Remuneration remains the single biggest driver for pensions actuaries, and in 2026, the data is making that clearer than ever.
While many professionals default to “better the devil you know”, my recent placement data shows the real cost of that loyalty. In this issue of Common Cents, I break down why nearly/newly qualified actuaries are hesitant to move, what’s really holding them back, and how current market conditions are reshaping pay expectations across the sector.
Your Pensions Actuarial Career: Pay Drives Decisions
Despite the perceived risks of moving, remuneration remains the primary driver for nearly/ newly qualified (NNQ) actuaries, as demonstrated in the results of my recent poll.
Results of my recent LinkedIn Poll
While the "better the devil you know" mindset exists, over half of the respondents identified pay and bonuses as the main reason they stay put. This suggests that consultancies aren't necessarily winning on culture or stability, but rather that the market isn't consistently offering a large enough premium to justify the disruption of a move.
The Real Cost of "Staying Put"
There is a common misconception that moving at the NNQ level is a sideways step that "resets" your progress. However, the data I have collated on my placements thus far in 2026 tells a different story.
Based on data from my 2026 placements
- Average Salary Increase: My candidates are currently achieving an increase in excess of 25% on base salary alone
- The gap: In one instance, a candidate moved from a £26,000 base to £40,000, a 54% jump that internal "standard" pay scales cannot match. Many actuarial students stay with their company from graduate to qualified level, often leading to stagnant pay and a complete disconnect from market rates.
Stop Doing the Work Without the Title
9% worried that a move would reset the promotion timeline, or all of those years of developing internal networks and making a good name for yourself at your current company would be wasted. The irony is that most are already "resetting" their value by staying.
If you are currently performing senior-level work but being told you have to wait for the next promotion "cycle" for the title or the pay rise to match, you are being undervalued. Firms often exploit the loyalty of NNQs, letting them operate above their grade while keeping them on a junior salary.
In this market, a move frequently results in an immediate title elevation, significant pay increase, or a contractually guaranteed path to the next grade within 6 months. The message here is: don't wait for a rigid hierarchy to recognise your output, when a competitor will pay for it today...
Is the work really "too similar"?
26% feel the work is too similar elsewhere to justify the effort of moving. While core actuarial functions are standard, the context changes:
- Boutique vs Big 4: Moving to a smaller firm often comes with more face-to-face client interaction and a collaborative environment, which is sometimes lost in large companies.
- Specialism: Firms dominating the BPA/ PRT space offer exposure that traditional scheme work cannot.
- Scheme size exposure: Moving from smaller to larger consultancies can offer the chance to work on larger schemes
The Bottom Line: If you are staying for "stability," ensure that stability isn't costing you a 25% pay increase, or senior title, or the opportunity to broaden your skillset. The gap between what firms pay to retain talent and what they pay to attract it is as significant as I've seen!
This article is taken from my monthly Common Cents newsletter, where I share honest, data-led insight into the pensions actuarial market, hiring trends, and career movement.
If you’re a nearly/newly qualified actuary unsure whether it’s the right time to move, or want to understand how your salary compares to the current market, I’m always happy to have a confidential conversation.
