FRC publishes new technical actuarial standards for collective money purchase pensions

News types: Codes and Standards Announcements

Published: 24 May 2024

The Financial Reporting Council (FRC) has today published version 1.0 of Technical Actuarial Standard 310: Collective Money Purchase Pensions (TAS 310). This follows a consultation to ensure developments in this emerging area of work are proportionately reflected. TAS 310 allows for the different considerations for actuarial work in relation to collective money purchase pension schemes, compared to defined benefit or defined contribution pensions.

The development of collective money purchase pension schemes is an important addition to the current range of pension options available in the UK. TAS 310’s introduction will maintain trust in collective money purchase schemes and address the risks to pension scheme members, reflecting the FRC’s commitment to high-quality actuarial work as the market develops.

The new Standard includes requirements in relation to assumptions and modelling, as well as the provision of advice on assessments of scheme soundness, scheme valuations and setting actuarial factors.

Read Technical Actuarial Standard 310: Collective Money Purchase Pensions Version 1.0.

Read the Feedback Statement and Impact Assessment for TAS 310: Collective Money Purchase Pensions.

The FRC has also published updated guidance on TAS on proportionality, which covers specific examples relevant to TAS 310.