Credit Risk and Investment Consultant

Do you want a career with a difference? Where you can have a real impact working with government departments and the wider public sector. If yes, then a career at the Government Actuary's Department (GAD) could be for you.

At GAD our mission is to support effective decision-making and robust reporting within the public sector as the first-choice provider of actuarial and specialist analysis, advice and assurance. The department’s work covers valuation work and policy support in relation to investment, credit risk, insurance and contingent liabilities, pension schemes, financial risk, and social security. We also provide financial modelling and quality assurance.

We offer great working benefits including a world-class pension, flexible working options and a career where your learning and development is taken seriously.

You will be a key consultant advising on investment and/or credit risk. The purpose of the role is to support our engagement and delivery of advice to help the public sector make more effective and informed decisions. The work is significantly more varied than in a typical actuarial consultancy, with opportunities to work on high-profile public sector priorities and develop innovative solutions.

Further information on GAD is provided in the attached pack.

N.B. GAD may work with recruiters on this campaign provided prior agreement is reached for this specific campaign

The role is in our Policy and Assurance unit. You will be based in one of the teams in that unit although we would expect you to support other teams and undertake a wider variety of work as required (see Key responsibilities 5). Below sets out the range of work that GAD undertakes with respect to Investment and Credit Risk. There is scope for consultants at GAD to specialise in one area, or to work across multiple areas.

Investment

GAD provides advice in relation to invested funds held or sponsored by public sector bodies, and on government policy relating to investments held in the private sector, often in the context of pension arrangements. We are looking to hire an investment specialist to work alongside actuaries, trainee actuaries and analysts to enhance the support we can provide to our clients on investment issues.

GAD consultants regularly work in a much more diverse range of areas than a typical actuarial consultancy, working closely with both policy makers and operational staff to deliver effective public policy. The work is varied, interesting and has purpose, working in the best interests of the UK public. Recent projects have included:

• DB and DC pensions – advice in relation to funded public sector Defined Benefit (DB) pension scheme investments, public sector bodies’ Defined Contribution (DC) and Additional Voluntary Contribution (AVC) arrangements and wider pensions policy.
• Sizewell C – working with the Department for Energy Security and Net Zero and stakeholders to develop the funding and investment framework for a fund that will eventually be used to decommission the Sizewell C infrastructure.
• Pensions Investment Review – advising the Department for Work and Pensions on its productive finance agenda and how defined contribution pensions can contribute.
• Climate scenario analysis – setting assumptions and carrying out analysis of investment portfolios for funded public sector pension schemes to comply with Taskforce for Climate Related Financial Disclosures (TCFD) reporting.
• Personal Injury Discount Rate – supporting government bodies as they review the rate of return that a personal injury claimant is assumed to earn if investing their damages award.

Credit Risk

GAD provides advice and support to a range of departments and wider public sector bodies on credit risk arrangements and modelling. These arrangements can arise from situations where government addresses gaps in private sector coverage, is trying to stimulate investment or is otherwise subject to credit risk.

The type of credit risk modelling is varied, and could relate to:

• expected credit loss calculations for financial guarantees and loans
• economic capital modelling
• stress testing
• other insolvency modelling for events which could impact government.

GAD’s role may involve:

• Quantifying and communicating risk
• Policy development – how credit risk arrangements can help meet policy objectives and be structured to reduce risk to government
• Quality Assurance – reviewing credit risk related models produced by other areas of the public sector

The work may involve consideration of niche, novel or remote risks, working with clients and third parties to incorporate specialist knowledge from subject matter experts to determine appropriate advice.

Current and previous areas of advice include:

• Assessment of implicit liabilities related to insolvency of key entities in line with Guidance for managing government’s implicit liabilities
• Modelling of the credit losses arising from guarantees given to support multi-lateral development banks
• Quality assurance of economic capital models subject to the Financial transaction control framework - GOV.UK

General

The exact area a successful candidate will work in will be discussed prior to an offer being made and will be informed by the expertise and interests of the individual.

Regardless of the area of work, you will be expected to work closely with clients, scope out advice needs and deliver high value advice. The ability to apply investment and/or credit risk principles to novel policy areas and develop innovative solutions is essential.

Business development is an essential component of the role: you will help to build GAD’s reputation within the public sector, increasing awareness of your area of expertise and supporting the development of new client opportunities through networking, profile raising and building relationships with stakeholders across the public sector.

As part of your role, we expect you to help grow and develop both your own skills, and those of junior colleagues to help meet the evolving nature of our work. You will also help develop the investment and/or credit risk capabilities within GAD, sharing your knowledge and experience with others.

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

This vacancy is using Success Profiles (opens in a new window), and will assess your Behaviours and Technical skills.

As part of the application process, you will be asked to complete:

A CV setting out your career history, with key responsibilities and achievements. Please ensure you provide employment history that relates to the essential criteria, and that any gaps in employment history within the last 2 years are explained.

A Personal statement of up to 500-words explaining how you meet the essential criteria for the role, with particular reference to the criteria provided in the person specification of the JD.

Your CV and Personal Statement will be used to assess the essential criteria listed in the job description.

During the interview you will be assessed on the experience and behaviours listed in the Person Specification and detailed in this advert. The interview will include a presentation, details of which will be sent to those invited to interview.

Application deadline: 1200 hrs on 05 October 2026

Shortlisting: w/c 05 October 2026

Interviews: w/c 12 October 2026

Interview location: In office (Either London, E14 4PU or Edinburgh, EH8 8FT)

Please apply via our recruitment portal below.

As part of the application form process, please submit your CV and supporting statement. Please do not email your CV outside of this process as it will not be accepted.

Shortlisting criteria is based on the Person Specification as set out in the Assessment Criteria section of the Job Description. Please ensure you provide examples of how you meet the Assessment Criteria; a strong application will also demonstrate that you meet the required criteria that are identified as key for this role. Applications will be shortlisted in line with the essential criteria for the role. The desirable criteria will not be assessed throughout the recruitment process, but will be used in the event of tied scores between candidates. Behaviours will be assessed at sift and interview stage. Candidates who are successful at shortlist will be contacted as soon as possible and advised of the interview process and assessment (exact times and dates will also be confirmed).

A reserve list will be held for a period of 12 months from which further appointments can be made.

Artificial Intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance for more information on appropriate and inappropriate use.

Feedback will only be provided if you attend an interview or assessment.