FRC publishes revised technical actuarial standards for the pensions sector

News types: Feedback Statement, Codes and Standards Announcements

Published: 11 December 2023

The Financial Reporting Council (FRC) has today published version 2.0 of Technical Actuarial Standard 300: Pensions (TAS 300). The new version of the Standard includes revisions to ensure it remains appropriate and reflects developments in the pension industry, including increased buyout activity and pension superfunds.

The revised standard includes requirements for the provision of advice on setting actuarial factors and on bulk transfer exercises, including buyout transactions with insurers and transfers to pension superfunds.

The FRC is also considering feedback received in relation to TAS 310, which sets out the requirements to collective money purchase pension schemes and will issue a separate feedback statement and impact assessment in due course.

The FRC’s Executive Director of Regulatory Standards, Mark Babington said:

"Defined benefit pension schemes have a significant potential to support economic growth through greater investment in the productive economy. High quality actuarial work will support a well-functioning marketplace for ‘endgame solutions’ such as insured buyouts and transfers to superfunds. The revisions to TAS 300 reflect the FRC’s commitment to promoting high-quality actuarial work in this sector and increase public confidence in this market as it develops.”

The FRC invites stakeholders to a webinar to discuss the revised standard at 1pm on 11 January 2024.