Graduate - Onboarding Calculations

This graduate onboarding calculation role within Legal & General's Institutional Retirement division focuses on translating Defined Benefit pension scheme rules into accurate manual calculations for key life events while studying toward a professional Certificate in Pensions Administration qualification.

We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders.  

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income.   

Joining us means helping to improve the lives of our customers and contributing to the success of the business every day.  

L&G Institutional Retirement looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.  

Our Institutional Retirement business is the UK’s longest-serving active bulk annuity provider. 

Who we are  

Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated £86.1 billion at 31 December 2023.  

Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us.  

Job Description

The Onboarding Calculation Development Programme has been designed to help you reach your potential.  You’ll gain hands on work experience and build a strong skill set whilst earning a competitive salary with access to outstanding employee benefits.

This is a fantastic opportunity to join a collaborative, forward-thinking team that’s passionate about delivering market-leading, compliant products that meet the evolving needs of our customers

You’ll receive support every step of the way, with access to core skills training and guidance from your line manager. As part of a graduate cohort, you’ll also connect with peers through networking opportunities and social events.

The role at a glance

The Manual Calculations Team is the technical backbone of pension administration, responsible for ensuring that every benefit figure provided to members is accurate, compliant, and clearly explained. Their work blends analytical skill, deep scheme knowledge, and careful judgement.

The team handle calculations that cannot be automated.  They translate Scheme Rules into calculation steps to make sure the outcome aligns with legislation. Benefits are calculated for retirements, transfers, deaths, divorces, trivial commutations, and other key life events.

The team act as a resource for administrators, answering queries, reviewing complex cases, and helping colleagues understand calculation logic.

What you’ll be doing:

• Build knowledge of Defined Benefit pension schemes

• Support member servicing by handling a wide range of customer requests, updating individual member information

• Grow technical calculation skills by contributing to manual pension calculations across multiple schemes, gaining hands-on experience that strengthens your analytical capability

• Work alongside experienced colleagues, sharing knowledge and building confidence

• Study toward the Certificate in Pensions Administration, Pension Management Institute qualification.  You’ll receive structured training, on-the-job learning, and full support as you work toward your professional accreditation.

Who we're looking for:

We’re not expecting prior industry experience, but we’ll want to see that you have the tools to develop quickly.

These include:

• A 2.1 Degree or above in a STEM subject

• Curiosity and a strong desire to learn

• An analytical mindset with problem-solving skills

• Excellent written and verbal communication skills, with great attention to detail

• Strong organisational skills and the ability to manage multiple priorities

• A flexible, collaborative team player

• Understanding of Microsoft Excel (skilled with formulas, filtering and lookups)

• Confident of working with numbers and checking calculations

• Ability to follow structured calculation steps accurately