UK - Average salaries for actuaries rose from over £39,000 to around £42,500 in the year to August 2002, a new study shows.
But Remuneration Economics’ report points out this average 8.5% rise is a drop on the previous year’s figure of 14.1%. This, it says, reflects a tightening of the job market among actuaries.
Only 45.7% of firms recruiting actuaries experienced recruitment problems in the year – down from 64.3% last year.
And the turnover among actuaries has fallen sharply – from 14.1% to just 9.1% – with the resignation rate running at 5.4% compared with 10.1% previously.
However, actuaries’ bonus payments are at an all-time high – 82% received bonuses in the 12 months to August 2002, compared to only 76.2% a year before.
Most actuaries – 95% – also have a company pension scheme available to them.
The average employer contribution for final salary schemes was 13.8% with actuaries paying 3%. For money purchase schemes, firms paid an average contribution of 6.7% compared to an employee contribution of 5.3%.
Remuneration Economics’ survey – which has been running since 1986 – is based on 2333 individuals from 54 companies.
Data is analysed by two major industry groups – insurance companies and consultants – and 12 functions across nine job levels.
The full report is available from Remuneration Economics by contacting Jenny Saunders on (020) 8288 6881.
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