Note:
TM1 was adopted by the Board for Actuarial Standards (BAS) on 6 April 2007. For current and future TM1 material, please visit the BAS website.

TM1 material as at 5 April 2007

Technical Memorandum (TM1) specifies the assumptions to be used to illustrate the amount of pension that might be payable when a member retires, in terms of today's prices. The illustrations apply to a wide range of individual and occupational pension arrangements (including personal pensions, money purchase pension schemes and stakeholder pensions).

• TM1 version 1.2 effective for illustrations with an illustration date of 1 November 2006 and later. (See note below) Oct 2006 [Word] [pdf]
• Tracked changes version of TM1 version 1.2 (See note below) Oct 2006 [pdf] Note: The edition of TM1 version 1.2 available for downloading here was issued on 21 December 2006 and contains an amendment to para 11.2.2 to version 1.2 as originally issued in October 2006. Please replace any copies downloaded or printed prior to 21 December 2006 with copies of the files above.
• Covering letter to Members, release of TM1 version 1.2. Oct 2006 [pdf]
• Sample calculations, TM1, for versions 1.1 and 1.2. Oct 2006 [pdf]
• Clarification of interest rate (para 15.2) Feb 2007 [pdf]
• Press release announcing release of version 1.2. Oct 2006

Previous TM1 material

TM1 was issued by the profession on 17 May 2002. At the same time the Government published The Occupational and Personal Pension Schemes (Disclosure of Information) Amendment Regulations 2002 (SI 2002/1383).

• TM1 version 1.1 effective for illustrations with an illustration date of 5 April 2005 and later. Apr 2005 [Word] [pdf]
• TM1 version 1.0 effective for illustrations with an illustration date up to and including 4 April 2005. Apr 2003 [Word] [pdf]
• Report on mortality basis in TM1 Oct 2004 [pdf]
• Report on mortality basis in TM1 Feb 2003 [pdf]