Pension Risk Transfer: Life as an Actuarial Manager at L&G

What does it take to oversee the pricing of pension risk transfer deals? Sophie, an Actuarial Manager at L&G, shares how buy-in quotations come together, what it’s like working across teams and how her career has developed in actuarial roles.

What is a pension risk transfer role in actuarial careers?

When people think about actuarial careers, spreadsheets and models often come to mind. In reality, roles in pension risk transfer (PRT) are broader than that, bringing together technical work, collaboration and commercial decision-making.

At L&G, pension risk transfer helps pension schemes manage long-term liabilities and improve security for members.

Sophie, an Actuarial Manager in the PRT quote production team, works at the centre of this process, where data, pricing and deadlines come together day to day.

What does an actuarial manager do in pension risk transfer?

In a pension risk transfer job, no two days look exactly the same.

Sophie’s role focuses on overseeing the calculation and pricing of new business buy-in quotations, with her work shaped by where each case sits in the process.

“It’s a cliché, but no two days are ever quite the same,” she explains. “A lot of my time is spent checking in with the project team, working with wider teams to pull everything together and reviewing spreadsheets and model outputs.”

While technical expertise is essential, the role goes beyond calculations. It’s about coordinating people, managing timelines and keeping things moving across different parts of the project.

How are pension risk transfer deals priced?

Pricing a pension risk transfer deal is a collaborative and time-sensitive process, often involving multiple teams and tight deadlines.

“A big part of my role is making sure everything comes together at the right time,” Sophie says. “That means staying close to the detail, while also working with colleagues across the business to ensure inputs are aligned and the overall approach holds together.”

It’s not just about producing numbers, it’s about how those numbers are developed, challenged and understood. Every input plays a role in shaping the outcome, making communication and alignment just as important as technical accuracy.

How do you progress in actuarial roles at L&G?

Career progression in actuarial roles is often shaped by both support and opportunity.

Before joining L&G, Sophie worked as an Actuarial Pensions Consultant, building a strong technical foundation. Moving into Pension Risk Transfer allowed her to apply that knowledge in a new context while continuing to learn.

“I asked a lot of questions as I came across new concepts, and the team were always very patient and willing to help,” she says.

Progression came from a combination of encouragement and exposure.

“It was having the support to develop, alongside being given the opportunity to step up.”

Within two years, Sophie moved from Senior Actuarial Analyst to Manager, reflecting how quickly responsibility can grow in the right environment.

What is it like working on a pension risk transfer project? 

For Sophie, one of the most memorable moments in her career was working on her first buy-in case under L&G’s Flow proposition, designed for smaller pension schemes.

“It was the first case I reviewed, and the first one I saw through from initial request to signing the contract,” she says. “That felt like a real milestone.”

What stood out most was how the team worked together under pressure.

“Everyone was focused on achieving the best possible outcome for the pension scheme, despite fairly tight timescales.”

What is the actuarial team culture like at L&G?

Culture becomes most visible during busy periods, and for Sophie, that’s where the actuarial team at L&G stands out.

“Everyone I’ve worked with has a genuine desire to do the best they can,” she says. “There’s also a real willingness to step in and support others when things get busy.”

Why choose a career in pension risk transfer? 

Actuarial careers in pension risk transfer offers a mix of variety, challenge and long-term impact.

Sophie was initially drawn to actuarial work through her background in maths, but what has kept her engaged is the breadth of the role. 

“Even now, there’s always something new to learn. Each project brings a different problem to solve.”

For those looking to work on complex, meaningful challenges while continuing to develop their skills, pension risk transfer provides a rewarding and evolving career path.

What advice do you have for actuarial professionals?

For those considering actuarial jobs or a move into pension risk transfer, Sophie’s advice focuses on mindset as much as skillset.

“Stay curious and be willing to learn. People are very happy to teach if you’re genuinely interested.”

She also highlights the importance of confidence and communication.

“Have the confidence to speak up, whether that’s asking for help or putting yourself forward for new opportunities.” 

And finally, she emphasises the importance of relationships.

“Treat people how you would want to be treated. It’s a smaller world than you think.”

Explore pension risk transfer and actuarial careers at L&G

If you’re looking for pension risk transfer roles where you can work closely with others and see deals through from start to finish, L&G offers a lot of variety.

Explore opportunities in our actuarial and PRT teams and see how your career could develop.