20 November 2024
The Financial Reporting Council (FRC) has announced the launch of a consultation on Actuarial Standard Technical Memorandum 1 (AS TM1), proposing to maintain the current standard following its annual review.
The FRC stated this year’s review revealed limited change in market volatility and return expectations. The FRC proposes to keep AS TM1 v5.1 in force for Statutory Money Purchase Illustrations based on calculations performed between 6 April 2025 and 5 April 2026.
Stakeholders are invited to provide feedback by 7 December 2024. Results of the consultation are expected to be published by 15 February 2025.
The FRC’s Executive Director of Regulatory Standards, Mark Babington said: “It is essential that pension scheme members have confidence in the consistency and reliability of their pension illustrations. The Government recently reaffirmed its commitment to pensions dashboards and AS TM1 will continue to help users better understand their pension projections.”
See the full consultation document and take part.