The Board for Actuarial Standards (the BAS) has today published a consultation paper setting out proposals for a technical actuarial standard on pensions.

A key objective of the proposed standard is to ensure that actuarial information provides the best possible support to trustees, sponsors and others who use the information to make decisions.

The issues covered by the paper include:

• the principles underlying the selection of discount rates used to value pension scheme liabilities;
• whether prudent estimates of liabilities of pension schemes should be accompanied by best estimates of the same liabilities; and
• the content of the report produced after regular Scheme Funding reviews of pension schemes.

Following the consultation, the BAS will issue an exposure draft of a principles-based standard that will apply to actuarial work in pensions.

Commenting on the publication, Louise Pryor, Director of the BAS, said:

“We have issued exposure drafts of our Generic Standards on data, modelling and reporting. The pensions consultation builds on the solid foundation being laid down by the Generic Standards and will help to ensure that trustees, sponsors and others receive clear and reliable actuarial information to enable them to make informed decisions.”

The consultation period ends on 18 September 2009. Copies of the paper can be downloaded from the BAS’s website at:
http://www.frc.org.uk/bas/publications/index.cfm?mode=list&cID=27.
 

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
2. The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
3. All media enquiries should be addressed to Louise Pryor, Director, Board for Actuarial Standards, 020 7492 2354 or email at l.pryor@frc.org.uk.