Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2016
04

Decline in DB pension professionals slower than predicted

Open-access content Thursday 14th April 2016 — updated 5.50pm, Wednesday 29th April 2020

The number of people working in defined benefit (DB) pension schemes has dropped by just 4% in 2015, bringing the total fall to 37% over the past five years, according to a study by the Pensions Management Institute (PMI).

2


The professional body said the decrease was "significantly less" than predicted by members when surveyed in 2010. At the time, 41% of those surveyed worked mainly in DB schemes. This figure was expected to drop to 17% over the next three years. 

The findings form part of the PMI second Career Development Survey, conducted in November 2015. Based on views from 450 PMI members, the fall was still expected to continue, owing to the decline in DB schemes. 

The study also revealed that rather than a move to pure defined contribution (DC) work, whether contract or trust based, most respondents believed the real growth would be in those working on a combination of DB and DC schemes. 

They predicted employment growth in such schemes would go up to 50% from 42% by 2018. The PMI said this meant broader skill sets would be required, "with no reduction in the depth of knowledge employed".

Kevin LeGrand, PMI President said: "While the DB sector has seen an unsurprising amount of change over the past years, the resulting impact on people's careers is not being felt as quickly as many might have predicted. 

"In fact, what we are seeing is that their skill sets and knowledge are being highly utilised, as the demand for people who combine both DB and DC experience grows."

This article appeared in our April 2016 issue of The Actuary.
Click here to view this issue
Filed in
04
Topics
Careers

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Catastrophe Analyst

London, England
£70000 - £100000 per annum
Reference
146055

Catastrophe Analyst

London, England
Up to £50000 per annum + + Bonus
Reference
146053

Principal Pricing Analyst

England, London
£60000 - £70000 per annum
Reference
146052
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ