UK companies presently have approximately £2 Trillion invested in pension schemes, more than the rest of Europe put together. That’s a breathtaking sum, but the question remains whether individual companies have set aside enough to meet their pensions’ obligations 20, 30 or even 40 years down the line. People are living longer than ever before and the recent economic turmoil has demonstrated that those who manage pension schemes cannot always rely on good investment returns to help meet the costs of the benefits promised.
As a market leader in actuarial consulting, Aon has been advising companies and trustees on their defined benefit pension schemes for over 60 years. Our Actuarial Consultants specialise in advising our clients on those schemes to help them manage the associated financial and operational risks, now and in the future.
As a summer intern or industrial placement student, you will find that no two days in the office are the same. You will work on a range of client teams with colleagues who advise either the trustees who manage the pension scheme, or the company that provides it.
Our aim is for you to gain an understanding of the potential career path ahead of you whilst being given real responsibility on client projects. We’ll work with you through classroom based and on the job training to develop your technical and consulting skills – including your understanding of key calculations, communication techniques, project management and networking.
You will get involved with:
- Regular assessment of the financial position of the pension scheme
- Identifying and implementing ways for trustees and companies to reduce the risks in relation to their schemes, such as longevity risks, investment risks and inflation risk
- Calculations relating to the pension scheme for the company’s financial accounts
- Calculations in respect of individual pension scheme members’ benefits
- The day-to-day management of the pension scheme
- Estimation of Pension Protection Fund levies, often a significant annual cost for our clients
- Corporate transactions – i.e. when a merger or acquisition of companies takes place, the liabilities of the companies’ pension schemes need to be taken into account in the deal
- The final close-down of the schemes when risk is passed to a third party
You will be given opportunities to work on various projects and gain early exposure to clients to support your development. We also provide the opportunity for you to be involved in one of our market-leading specialist teams.