FRC updates technical actuarial standard for collective defined contribution pensions
News types: Publications
Published: 10 July 2026
The Financial Reporting Council (FRC) has today issued revised Technical Actuarial Standard (TAS) 310, and accompanying Technical Actuarial Guidance, to support decision makers to consider how fairness can be achieved across different groups of members in collective defined contribution (CDC) pension schemes.
TAS 310 v1.1 introduces targeted amendments to ensure that the UK’s actuarial framework remains fit for purpose, following recent Government legislation to enable the operation of multiple-employer CDC pension schemes.
Multiple-employer CDC schemes are pension arrangements that allow multiple unrelated employers to participate in a single collective fund. Members and employer contributions are pooled, with investment and longevity risks shared across the scheme, from which a pension income for life is drawn. To manage fairness between different employers and groups of members, these schemes are required to achieve ‘actuarial equivalence’ between pension benefits and contributions paid.
Throughout the FRC’s consultation on revisions to the standard, stakeholders demonstrated broad support for the proposals, including the addition of requirements around actuarial equivalence. This provides actuaries with an appropriate and up-to-date framework for working with this new type of scheme.
To support practitioners carrying out work relating to actuarial equivalence in a proportionate manner, the FRC has also published new Technical Actuarial Guidance.
Mark Babington, Executive Director of Regulatory Standards“Actuaries are central to the effective operation of CDC schemes, and the FRC fully supports Government’s efforts to bring further innovation to the UK pensions landscape through new forms of CDC pensions. By underpinning CDC schemes with clear, proportionate and principles-based actuarial standards and guidance, we enable actuaries to deliver rigorous analysis that supports decision-making and strengthens confidence among members and stakeholders.”
The standard will be effective for technical actuarial work completed on or after 31 July 2026.
Read Technical Actuarial Standard 310: Collective Money Purchase Pensions and its accompanying guidance.