FRC publishes revised technical actuarial standard for pensions
News types: Codes and Standards Announcements
Published: 18 July 2025
The Financial Reporting Council (FRC) has today published version 2.1 of Technical Actuarial Standard 300: Pensions (TAS 300). Following a consultation, TAS 300 has been revised to ensure it continues to be fit for purpose, given recent changes to the pension funding regime and increasing interest in using pension scheme surpluses.
The revisions bring greater clarity to practitioners and remove provisions from the standard that are no longer needed.
The FRC's Executive Director of Regulatory Standards, Mark Babington, said:
"Quality actuarial work will assist trustees and employers to establish appropriate plans for funding their pension schemes and to make informed decisions on the use of any surplus funding. The revisions to TAS 300 support the Government's pensions reform agenda and promote reliable actuarial work in this sector. Notably, they support actuaries in facilitating in a proportionate way, management of the long-term financial risks associated with defined benefit pension schemes to the benefit of members and employers.”
The standard will be effective for technical actuarial work completed on or after 1 November 2025. Practitioners may choose to apply TAS 300 v2.0 for technical actuarial work on funding valuations with an effective date before 22 September 2024.
Listen to the FRC's latest In Conversation Podcast episode on TAS 300 v2.1 featuring David Young, Stakeholder Engagement Manager, Andrew Bennett, Senior Project Director, and Mark Harris, Project Director, in which they discuss the revised actuarial standard for pensions.