Actuaries Actuarial Policy Actuarial Standards Current Technical Actuarial Standards

Current Technical Actuarial Standards

Actuarial Statement of Recomended Practice 1 (ASORP1): Financial Analyses of Social Security Programmes


ASORP 1: Financial Analyses of Social Security Programmes (PDF)
 

Revised TASs

The "revised TASs" were issued in December 2016 and have replaced the "original TASs" with effect from 1 July 2017.  The "revised TASs" consist of one generic TAS, TAS 100: Principles for Technical Actuarial Work which applies to all technical actuarial work and Specific TASs which apply to specified areas of technical actuarial work where there is a high degree of risk to the public interest.  A separate document, the Framework for FRC technical actuarial standards describes the general scope and authority of the TASs, with each Specific TAS defining its particular scope.
 

Generic TAS

TAS 100: Principles for Technical Actuarial Work (PDF)

Read the IFoA guidance on the application of TAS 100.
 

Specific TASs

TAS 200: Insurance (PDF)

TAS 300: Pensions (PDF)

TAS 400: Funeral plan trusts (PDF)
 

Framework for technical actuarial standards (from 18 May 2019)

In April 2019, the FRC updated the Framework for technical actuarial standards to update references to The Actuaries’ Code (issued by the Institute and Faculty of Actuaries, IFoA) to reflect changes to the Code which come into effect on 18 May 2019. The changes did not change the intention or content of the Framework itself. 

Framework for Technical Actuarial Standards - May 2019 (PDF)

The previous version of the Framework can be found here:
Framework for Technical Actuarial Standards (PDF)
 

Glossary of terms (Definitions of terms used throughout the TASs)

Glossary of defined terms used in FRC technical actuarial standards (PDF)
 

Revised TASs: Transition statement

The "revised TASs" apply to work in their scope which is completed on or after 1 July 2017.

For Scheme Funding exercises with an effective date on or before 1 October 2016 and where the technical actuarial work is completed on or after 1 July 2017 compliance with the Generic TASs (TAS D, TAS M and TAS R) and the Pensions TAS is permitted instead of compliance with TAS 100 and TAS 300.  In such cases the compliance statement should state that compliance is with the Generic TASs (TAS D, TAS M and TAS R) and the Pensions TAS.

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