UPP is the first pension plan of its kind in Ontario’s university sector, proudly serving over 37,000 members across four universities and 12 affiliate organizations. Our purpose is to bring greater retirement peace of mind to the university sector by investing with integrity and serving members with care. As a sector-wide plan designed for growth, our doors are open to all Ontario universities.
Together, we’re a team of progressive thinkers and agile doers operating within a fast-paced culture of collaboration and respect. We believe in bringing smart and capable people together to create, solve and grow with a clear shared vision and values of integrity, inclusivity, ingenuity, and impact.
Our culture is intentionally welcoming and purposefully rooted in equity, diversity, inclusion, and reconciliation (EDIR). We believe diverse teams, perspectives, and lived experiences contribute to better decisions and a better workplace.
As a long-term investor, we recognize that environmental, social and governance (“ESG”) factors support risk management and value creation. As stated in our Responsible Investing Policy, we are committed to incorporating ESG considerations into our investment management activities and we collaborate with other industry participants in the promotion of a sustainable economy and society.
Join us in building a bright future for our members, our organization, and each other.
ABOUT THE ROLE
We are actively looking for an Intern Analyst, Actuary, to join our team in September 2023, for a 4-month internship (Sep 2023 – Dec 2023), with the possibility of extension until April 2024. The Intern Analyst, Actuary is responsible for helping to prepare various actuarial presentations to UPP’s Investment Committee, Audit & Finance Committee, Board, and Joint Sponsors, performing various actuarial funding and investment calculations, assisting with asset-liability management studies, and supporting UPP’s engagement, corporate finance, and pension services areas. The incumbent will also be required to have ongoing interactions with external actuaries, legal advisors, auditors, and investment professionals.
UPP is based in Toronto’s financial district and has a hybrid work model (minimum 2 days / week in office).
KEY AREAS OF ACCOUNTABILITY:
Three key areas of accountability for the Intern Analyst, Actuary include: (i) preparing presentations, (ii) various actuarial funding and investment calculations, and (iii) supporting other key UPP areas such as engagement, corporate finance, and pension services.
Preparing UPP Committee and Board Presentations
- On a monthly basis, UPP’s actuarial team is asked to prepare presentations to UPP’s Investment Committee and UPP’s Audit and Finance Committee.
- Board and Joint Sponsor presentations are normally prepared quarterly beginning in 2023.
- The intern analyst, actuary will work with Manager, Senior Actuarial Analyst and Managing Director, Actuary to prepare presentations covering topics such as assumptions, the plan’s funded status, membership summaries, discount rate, notional tracking, portfolio construction, and other investment topics or corporate finance topics as required from time to time.
Actuarial Valuation of Assets and Liabilities
- Calculating the market value and smoothed value of assets using established methods
- Calculating actuarial accrued liabilities, current service costs, and funded statuses under various actuarial cost methods
- Reviewing economic, demographic, and other assumptions.
- Researching various models for assumption setting, performing experience studies, and attending webcasts and (when permitted) in-person actuarial and other pension industry meetings
- Participating in investment and other finance webcasts and industry meetings.
- Performing funding, accounting, and other special purpose calculations relative to legislative
- Working with external actuaries to support the review of their calculations, reports
Asset Liability Management Studies
- Working alongside UPP’s Portfolio Construction and Investment Risk team to advance UPP’s asset liability analysis in the following areas:
- Fine-tuning UPP’s target asset mix and assessing UPP’s risk appetite
- Calibrating UPP’s Capital Market Assumptions (CMAs) and actuarial liabilities
- Learning to use UPP’s ALM model
- Conducting analysis of plan risk measures, interest rate risks, and inflation risks.
Engagement, Corporate Finance, and Pension Services Support
- UPP’s actuarial team provides support to UPP’s university sector engagement, corporate finance, and pension services areas
- Projects and tasks cover from these three areas include preparing presentations comparing different universities’ pension arrangements, comparing member profiles at various retirement ages, answering various UPP funding questions, reviewing draft of corporate financial statements, supporting external audit requests, reviewing complex or non-routine termination and retirement calculations, and supporting the development of UPP’s pension administration system by helping interpret plan provisions and provincial and federal pension legislation.
QUALIFICATIONS & EXPERIENCE
- Completion of second-year actuarial science program or similar mathematical sciences program or completion of an undergraduate degree in actuarial science, finance, or business
- Some actuarial industry, investment or pension plan experience is an asset
- Strong ability to prepare advanced presentations in Powerpoint
- Strong ability to set up and manipulate spreadsheets in Excel
- Some familiarity with investments (treasury, public markets, private markets)
- Some familiarity with pension industry actuarial valuation programs and annuity calculation tools
- Strong computer skills including solid grasp of MS Office applications and advanced Excel skills; VBA scripting skills and the ability to build out reports and presentations
- Demonstrated ability to manage the ambiguity and shifting work demands inherent in a start-up environment
- An ambitious self-starter and collaborative team player and who brings a positive can-do, roll-up-your-sleeves attitude in a highly entrepreneurial, fast-paced environment
- Resourceful and persistent in gathering and assessing information with the ability to quickly assimilate knowledge
- Strong communication skills, both verbal and written
- High degree of professionalism and integrity
- Alignment with UPP’s desire to be a leader in Responsible Investing, ESG, and climate change.
LIFE AT UPP
Do work that matters. We are duty-bound to serve our members’ interests, and it’s a responsibility we don’t take lightly. That’s why we’ve ingrained sustainability in our work from day one—to ensure our members have a resilient future to retire into, both today and for generations to come.
Stronger together. Collaboration is how UPP was born, and it’s how we work with each other and our partners day in, day out. No one at UPP is just a number (even if they are excellent at math) and every win is a shared win.
Grow every day. You’ll have the opportunity to work on unique, once-in-a-career projects that maximize your skill set and probably teach you some new ones—at any stage in your career.
Prioritize wellness. At UPP, wellness takes many forms. Ultimately, it’s about ensuring our people are cared for in the ways that matter to them. Examples of benefits that our Early Talent Program includes are:
- Supportive and welcoming onboarding through the UPP Buddy Program
- Free snacks and beverages (coffee, tea, and flavored water) in the office
- Monthly social events
- Paid holidays
- Slowdown periods and Mental Health Days
UPP enthusiastically welcomes people with all abilities, backgrounds and lived experiences to our workplace and is committed to being a diverse, inclusive, and equitable employer. About the Company:
University Pension Plan