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FRC: Revised Actuarial Standard Technical Memorandum 1 (AS TM1)
The Financial Reporting Council (FRC) has recently published a revised version of Actuarial Standard Technical Memorandum 1 (AS TM1) which sets out the basis on which annual statutory money purchase illustrations (SMPIs) should be determined.
It includes two amendments following changes by the Institute and Faculty of Actuaries’ Continuous Mortality Investigation (CMI) concerning the mortality tables specified in AS TM1.
The changes to AS TM1 are the same as those made by the Financial Conduct Authority (FCA) for point of sale and in-force business projections in PS16/12: Pension reforms – feedback on CP15/30 and final rules and guidance.
The revised standard is effective from 6 April 2017.
The revised standard and rationale for the changes can be found here
