Think back to your last big pension valuation or client review. Did you find yourself juggling a dozen Excel tabs, cross-checking data in a maze of emails, or wrestling with last-minute regulatory changes? You&rsquo;re not alone. In fact, most pension actuaries spend more time troubleshooting tools and processes than they care to admit.
But here&rsquo;s the truth nobody tells you: The best actuaries don&rsquo;t just crunch numbers&mdash;they&rsquo;re toolmakers, workflow hackers, and translators between data and decisions. They know which software or technique to reach for before a project hits crunch time. That&rsquo;s what makes their advice stand out, their reports bulletproof, and their careers move faster.
At <a href="https://www.actuarylist.com" class="link underline">ActuaryList</a>, we talk to pension professionals daily&mdash;whether it&rsquo;s employers sharing what they look for in candidates, or actuaries in the field describing what actually saves them time (and sanity). Here are the ten tools that keep coming up, plus a few candid pointers you won&rsquo;t find in standard job descriptions.
<h2>1. Microsoft Excel (Advanced Functions &amp; VBA)</h2>
Why It&rsquo;s Essential: Excel is the bedrock of actuarial analysis. While basic spreadsheet use is a given, pension actuaries need to master advanced functions&mdash;think lookup formulas, pivot tables, array formulas, and especially VBA (Visual Basic for Applications) for automation.
How It&rsquo;s Used:
<ul>
<li>Building and automating pension valuation models</li>
<li>Projecting cash flows and plan liabilities</li>
<li>Cleaning and analyzing large census data sets</li>
<li>Creating scenario analysis tools</li>
<li>Automating repetitive calculations (e.g., benefit accruals, lump sum factors)</li>
</ul>
Many firms still rely heavily on Excel, making advanced skills a career must-have for pension actuaries.
<h2>2. Actuarial Valuation Software (e.g., ProVal, PFaroe)</h2>
Why It&rsquo;s Essential: Dedicated pension valuation software like ProVal and PFaroe streamlines the entire process of actuarial calculations, funding valuations, and regulatory compliance.
How It&rsquo;s Used:
<ul>
<li>Calculating plan liabilities under different accounting standards (US GAAP, IFRS, local regulations)</li>
<li>Running deterministic and stochastic projections</li>
<li>Generating reports for clients and auditors</li>
<li>Stress-testing pension plan outcomes</li>
</ul>
ProVal is widely used in North America, while PFaroe is gaining traction for its cloud-based analytics and real-time reporting capabilities.
<h2>3. Database Management Tools (SQL, Access)</h2>
Why It&rsquo;s Essential: Pension actuaries regularly handle large volumes of participant data&mdash;think thousands (or millions) of records for multi-employer or public plans. Database tools help you organize, query, and audit these datasets efficiently.
How It&rsquo;s Used:
<ul>
<li>Importing, cleaning, and merging census data</li>
<li>Identifying missing or inconsistent information</li>
<li>Running custom queries for experience studies (e.g., turnover, mortality, retirements)</li>
<li>Generating extracts for valuation software input</li>
</ul>
SQL is becoming increasingly essential as actuarial data grows in volume and complexity.
<h2>4. Programming Languages (Python, R)</h2>
Why It&rsquo;s Essential: For actuaries who want to push beyond spreadsheets, Python and R are powerful tools for actuarial modeling, data analysis, and automating repetitive tasks.
How It&rsquo;s Used:
<ul>
<li>Automating data preparation and reporting</li>
<li>Performing stochastic simulations (e.g., asset-liability modeling)</li>
<li>Conducting experience studies</li>
<li>Customizing actuarial calculations beyond the constraints of off-the-shelf software</li>
</ul>
Learning basic programming skills can set you apart, especially for roles involving data science or predictive analytics in pensions.
<h2>5. Pension Administration Platforms</h2>
Why It&rsquo;s Essential: Pension administration software&mdash;such as PensionGold, Sagitec, or custom platforms&mdash;are used to track participant data, process benefits, and handle day-to-day plan operations.
How It&rsquo;s Used:
<ul>
<li>Maintaining up-to-date participant records</li>
<li>Calculating benefit entitlements and payments</li>
<li>Tracking contributions and service histories</li>
<li>Ensuring regulatory compliance and audit trails</li>
</ul>
Actuaries may not administer plans directly, but understanding these platforms helps ensure calculations align with what&rsquo;s being communicated to participants and plan sponsors.
<h2>6. Actuarial Modeling Tools (ALM &amp; Risk Analytics Platforms)</h2>
Why It&rsquo;s Essential: Asset-Liability Modeling (ALM) and risk analytics tools are critical for evaluating pension plan health and resilience under various economic scenarios.
How It&rsquo;s Used:
<ul>
<li>Modeling how assets and liabilities interact over time</li>
<li>Stress-testing against market volatility, longevity risk, and changing demographics</li>
<li>Supporting funding policy decisions and de-risking strategies</li>
<li>Presenting risk metrics to boards and plan sponsors</li>
</ul>
Popular tools include ProVal ALM, BlackRock&rsquo;s Aladdin, and proprietary models built in-house.
<h2>7. Government and Regulatory Compliance Portals</h2>
Why It&rsquo;s Essential: Staying compliant with local and international pension regulations is fundamental for any pension actuary. Tools like the <a href="https://www.pbgc.gov/" class="link underline" target="_blank">Pension Benefit Guaranty Corporation (PBGC) portal</a> in the U.S., The Pensions Regulator (TPR) in the UK, and EPFO in India are vital for regulatory filings, premium calculations, and monitoring updates.
How It&rsquo;s Used:
<ul>
<li>Filing actuarial certifications and funding valuations</li>
<li>Calculating required contributions and premiums</li>
<li>Accessing regulatory updates and technical guidance</li>
<li>Monitoring plan funding status and compliance deadlines</li>
</ul>
Proficiency with these portals reduces the risk of compliance errors and keeps actuaries updated on changing requirements.
<h2>8. Benefit Calculation Tools</h2>
Why It&rsquo;s Essential: These can range from custom Excel models to specialized calculation engines. Accurate benefit calculations are at the heart of every pension actuary&rsquo;s work.
How It&rsquo;s Used:
<ul>
<li>Determining accrued and projected benefits for individual participants</li>
<li>Calculating lump sum payouts and early retirement factors</li>
<li>Testing plan amendments or proposed changes</li>
<li>Communicating results to participants and sponsors</li>
</ul>
Many actuaries develop their own calculation tools, but understanding existing engines is equally important, especially in larger firms or public sector environments.
<h2>9. Data Visualization &amp; Reporting Tools (Power BI, Tableau)</h2>
Why It&rsquo;s Essential: Clear communication of complex pension data is essential for engaging plan sponsors, boards, and participants. Visualization tools help actuaries present their findings in a way that is compelling and easy to understand.
How It&rsquo;s Used:
<ul>
<li>Creating dashboards of key plan metrics (funded status, risk exposures, membership trends)</li>
<li>Visualizing projections and scenario comparisons</li>
<li>Building interactive reports for stakeholder meetings</li>
<li>Highlighting the impact of funding policy changes or de-risking initiatives</li>
</ul>
Power BI and Tableau are the most common platforms, but even Excel charts, when done well, can make a big difference.
<h2>10. Professional Research &amp; Standards Resources</h2>
Why It&rsquo;s Essential: Actuarial work is rooted in adherence to professional standards, actuarial guidance, and ongoing research. Accessing up-to-date information from professional bodies and research databases is non-negotiable.
How It&rsquo;s Used:
<ul>
<li>Referencing actuarial standards of practice (ASOPs, APS, TAS)</li>
<li>Accessing mortality, retirement, and turnover tables</li>
<li>Keeping up with industry trends, case law, and emerging best practices</li>
<li>Supporting assumptions and methods with authoritative research</li>
</ul>
Key resources include the Society of Actuaries, American Academy of Actuaries, Institute and Faculty of Actuaries, and International Actuarial Association. Bookmarking these sites and subscribing to their updates will keep your work sharp and compliant.
<h2>Final Thoughts</h2>
Mastering these tools is more than just a technical requirement&mdash;it&rsquo;s what allows pension actuaries to deliver real value in a rapidly changing world. From advanced Excel skills and dedicated valuation software to regulatory resources and data visualization platforms, each tool plays a crucial role in the daily work and long-term impact of a pension actuary.
If you&rsquo;re looking to start or advance your career as a pension actuary, take time to build your proficiency in these areas. Not only will you boost your productivity, but you&rsquo;ll also become a more valuable and effective advisor to your clients and stakeholders.
Looking for new opportunities in pension actuarial work? Check out our latest pension actuary jobs or explore more informational blogs related to actuarial work on our dedicated blog section.
<h2>Frequently Asked Questions</h2>
<ol>
<li> What software do most pension actuaries use for valuations? Most pension actuaries use specialized software like ProVal or PFaroe for pension valuations, along with Microsoft Excel for custom calculations and reporting.</li>
<li> Is programming knowledge necessary for pension actuaries? While not strictly required, skills in programming languages like Python or R are increasingly valuable for automating tasks, running advanced models, and handling large datasets.</li>
<li> How important is Excel for pension actuaries? Excel remains essential for actuarial work, especially for building models, performing ad hoc analyses, and preparing data for other systems. Advanced knowledge of Excel functions and VBA can save a lot of time.</li>
<li> Do actuaries need to know SQL? SQL skills are highly beneficial for pension actuaries who regularly work with large participant datasets, as they help in querying, cleaning, and analyzing complex data efficiently.</li>
<li> What is asset-liability modeling (ALM) and why does it matter? ALM is a process where actuaries model how a pension plan&rsquo;s assets and liabilities behave under different scenarios. This helps in making informed decisions about funding, investment strategy, and risk management.</li>
<li> How do actuaries keep up with changing standards and best practices? Actuaries stay current by regularly consulting professional resources, such as the Society of Actuaries (SOA), Institute and Faculty of Actuaries (IFoA), and attending relevant webinars, conferences, or training programs.</li>
<li> What&rsquo;s the best way to improve as a pension actuary? Continuously investing in new skills&mdash;whether it&rsquo;s mastering a new tool, learning a programming language, or improving communication&mdash;can set you apart and open new career opportunities.</li>
</ol>

Uncover the 10 most practical tools pension actuaries use daily—beyond the basics. Get real-world tips and stand out in your actuarial career in 2025.

Top 10 Tools Every Pension Actuary Should Know