Actuarial Statement of Recommended Practice 1: Financial Analysis of Social Security Programmes
The FRC published revised Technical Actuarial Standards (TASs) in December 2016, with an effective date of 1 July 2017. During the review supporting the revision, we identified that technical actuarial work related to Social Security Pensions represents a high level of risk to the public interest. We considered including this work in the scope of TAS 300 but considered that a more appropriate approach was to adopt the model standard, International Standard of Actuarial Practice 2: Financial analysis of social security programs (ISAP 2 (2017)) issued by the International Actuarial Association (IAA) to support the application of TAS 100 to this work.
The purpose of this public consultation is to seek views on:
the approach that we are proposing for setting a standard for technical actuarial work supporting UK Social Security Programmes (SSPs);
the proposed scope of the standard; and
the changes that we have proposed in the adoption of ISAP 2 (2017).
The consultation package comprises a covering consultation paper and four annexes.
Annex 1 is the Exposure Draft of Actuarial Statement of Recommended Practice 1 (ASORP1) together with a glossary of new terms and potential content for communications.
Annex 2 is ISAP 2 (2017) from which ASORP1 was derived.
Annex 3 provides a list of changes between ISAP 2 (2017) and ASORP1.
Annex 4 is a template for responding to the consultation. The closing date for response is 31st January 2019.
Consultation Paper (PDF)
Annex 1 - Exposure Draft: Actuarial Statement of Recommended Practice 1: Financial Analysis of Social security Programmes (PDF)
Annex 2 – International Standard of Actuarial Practice 2 (2017) (PDF)
Annex 3 – List of changes between ISAP 2 (2017) and ASORP 1 (PDF)
Annex 4 – Consultation response form (PDF)
The consultation closed on 31st December and the responses can be found here