The Financial Reporting Council (FRC) has published a consultation on plans to revise the actuarial standards used in the pensions sector in order to ensure the standards remain relevant and reflect industry developments.

The proposed revisions to the Technical Actuarial Standard 300 (TAS300) include requirements for providing advice on setting actuarial factors and for bulk transfer exercises, including buyout transactions with an insurer and transfers to a pension superfund.

Alongside revisions to TAS300, the FRC proposed introducing a new Technical Actuarial Standard 310, which sets out the standards for actuarial work in relation to collective money purchase pension schemes to reflect the framework for this new type of pension scheme.

Commenting on the proposals, FRC executive director of regulatory standards, Mark Babington, stated: "We are pleased to launch this consultation to update our actuarial standards for pensions, which play a crucial role in ensuring high-quality actuarial work.

“The proposed revisions to TAS 300 and the introduction of TAS 310 will ensure that our standards remain up-to-date and relevant to industry developments.

"In particular, with bulk purchase annuities now within reach for far more schemes and potentially increased activity in this market, it is important to ensure the standards promote high quality of actuarial work in this area.”

The consultation will run until 4 August.

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