New year. Same market pressures — just amplified.
Between the £60bn de-risking forecast and the rise of LGPS megafunds, the pensions actuarial market is hitting a crunch point far earlier than usual in 2026. In this edition of my Common Cents Newsletter, I share the four trends that will define hiring, movement, and pay across the sector this year — and what they mean if you’re looking to hire or make a move this quarter.
The January "hiring surge" isn't a myth, but in 2026, it looks different. We aren't just seeing a volume spike; we’re seeing a total recalibration of what a "valuable" actuary looks like.
If you’re navigating the market this quarter, as a hiring manager or a candidate, here is the reality on the ground.
1. The £60bn Bulk Annuity "Speed Trap"
It's looking like another £60bn+ year for bulk annuities. The difference this year is that capacity is being bolstered by new entrants, like M&G’s launch of with-profits BPAs.
- Insurers aren't just looking for technical actuaries, they will be hiring Commercial Actuaries who can navigate competition for mid-sized schemes. If you can bridge the gap between technical pricing and deal negotiation, the market is in your favor!
Source: LCP projected buy in/ out volumes across the next decade
2. Pensions Dashboard, October 2026
For schemes with 100+ members, the clock is ticking. With the October 31, 2026 deadline luring this year, schemes with old, messy data will need actuaries and data specialists to complete highly technical work to ensure regulatory compliance.
- Increased hiring of data-actuaries: If a scheme isn't ready by Oct 31, they are in breach of regulations. From a hiring perspective, this forces consultancies to hire data-literate actuaries asap, or be forced to pay premium for a contractor closer to the time...
3. LGPS Megafunds
By March 2026, the UK government will of forced LGPS to consolidate into six large "Megafunds."
- Traditional pensions actuaries usually look at "safe" assets like Gilts and Bonds. These Megafunds now need people who can model Private Credit, Infrastructure, and Illiquid Assets. This means that hiring a standard DB actuary won't have the illiquid asset modeling experience needed, likely to see an increase in talent moving from Investment Banks or Asset Managers, not just consultancies
Concentrating LGPS Assets, Professional pensions
Conclusion
For Hiring Managers: The "panic tax" is real. Waiting until Q3 to fill gaps will result in inflated day rates. Let’s look at your Q1/Q2 headcount now, while the top 10% of the market are open to a move..
For Actuaries: If you are an expert in de-risking or illiquid assets and your package hasn't moved with the market, you’re undervalued. 2026 is the year to fix that.
If you found this useful, this article is taken from my monthly Common Cents Newsletter — where I share straight-talking insight on pensions markets, regulation, hiring trends and what’s really happening behind the numbers.
Subscribe to Common Cents here
And if you’re hiring or considering a move in 2026, feel free to get in touch for a confidential conversation.
Yasmin Andrews, Leading Life & Pensions Actuarial Hiring Lead
M: 07458161817
E: yasmin.andrews@bwd-search.com
