not have all of these criteria. They have extensive support and training for team members, particularly new joiners, to support development.

The Bank values diversity and inclusion – they want to reflect the society they serve better, they want the best people to work for them and they want their workplace to be inclusive. They value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way they support diversity and inclusion is through their staff-run networks, which are summarised here

They are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.

Where a role can be carried out from home, they are working towards colleagues spending at least half of their time in the office, so that they can all benefit from working together in person, while maintaining the flexibility offered by home working. They expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

They are also committed to making workplace adjustments for all of their employees as needed, and also for candidates throughout all stages of the selection process. They are a member of the Disability Confident scheme, summarised here and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Reward Package

The Bank of England is a distinctive institution and their rewards are one of the things that set them apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary of circa £96,710 – £122,580 per annum (depending on skills and experience) on a full-time basis. They encourage flexible working, part time working and job share arrangements.  Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, they also offer a comprehensive benefits package as detailed below:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
  • A discretionary performance award based on a current award pool.
  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
  • 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
  • Private medical insurance and income protection.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time.  Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

How to Apply

For more information and to apply, please access the links below:

Senior Technical Specialist (Actuarial) – Insurance Policy Division

The closing date for applications is 22 June 2023. The assessment process will comprise of two interview stages.

The Bank anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.