Actuarial Standard Technical Memorandum: AS TM1
AS TM1 Actuarial Standard Technical Memorandum
Introduction
Actuarial Standard TM1 specifies the actuarial assumptions and methods to be used in the calculation of Statutory Money Purchase Illustrations (SMPIs).
Feedback and queries on AS TM1 can be provided to [email protected]
Current versions
| Name | AS TM1: Statutory Money Purchase Illustrations v5.1 (from 6 April 2024) |
|---|---|
| Publication date | 9 February 2024 |
| Effective from | 6 April 2024 |
| Type | Standard |
| Format | PDF, 3.6 MB |
| Name | AS TM1 Statutory Money Purchase Illustrations Version 5.1 Guidance |
| Publication date | 8 April 2024 |
| Type | Guidance |
| Notes | This updated guidance document refers to standard AS TM1 v5.1, rather than v5.0, but with no changes to the guidance provided. |
| Format | PDF, 314.9 KB |
Latest consultation on AS TM1 v5.2
The FRC has launched a consultation on AS TM1 v5.2, proposing no amendments to the assumptions in the standard, and a minor wording amendment relating to fund volatility calculation dates to clarify policy intention.
The consultation runs until 1 December 2025.
Past versions
| Name | AS TM1: Statutory Money Purchase Illustrations v5.0 (from 1 October 2023) |
|---|---|
| Publication date | 7 October 2022 |
| Type | Standard |
| Format | PDF, 389.5 KB |
| Name | AS TM1 Statutory Money Purchase Illustrations Version 5.0 Guidance (Revised 2023) |
| Publication date | 21 June 2023 |
| Type | Guidance |
| Format | PDF, 319.0 KB |
| Name | AS TM1: Statutory Money Purchase Illustrations: Version 4.2 (October 2016) |
| Publication date | 3 October 2016 |
| Type | Standard |
| Format | PDF, 171.5 KB |
Older versions of the standard are available on request by emailing [email protected].
Past consultations and annual reviews
The following pages contain the consultation document and associated documents, including technical analysis, public responses and the FRC’s feedback statement.
- Consultation on AS TM1 v5.1 (November 2024)
- Consultation on AS TM1 v5.1 (November 2023)
- FRC concludes no changes needed to AS TM1 v5.0 (January 2023)
- AS TM1 v4.2 assumptions to remain unchanged prior to implementation of AS TM1 v5.0 (December 2022)
- Consultation on AS TM1 v5.0 (February 2022)
Older consultations can be found on the FRC consultations page.
Podcast
Pension dashboards and the changes introduced in v5.0 of AS TM1.