Conor McClelland is a third-year Actuarial Science student at Queen’s University Belfast and joined Boal & Co in July 2024 for a 12-month placement. As he approaches the final weeks of his placement with the actuarial and scheme accounting teams, we asked him to share what a typical week looks like - the highlights, challenges, and what he's learned along the way.
Getting to Grips with Real-World Actuarial Work
From day one, I’ve been trusted with meaningful tasks - not just shadowing or observing but actively contributing to calculations and reports that have a real impact on members’ pension schemes.
For example, earlier this week, I calculated whether a SIPP (Self Invested Personal Pension) member can take a partial Pension Commencement Lump Sum (PCLS) for home improvements. Every case is different. In this one, the member’s spouse was also a scheme member, so I had to calculate the crystallisation percentage precisely, all while navigating specific scheme rules.
Later in the week, I was back on drawdown calculations - determining the maximum pension income for a member of our Gibraltar international personal scheme, ‘Trafalgar’. Each jurisdiction (Isle of Man, UK, Jersey, Gibraltar) has its own rules and tax considerations, so the complexity and variety have given me an excellent grounding in not only local, but international pensions.
I’ve also had the opportunity to work on Isle of Man occupational schemes, including defined benefit schemes, running pension increase checks and sensitivity testing. Once the maths is solid, I support with the disclosure reports, helping ensure the scheme remains compliant and sustainable in the long term.
Beyond Numbers – Gaining Perspective
Working across departments is a key part of the placement. Spending time with the scheme accounting team, for example, has given me hands on experience in book-keeping and preparing financial statements for regulatory submission. It’s helped me understand the full lifecycle of pension scheme management - not just the actuarial work, but the operational, regulatory, and financial angles too.
Midweek, I worked on volatility calculations for Boal & Co’s Investment Committee’s quarterly report. This involved creating a performance vs volatility graph for popular funds, giving the committee insights into how each fund is tracking and where interventions might be required.
A Few Curveballs (and Cameras)
No two days are the same. I found myself helping out with a social media shoot for Boal & Co’s website recently. A bit of an unexpected detour from actuarial spreadsheets but a fun insight into another side of the business.
The Human Side of the Workplace
It’s not all calculations and compliance. We have active Social and Wellbeing Committees that arrange get-togethers in and out of work. We had an artisan platter breakfast for Mental Health Awareness Week. It was a brilliant opportunity to connect with colleagues from across departments, and a reminder that the workplace is more than just your desk and inbox.
Friday Wrap-Up and Weekend Wind-Up
Fridays are an opportunity to be reflective, and I usually spend time updating my placement portfolio. This week, I also tested a new drawdown calculator built by the teams and reviewed some draft content for our website.
I’ve been preparing a report recommending ‘triviality’ for a Gibraltar-based member - essentially allowing a full withdrawal due to the scheme no longer being self-sustaining. Understanding and applying the rules around this (especially cross-jurisdictionally) has been another great learning experience.
Then it’s time to lace up my walking boots: I’m currently training for the Isle of Man’s iconic Parish Walk, a picturesque 85-mile walking race through each of the Isle of Man's 17 parishes. As I’m under 21 (just…), I’m aiming to walk 32.5 miles to Peel - a distance I’m told is “no mean feat”! Between that, watching the TT Races, getting involved with a local chess club and exploring this incredible Island, I can honestly say this placement has offered more than I ever expected, professionally and personally.
Interested in a Placement with Boal & Co?
Boal & Co offers a unique placement year experience for Actuarial Science students and has supported placements for more than 15 years. If you're an Actuarial student interested in gaining real-world experience across domestic (Isle of Man) and international pensions, contact Jordan Hamer, Actuary, for more information.
