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Bulk Annuities Operational Analyst

Canada Life Limited
Potters Bar, United Kingdom
Closing date
Jul 20, 2023

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose

• To provide operational support to Member Options team, liaising with administration team to ensure smooth ongoing administration of new and existing member options for pension schemes.
• The role holder will be considered a Defined Benefit pension administration and bulk annuity specialist with an in-depth understanding of the end-to-end bulk annuity process and the external market.


• Provision of monthly factors including liaising with administration team and updating models for changes to assumptions, methodologies or benefits.
• Complete business readiness analysis for changes to administrator's systems and controls (e.g. manual to automated system).
• Analysis of retrospective calculation sampling exercises to ensure appropriate oversight and desired client outcomes.
• Support in relation to cases referred to Canada Life including, resolving technical queries, performing calculations and managing workflow with administration team and other areas of Canada Life where necessary.
• Maintain up to date knowledge of the Bulk Annuity proposition and processes along with any changes of pensions and de-risking legislation and market developments.
• Ensure administration team and Canada Life are operationally ready to deliver the desired customer outcomes as the market and our proposition develops.
• Supporting the Canada Life pricing team including providing illustrative factors for quotes and factors to EBCs/PRA (e.g. benchmarking).
• Create, analyse and distribute regular MI e.g. tracking factors, option take ups etc.
• Day to day management of client relationships to deliver and maintain highest standards of customer service.


• Strong knowledge of Defined Benefit pensions and previous experience in dealing with Defined Benefit pensions administration in particular for deferred members.
• Experience of working on projects or implementations.
• An understanding of Defined Benefit de-risking administration requirements and how they differ from standard pensions administration.
• PC literate and experienced in using MS Office.
• Strong numeracy and analytical skills.
• Ability to grasp complex financial/actuarial concepts and methodologies.
• Able to organise work under pressure and to tight deadlines.
• Good knowledge of all products, processes and procedures within team.
• Able to develop good working relationships within team and with internal and external customers.

Qualifications (For the job and not the person)
• Attained or working towards diploma level qualification or equivalent industry standard qualification.

Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.

"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for.

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