28 October 2026
The Financial Reporting Council (FRC) has published a consultation on proposed changes to Actuarial Standard Technical Memorandum 1 (AS TM1).
The FRC conducts an annual review of the appropriateness of the assumptions set out in AS TM. Following this year’s review, the FRC proposes increasing some of the accumulation rate assumptions used in the calculation of statutory illustrations for DC pensions. No changes are proposed to other assumptions or the methodology set out in AS TM1 version 5.2.
Stakeholders are invited to provide feedback by 27 November 2026 and results of the consultation are expected to be published by 15 February 2027.
The FRC is also carrying out a post implementation review of AS TM1. The wider review is intended to cover areas beyond the annual review, according to the FRC. To support the post implementation review, the FRC will shortly publish a call for feedback to seek comprehensive feedback on the standard.