Work Streams

1. Users

1a. Users: attend and present at meetings

Summary	Attend and present at meetings of users of actuarial information organised by others. Possible groups include pension trustees, insurer boards, industry groups such as ABI, ILAG, NAPF, TUC.
Objectives serverd	1 (understand how actuarial information can be improved) 2 (users’ expectations) 3 (users enabled) 4 (user feedback) 6 (user awareness) 10 (TASs required by others)
Outcomes	Better awareness of the FRC, BAS and TASs by users Feedback from users on actuarial work and on TASs

1b. Users: hold workshops and individual meetings 

Summary	Arrange workshops or individual meetings with small groups of users for focused discussions. Possible topics include: Specific actuarial reports, how they could be improved etc Specific user roles, such as risk committee, audit committee, or trustees for Scheme Funding, and the actuarial information that is used
Objectives served	1 (understand how actuarial information can be improved) 2 (users’ expectations) 3 (users enabled) 4 (user feedback) 5 (effect of TASs) 6 (user awareness) 7 (practitioners comply) 10 (TASs required by others)
Outcomes	Better awareness of the FRC, BAS and TASs by users Feedback from users on actuarial work and on TASs Source material for resources for users Source material for case studies for practitioners

1c. Users: develop website resources

Summary	Develop resources for the website that will help users. Possibilities include using the material in the “Challenges for users” document or AQF to produce more targeted documents for specific groups of users, and guides to setting particular types of assumptions.
Objectives served	2 (users’ expectations) 3 (users enabled) 4 (user feedback) 6 (user awareness)
Outcomes	Better awareness of the FRC, BAS and TASs by users Better engagement by users with actuarial information

2. Practitioners

2a. Practitioners: attend and present at meetings

Summary	Attend and speak at meetings of users of actuarial information organised by others. Possibilities include CPD events arranged by the Profession or other organisations, internal CPD events, conferences, etc.
Objectives served	5 (effect of TASs) 7 (practitioners comply) 8 (standards fit for purpose)
Outputs	Better awareness of and familiarity with the FRC, BAS, AQF and TASs by practitioners Feedback from practitioners on actuarial work and on TASs Source material for FAQs for practitioners

2b. Practitioners: hold workshops and individual meetings

Summary	Arrange workshops or individual meetings with small groups of practitioners for focused discussions. Possible topics include particular aspects of TASs, how they are complying, where they are having difficulties.
Objectives served	5 (effect of TASs) 7 (practitioners comply) 8 (standards fit for purpose)
Outputs	Better awareness and understanding of TASs by practitioners Feedback from practitioners on actuarial work and on TASs Source material for FAQs and case studies for practitioners

2c. Practitioners: develop website resources

Summary	Develop resources on the website that will help practitioners. Possibilities include FAQs, case studies, assumption setting, other research summaries, specimen reports.
Objectives served	7 (practitioners comply)
Outcomes	Better familiarity with and understanding of TASs by practitioners

2d. Practitioners: obtain reports

Summary	Obtain copies of reports from practitioners: both pre and post TAS.
Objectives served	5 (effect of TASs) 7 (practitioners comply) 8 (standards fit for purpose)
Outputs	Feedback from practitioners on actuarial work and TASs Source material for FAQs and case studies for practitioners

3. Regulators 

3a. Regulators: build relationships

Summary	Build our relationships with regulators, including FSA, tPR, DWP, AP, through regular liaison meetings and other means.
Objectives served	1 (understand how actuarial information can be improved) 2 (users’ expectations) 3 (enable users) 5 (effect of TASs) 6 (user awareness) 8 (standards fit for purpose) 10 (TASs required by others)
Outputs	Better awareness of the FRC, BAS, AQF and TASs by regulators Feedback from regulators on actuarial work and on TASs Regulators consider requiring the use of TASs Regulators publicise TASs and other FRC publications in their own materials Improved integration between regulators Inconsistencies with other regulation identified and fixed

4. Standards

4a. Standards: Funeral Plans TAS

Summary	Issue the Funeral Plans TAS.
Objectives served	8 (standards fit for purpose)
Outputs	Funeral Plans TAS Completion of the initial suite of TASs

4b. Standards: S&A and TAS housekeeping

Summary	Housekeeping review of S&A and TASs.
Objectives served	8 (Standards fit for purpose)
Outputs	Known minor bugs in S&A and TASs fixed Fewer overlaps between TASs Clear view of how TASs should be applied Possible source material for FAQs or other materials for practitioners

4c. Standards: GN housekeeping

Summary	GN withdrawal as the TASs come into force. Consider any interim amendments to GNs.
Objectives served	8 (Standards fit for purpose)
Outputs	No extant GNs (except possibly GN19)

4d. Standards: TM1

Summary	Continue the review of TM1, working with other regulators. Issue minor revisions as appropriate, and start process of major revision.
Objectives served	8 (Standards fit for purpose)
Outputs	TM1 kept up to date and consistent with regulations and FSA rules

4e. Standards: International

Summary	Contribute to the development of actuarial standards for SII through the FSA. Influence their development, and that of other international standards, through the relevant organisations.
Objectives served	9 (international actuarial standards)
Outputs	Greater international awareness of the BAS and its work Influence on international standards

5. Research

Summary	Projects to bring together information on topics of interest to practitioners or users, and publish discussion papers or area guides. To include review of current practice and thinking in setting assumptions.
Objectives served	3 (users enabled) 7 (practitioners comply) 8 (standards fit for purpose)
Outputs	Website resources for users and practitioners Contribution to information on assumption setting available to users and practitioners

6. Accounting for pensions and insurance

Summary	Work with the ASB and the Actuarial Profession on accounting for pensions costs and insurance contracts.
Objectives served	1 (understand how actuarial information can be improved) 8 (standards fit for purpose)
Outputs	Possible website resources