News November 2018 Actuarial Statement of Recommended Practice 1: Financial Analysis of Social Security Programmes

Actuarial Statement of Recommended Practice 1: Financial Analysis of Social Security Programmes

08 November 2018

The FRC published revised Technical Actuarial Standards (TASs) in December 2016, with an effective date of 1 July 2017. During the review supporting the revision, we identified that technical actuarial work related to Social Security Pensions represents a high level of risk to the public interest. We considered including this work in the scope of TAS 300: Pensions but considered that a more appropriate approach was to adopt the model standard, International Standard of Actuarial Practice 2: Financial analysis of social security programs (ISAP 2 (2017)) issued by the International Actuarial Association (IAA) to support the application of TAS 100: Principles for Technical Actuarial Work to this work.

The purpose of this public consultation is to seek views on:

  • the approach that we are proposing for setting a standard for technical actuarial work supporting UK Social Security Programmes (SSPs);

  • the proposed scope of the standard; and

  • the changes that we have proposed in the adoption of ISAP 2 (2017).

The consultation document and appendices may be found on the FRC website. We invite comments from all interested parties.  The closing date for submission of responses is 31st January 2019.

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