Pensions Actuarial Summer Student Review

The main task is calculating transfer values for members of a variety of pension schemes, and taking steps to prepare the software that automatically calculates this for us, i.e. getting appropriate financials to make the right bases to use for TV calculation. The role introduced me to the actuarial presentation of work, through AAR, SFS and valuation work. I was involved in producing these reports and doing data work to get appropriate values to quote. There are regular interactions with teams within the department - regular meetings, discussions, catch ups, etc.

I’ve been able to greatly improve presentation skills through a project given to me at the start of the internship – this gave me the chance to hone in on skills relating to pensions, presenting, and responding to questions at the end. This was something which I haven’t had much practice with at university so it was extremely useful. I gained key skills in Excel, and in LCP’s own software which aided my understanding of the financial background of actuarial science. My attention to detail has improved significantly through having to check reports and spreadsheets.

My responsibility grew throughout the internship – but being given choice of a project very early on made me feel like I’ve always had plenty of responsibility at an appropriate level. Towards the end of the internship, I was allowed to check other peoples’ work and also send out emails directly to clients. I also got the chance to approve work and send it off via LCP’s online software – these tasks are usually more important and so getting the opportunity to do this was really exciting. I felt trusted and rewarded for my work and development.

There was always plenty of support – throughout the internship I received constant feedback on any work that I did. I was delegated work appropriately and explained it thoroughly. As the internship progressed, there was less explanation as people felt that I had grown in my understanding and I appreciated this. When needed, I was not afraid to ask questions and people actively encouraged me to ask questions. If I made mistakes that I was unaware of, people were keen to call me and explain what was changed, or write out a useful explanation.

The main word to describe the culture would be friendly and welcoming – I felt like a part of the team from the start and everyone is really approachable which helps greatly when being a new person at a company. Everyone was encouraging me to go to socials and I had plenty of chances to get to meet people in the industry. It goes without saying that everyone is hardworking, but they do not take work as the only thing in their life and it shows that they are personable and enjoyable to be around. They have really nailed the balance between being sociable and working hard.

I enjoyed it a lot – it was great to get to meet everyone at the company and understand more about what each person’s role was within the company. It was also really useful to get firsthand experience of what actuaries do within the pensions sector. I was able to understand the work quickly through getting involved directly, and everyone was willing to explain and help out when I was being delegated work and when I needed any additional support with questions. The culture was so welcoming that I really enjoyed it and it would be somewhere that I would love to work at in the future.

Yes

I would advise people to go for it and to apply – it is worth a shot fully. They are a really great company and one that encourages having a strong work life balance, while supporting you throughout your career with great people surrounding you. It’s somewhere that sets themselves apart from other companies and this is something that I found out first-hand – it exceeded my expectations greatly. It goes without saying that an internship is also a great way to get great working experience in the sector that you want to work in – so I think this internship is a great way to get a diverse experience.