FRC proposes no significant amendments to AS TM1
News types: Consultation Announcement
Published: 30 October 2025
The Financial Reporting Council (FRC) has today issued a consultation on the Actuarial Standard Technical Memorandum 1 (AS TM1) which proposes no significant amendments to the standard.
Following its annual review of AS TM1, to clarify its policy intention the FRC proposes a minor wording amendment relating to fund volatility calculation dates. This review considered changes in market volatility and return expectations over the year, and concluded the accumulation rate assumptions and volatility boundaries in AS TM1 remain appropriate. The FRC proposes no amendments to the assumptions in the standard.
Stakeholders are invited to provide feedback by 1 December 2025
Results of the consultation are to be published by 15 February 2026.
The FRC’s Executive Director of Regulatory Standards, Mark Babington said:
“It is vital that pension scheme members can trust the consistency and reliability of their pension illustrations. The Government’s continued commitment to pensions dashboards reinforces this priority, and we’re pleased that AS TM1 underpins this work as key tool to help users understand their pensions.”