Pensions and Other Benefits

Pensions and Other Benefits Specialist Principles and Advanced (SP4 and SA4) are key assessments for students working in the field of pensions. For the new curriculum we have developed the core reading material to allow for the changing environment, including alternative approaches to benefit provision. Key developments include a greater emphasis on risk sharing, defined contribution arrangements and public sector schemes and, for SA4, drawing on examples from different territories.

Specialist Principles

The aim of Pensions and Other Benefits Specialist Principles (SP4) is to develop a student’s ability to apply, in simple situations, the main principles of actuarial planning and control needed for the financial management of pensions and other benefits.
 
It builds on material covered in earlier subjects and seeks to equip a student with the skills and broad working understanding of pensions to the level that may be required of a qualified actuary working in a consultancy, insurance company, public sector body or other comparable financial institution.

Pensions and Other Benefits Specialist Principles (SP4) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper. 

Resources for SP4

Past papers and examiners reports for SP4 

SP4 Syllabus for 2024 exams (PDF, 170 KB)

SP4 Syllabus for 2025 exams (PDF, 120 KB)

Pensions and Other Benefits Advanced (SP4) core reading

Exam format: 3 hours 20 minutes computer-based exam (Word)

Recommended study hours: 200

Specialist Advanced

Exam format: 3 hours and 20 minutes computer-based exam (Word)

Recommended study hours: 200