13 December 2023
The Financial Reporting Council (FRC) has published version 2.0 of Technical Actuarial Standard 300: Pensions (TAS 300). It will be effective for work completed on or after 1 April 2024.
The new version of TAS 300 includes revisions to ensure guidance remains appropriate and reflects developments in the pension industry, including increased buyout activity and pension superfunds.
The revised standard includes requirements for the provision of advice on setting actuarial factors and on bulk transfer exercises, including buyout transactions with insurers and transfers to pension superfunds.
Mark Babington, the FRC’s executive director of regulatory standards, said: “Defined benefit pension schemes have a significant potential to support economic growth through greater investment in the productive economy. High quality actuarial work will support a well-functioning marketplace for ‘endgame solutions’ such as insured buyouts and transfers to superfunds. The revisions to TAS 300 reflect the FRC’s commitment to promoting high-quality actuarial work in this sector and increase public confidence in this market as it develops.”
The FRC has advised that it is also considering feedback received in relation to TAS 310, which sets out the requirements to collective money purchase pension schemes and that it will issue a separate feedback statement and impact assessment in due course.