Department Information
We ensure the smooth running of thousands of defined benefit (DB) pension schemes in the UK. We help the trustees responsible for running those schemes, and companies who sponsor them, by providing advice to help them appropriately manage their risks and ensure good outcomes for members. The wide-ranging work we do includes complex modelling/valuing of benefits, strategic advice on negotiations and broking high value insurance transactions.
Typical Graduate and Intern Tasks
The type of work you can expect to be involved with as a graduate or intern include:
- Analysing data and performing calculations both at individual member and scheme level
- Preparing figures and analysing the impact of pension schemes on balance sheets of UK and international companies
- Working with senior actuaries to set key assumptions to value liabilities
- Drafting letters and reports for clients
- Work relating to pension risk transfer and post-transaction projects
- Helping clients ensure good pension scheme governance and risk management
Eligibility Criteria
- A Level - Maths A Grade
- Degree - Any subject 2:1
We offer contextualised grading as part of the recruitment process via REALrating which may allow for a positive uplift in your academic grades. We will also take into account any extenuating circumstances declared when considering your eligibility.
For more information, please visit our Graduate FAQs and Summer Intern FAQs.
Personal Development
We have an extensive three-year departmental training programme to get you up to speed on key technical and professional issues in relation to defined benefit pensions.
We also offer regular wider training sessions, covering areas such as market “hot topics”, new and evolving areas of the pensions landscape.
Additionally, our learning management system, LCPLearn, provides access to hundreds of training resources, including workshops and elearning – allowing an individual to self-serve and drive their own learning.
As a consulting actuary, a key part of your future role will involve presenting advice and ideas to our clients clearly and in a way that is easy to understand. We realise that for some, this will be a new experience – and possibly a daunting prospect! But there is no need to worry, our training programme is specifically designed to help you develop the skills and confidence you need to be a successful consultant.
Our “LCP speaking club" and "LCP Xtra" programmes offer additional opportunities for you to practise presentation skills in-house before putting them to the test in front of clients.
Professional qualifications
We sponsor Pensions Actuarial graduates to study the Institute and Faculty of Actuaries (IFoA) exams.
Today's IFoA exams are all about giving you the practical knowledge you will need every day. Some of the exams are technical and mathematical while others are more to do with written communication and presentation skills, but all are focused on giving you the knowledge and confidence to excel in your role.
Completing these well-renowned qualifications gives you personal credibility as you hone your experience, but they do require you to dedicate time and effort to your studies. This will involve you investing time on evenings and weekends alongside the study package we offer.
We will support you through every stage, including:
- Financial support to cover at least two attempts at each exam.
- A generous study leave allowance each year.
- A study mentor to advise you on your route through the exams and discuss any queries that you may have.
A quick word of reassurance: very few people pass all their exams first time, and you won't be under any pressure to do so. Our study programme makes allowances for you sitting exams more than once. However, when people’s hard work does pay off, we pride ourselves on recognising and celebrating their success.
Hear from our people
Ailidh Mackichan
Actuarial Analyst, former Graduate
After studying physics at university, I was looking for a career where I could problem solve and work with numbers. This led me to joining LCP as a graduate in the Winchester Pensions Actuarial department in 2021. I have been thoroughly enjoying my time working here.
There is a wide variety of work to get involved with, so no two days are the same. As my degree subject was completely unrelated to Actuarial, I have appreciated the comprehensive training LCP has provided. This training encompasses both technical and soft skills topics. This allows graduates to both grow their technical knowledge and develop professionally. LCP is also an incredibly sociable company and I have been able to get involved in charity initiatives and social events. This was important to me as I had relocated from Scotland to Winchester, so a friendly and social environment allowed me to settle into the area as well as working life.
Graduates also have regular opportunities to visit the other office to the one they usually work in, which has allowed me to meet a wide variety of people across the company.
Iris Shrestha
Associate Consultant, former Graduate
I joined the Pensions Actuarial department in Winchester as a graduate in 2021. Coming from a background in Physics, I was completely unfamiliar with working in pensions. Thankfully, LCP was extremely welcoming to me. Everyone in the firm, from junior colleagues to partners were very friendly and always happy to help.
The graduate training program was very thorough and helped me build my confidence. It introduced me to some very technical topics as well as developing my soft skills. Throughout my time here, I have been involved in a variety of interesting work, for a range of clients, in both the corporate and trustee side of pensions. I am also involved with internal research projects.
Outside of client work, I have been involved in initiatives focused on supporting charities and helping improve Diversity, Equity and Inclusion at the firm. There are also lots of social events to get involved with, ranging from the weekly team quiz to competing in the UK Kubb Championship.
Future Career
As your role develops within LCP, you will have opportunities to take on a more senior position within your existing client team, as well as using your newfound experience and expertise on more specialist projects.
This will include:
- an increased role in our client relationships
- mentoring and coaching junior members of the team
- overseeing the production of advice and the delivery of work
- involvement in strategic planning, and the option of developing a specialism, be that of an expert in mortality, pensions risk transfer, climate change.
And much more...
Find a career
If you would like to know more about LCP career opportunities follow the link to explore our current vacancies.