Actuarial consultancies are the biggest employers of actuaries in the UK. Consulting actuaries use their knowledge of economics, law, accounting and business practice to give the best possible advice to clients.
Many offer advice to employers and trustees who run occupational pension schemes. The 1995 Pensions Act made it a statutory requirement for the trustees of a pension scheme to appoint an actuary.
Depending on the specific projects, advice to clients can cover a wide range of topics, including:
- Setting up a new scheme
- Assessing the level of contribution to be paid by the members
- Valuing the fund if the company is to be taken over.
Additionally, consultancies will offer a range of services to their clients, such as enterprise risk management, merger and acquisition advice, corporate recovery and financing capital projects.
The Government Actuary’s Department (GAD) provides advice to the Government via Royal Commissions, as well as giving advice to other government departments and a wide range of public sector bodies, including local authorities and the NHS.
An important part of this work concerns the occupational pensions for about four million people via the operation of the National Insurance Fund.
What would you do?
General tasks for graduates working in actuarial consultancy might include:
- Advising on the administration of pensions schemes
- Resolving business problems
- Keeping up to date with the business and financial worlds
- Undertaking actuarial valuations
- Determining the likelihood of different events and assess risks with mathematical models.
Some of the benefits of working in consultancy for graduate trainees are the greater variety of work, opportunity to travel and exposure to different industries and clients.
Find out more about consultancy
Gain a deeper insight into actuarial consultancy by reading some profiles of graduates working at one:
- Claire Singer, Actuarial Trainee at Hymans Robertson
- Emma Crudas, Trainee Pensions Actuary at Aon
- Advait, Human Resource Consulting Associate at PwC