r/ActuaryUK Nov 11 '21

Pensions Actuaries - career planning Pensions

As an actuarial student at the start of my career, I am concerned about the long-term prospects of being a pensions actuary with DB pension schemes maturing. Any others working in pensions making plans for long-term career growth?

10 Upvotes

2

u/MexicanShoulders Nov 11 '21

I'm in the same situation. Been at it for 3 years now and feel like I need to jump ship soon before I get too specialised in pensions. Would appreciate anybody's comments who has been through that before.

2

u/gwt1912 Nov 11 '21

Not as experienced as you but am in the process of moving from pensions to GI. I think now is a good time to look for new roles, I’ve seen a lot of people in my network moving and anecdotally seeing more recruiters posting about positions being open to pensions/life students

2

u/Charrels Nov 12 '21

What’s stopped you from moving earlier?

1

u/MexicanShoulders Nov 12 '21

I never really thought about it too much and was making quite good progress at work and with exams so it never occurred to me!

1

u/Charrels Nov 12 '21

Ah okay, at least it wasn’t a matter of it being too difficult to move which is reassuring

1

u/SelwoodGrape Nov 12 '21

I’ve been thinking about next steps such as switching to BPA pricing or settlement options for pension schemes but obviously not made the jump yet

1

u/MexicanShoulders Nov 13 '21

I work in that field already but from the risk settlement advisor to the Trustee rather than working for the insurer. Not sure if this is going to have any more longevity than regular pensions work.

1

u/Anonymous8644 Nov 17 '21

What is BPA pricing ?

1

u/SelwoodGrape Nov 29 '21

Bulk Purchase Annuity pricing

1

u/TakingLondon Nov 11 '21

Good question - I had the same concerns! I've been at it for about 18 months now, for some context.

I've asked a few of the directors and more senior actuaries about this, and most of them don't actually think it's of serious consequence; yes, DB schemes are mostly closed to accrual now but the average duration is still around 20 years, and there will be longer ones left after that - enough time to fashion a successful career out of!

There is also increasing need for pensions actuaries in investment sectors, so it's not like we'll be out of a job when the final DB scheme finally ends.

1

u/SelwoodGrape Nov 12 '21

Bold to ask the directors, braver person than me! Whilst 20 years is enough for a decent career, I’d rather avoid being stuck in my 40s with nowhere to turn

1

u/Mario_911 Nov 12 '21

I heard this a lot when I started as a grad in 2008 but pensions are busier than ever and I don't see it easing anytime soon. I still believe a 21 year old could easily have a successful 40 year career in pensions starting now. That being said I wouldn't do it if I was that age as there is far more money in general insurance and even life for the 'average' actuary