Day in the Life: Pension Consulting Actuary

Morning: Client Valuations

A pension consulting actuary manages valuations for multiple client pension plans. Morning work typically involves running annual valuations using actuarial software, updating participant data, and reviewing results. You calculate the present value of projected benefit obligations, determine required employer contributions, and assess plan funded status. Each client has unique plan provisions, so you must carefully apply the correct benefit formulas, retirement age assumptions, and mortality tables for each valuation.

Afternoon: Client Communication

Afternoons often involve preparing client reports and presentations. You might present valuation results to a corporate CFO, explain the impact of interest rate changes on pension funding, or advise on plan design changes such as freezing a defined benefit plan or adding a cash balance feature. Pension actuaries also prepare government filings including Schedule SB for the IRS and PBGC premium calculations. The consulting environment means managing multiple clients with different deadlines, requiring strong project management skills alongside technical actuarial expertise.