FRC´s consultation document on Actuarial Statement of Recommended Practice 1

08 November 2018

The FRC published revised Technical Actuarial Standards in December 2016, with an effective date of 1 July 2017. During the review supporting the revision, the FRC identified that technical actuarial work related to Social Security Pensions represents a high level of risk to the public interest.

The FRC considered including this work in the scope of TAS 300: Pensions but considered that a more appropriate approach was to adopt the model standard, International Standard of Actuarial Practice 2: Financial analysis of social security programs (ISAP 2 (2017)) issued by the International Actuarial Association (IAA) to support the application of TAS 100: Principles for Technical Actuarial Work to this work.

The purpose of this public consultation is to seek views on:

• the approach that we are proposing for setting a standard for technical actuarial work supporting UK Social Security Programmes (SSPs);
• the proposed scope of the standard; and
• the changes that the FRC has proposed in the adoption of ISAP 2 (2017).

The closing date for submission of responses is 31st January 2019.

Full press release

Full consultation document

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