Acttuary interview cheatsheet · updated August 2026
Pensions interview cheatsheet
A one-page refresher of the key terms, common questions and easy mistakes to review shortly before your interview.
This one is for members. Below is the sheet itself, with most of each section held back, so you can see what you would be printing: the key terms, the questions that come up most and the mistakes that are easy to make, on one side of A4.
Key terms
| Term | What to remember |
|---|---|
| Defined benefit | The pension is determined by the scheme rules, often using salary and service. The employer or sponsor ultimately carries much of the funding risk. |
| Defined contribution | Contributions are invested in an individual pot. The eventual retirement outcome depends on contributions, investment returns and how the member uses the pot. |
7 more on the full sheet
Questions to prepare for
| Question | What to cover |
|---|---|
| Why pensions? | Talk about long-term financial promises and the mix of investment, economics, longevity, regulation and client work. Support it with something specific you have researched. |
| Is pensions a declining career? | Many DB schemes are closed to new accrual, but the benefits already promised can continue for decades. Those schemes still need funding, investment, risk-management and endgame advice. |
4 more on the full sheet
Three things to remember
- A funding level only means something once you know the valuation basis. Never compare two funding percentages without first checking how the liabilities have been valued.
- A DB member does not have an individual pot containing their share of the scheme assets. The scheme's assets collectively support its promised benefits.
1 more on the full sheet
The other areas are in there too
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