Actuarial Consulting - Pensions

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Introduction to the Stream

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.

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.

Summer Internship Locations

Bristol, Birmingham, Farnborough, Epsom, Edinburgh, Glasgow, Leeds, London, Manchester, St Albans

12 Month Industrial Placement Locations

Bristol, Birmingham, Farnborough, Epsom, Edinburgh, Glasgow, Leeds, London, Manchester, St Albans

The role

As an 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 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, investment 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 internal specialist teams. These teams work with a range of industry acknowledged thought leaders in order to provide our global clients with the best advice possible

Requirements

Our summer internships are open to students in any year of their undergraduate degree or graduates, our Industrial Placements are open to students who have this opportunity as part of their undergraduate degree. To apply you will need to be educated to degree level with a minimum predicted grade of at least a 2:1 or equivalent qualification in a numerate/semi-numerate discipline and a 'B' or above in Maths A-level, or equivalent. Strong commercial awareness, lots of ambition and an enthusiastic approach are also important.

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Please see the below table for clarification on which streams our Internship and Industrial Placement positions are available in. Please note that Graduate roles are available in all business areas listed below.

Internships Industrial Placements
Actuarial Consulting – General Insurance X
Actuarial Consulting – Pensions X X
Investment Consulting X X
Insurance Strategy Consultants X
Insurance, Reinsurance and Risk Management X
Global Risk Consulting – Captive Solutions
Employee Benefits Broking and Consulting X
Talent, Reward and Performance Consulting

* Please see the individual stream pages for latest details regarding available locations.

Application timetable

Applications open: 1st October 2018. We will open applications for our 2020 Summer Internship and Industrial Placement programmes in September 2019.
Application deadline: Applications for our 2019 Internship and Industrial Placement programmes are now closed.
Assessment centres: Assessment Centres have now finished for our 2019 Graduate Programme. We will begin Assessment Centres for our 2020 programme in November/December 2019.

Events

Aon will be attending careers fairs, skills sessions and presentations throughout the autumn.
Please check back later for the list of 2019 Autumn events we will be attending.