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 v5.2 (from 6 April 2026) |
|---|---|
| Publication date | 6 February 2026 |
| Effective from | 6 April 2026 |
| Type | Standard |
| Format | PDF, 407.3 KB. View HTML version |
| Name | AS TM1: Statutory Money Purchase Illustrations v5.2 Guidance |
| Publication date | 6 February 2026 |
| Type | Guidance |
| Format | PDF, 301.9 KB. View HTML version |
Latest consultation on AS TM1 v5.3
The FRC has carried out its annual review of the appropriateness of accumulation rate assumptions and volatility group boundaries in AS TM1. Based on this review, we are proposing to increase the accumulation rate assumptions for some volatility groups. We are consulting on these proposed changes, with the consultation open until 27 November 2026.
Actuarial Standard Technical Memorandum 1 (AS TM1) Post Implementation Review
The FRC is issuing a Call for Feedback as part of its post implementation review of Actuarial Standard Technical Memorandum 1 (AS TM1). The wider review covers areas beyond the annual review of the accumulation rate assumptions and volatility group boundaries and follows a separate timeline. Feedback is to be provided by 26 January 2027.
Discussion Paper - Additional Pension Illustrations (Guided Retirement and Decumulation)
The FRC is seeking views on additional standards for defined contribution pension illustrations to support the Government’s implementation of Guided Retirement. The FRC is working closely with the Department for Work and Pensions (DWP) to develop standardised approaches for common pension solutions other than immediate annuities. The standardised approaches are intended to support clear and consistent communications to DC scheme members of the expected retirement income from their default pension(s), during both the pre-retirement accumulation phase and the decumulation phase.
The FRC is also inviting stakeholders to attend a roundtable discussion to support the development of these standards. The roundtable is scheduled to take place online from 11:30am on 30 November 2026. To express your interest in attending this roundtable, please email [email protected].
Stakeholders are invited to provide feedback by 26 January 2027.
Past versions
| Name | AS TM1: Statutory Money Purchase Illustrations v5.1 (from 6 April 2024) |
|---|---|
| Publication date | 9 February 2024 |
| Type | Standard |
| Format | PDF, 3.6 MB. View HTML version |
| 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. View HTML version |
| 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. View HTML version |
| 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. View HTML version |
| Name | AS TM1: Statutory Money Purchase Illustrations: Version 4.2 (October 2016) |
| Publication date | 3 October 2016 |
| Type | Standard |
| Format | PDF, 171.5 KB. View HTML version |
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 v5.2 (October 2025)
- 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.