In response to feedback from its December consultation, the UK Financial Reporting Council (FRC) revised Technical Actuarial Standard 300: Pensions (TAS 300). The FRC’s amendments are intended to provide clarity for practitioners and remove provisions from the standard that are no longer needed.
The revisions aim to ensure the standard remains fit for purpose after recent changes to the UK pension funding regime and increasing interest in using pension scheme surpluses, a news release said.
“The revisions to TAS 300 support the government’s pensions reform agenda and promote reliable actuarial work in this sector,” Mark Babington, the FRC’s executive director of regulatory standards, said in the release. “Notably, they support actuaries in facilitating, in a proportionate way, management of the long-term financial risks associated with defined benefit pension schemes to the benefit of members and employers.”
The standard will be effective for technical actuarial work completed on or after 1 November 2025. Practitioners can choose to apply the revised standard for technical actuarial work on funding valuations with an effective date before 22 September 2024, the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
