FRC consults on revision to actuarial standards in the pensions sector

Changes include requirements for superfund transfers and work relating to CDC schemes

Jonathan Stapleton
clock • 1 min read
Mark Babington: The proposed revisions will ensure that our standards remain up-to-date and relevant to industry developments
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Mark Babington: The proposed revisions will ensure that our standards remain up-to-date and relevant to industry developments

The Financial Reporting Council (FRC) has published a consultation to revise technical actuarial standard 300 (TAS 300) and introduce technical actuarial standard 310 (TAS 310).

The regulator said the changes were aimed at ensuring the actuarial standards in relation to pensions "remained relevant and reflect developments in the pension industry".

The consultation can be found here.

It said the proposed revisions to TAS 300 include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund.

The FRC said the proposed TAS 310 standard sets out the standards for actuarial work in relation to collective money purchase pension schemes - reflecting the framework for this new type of pension scheme which has been introduced through legislation.

FRC executive director of regulatory standards Mark Babington said: "We are pleased to launch this consultation to update our actuarial standards for pensions, which play a crucial role in ensuring high-quality actuarial work.

"The proposed revisions to TAS 300 and the introduction of TAS 310 will ensure that our standards remain up-to-date and relevant to industry developments. In particular, with bulk purchase annuities now within reach for far more schemes and potentially increased activity in this market, it is important to ensure the standards promote high quality of actuarial work in this area."

The consultation will be open until 4 August. The FRC will also be hosting a webinar to talk through the proposed revisions on 31 May.

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