18 July 2025
The FRC has published version 2.1 of Technical Actuarial Standard (TAS) 300: Pensions.
Following consultation, TAS 300 has been revised 鈥渢o ensure it continues to be fit for purpose,鈥� said the FRC, 鈥済iven 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.鈥�.
The FRC鈥檚 Executive Director of Regulatory Standards, Mark Babington, said: 鈥淨uality 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鈥檚 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鈥�.
The standard will be effective for technical actuarial work undertaken in the UK 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.
You can learn more in the FRC鈥檚 latest In Conversation Podcast episode. David Young, Stakeholder Engagement Manager, Andrew Bennett, Senior Project Director, and Mark Harris, Project Director discuss the revised actuarial standard for pensions.