Pensions Guidance Notes adopted by the Board for Actuarial Standards (BAS) and those retained or deleted by the Profession

The following schedule details which Pensions guidance notes have been adopted by the BAS or retained/deleted by the Profession. As part of the handover, GN31 was deleted by the Profession with the agreement of BAS.

The Profession will continue to produce ethical guidance in the form of the PCS or an Actuarial Profession Standard and is developing arrangements for how retained GNs and future standards will be amended and introduced. The Profession will also from time to time produce Information and Assistance Notes for its members. GN27, GN29 and GN48 are retained by the Profession.

Guidance Notes are currently classified as either Practice Standard or Recommended Practice. This differential status was retained by the BAS on handover.

Professional Standards Directory

The Professional Standards Directory comprises BAS standards and the Actuarial Profession Standards (formerly known as the Manual of Actuarial Practice). The Professional Standards Directory is designed to permit members and others to access the current BAS standards together with the current version of the Actuarial Profession Standards.

Pensions Guidance Notes Schedule

GN3: Retirement Benefit Schemes - Contracting-out Certificates for schemes where wind-up commenced before 6 April 1997
Version 3.3 (effective 01.11.99). 
Version 3.4 (effective from 13.01.03 to midnight on 18.05.06). Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN4: Insolvency of employers: safeguard of pension scheme contributions
Version 2.3 (effective 01.05.00).
Version 2.4 (effective 15.12.03 to midnight on 18.05.06). Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN9: Funding defined benefits - Presentation of actuarial advice
Version 6.0 (effective 01.08.97)
Version 7.0 (effective 20.03.04) Covering letter [pdf]
Version 8.0 (effective 30.12.05 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN11: Retirement benefit scheme - transfer values
Version 7.2 (effective 01.04.98)
Version 8.0 (effective 01.12.00)
Version 8.1 (effective 06.04.01)
Version 9.0 (effective 04.08.03) Covering letter [pdf]
Version 9.1 (effective 01.03.04) Covering letter [pdf]
Version 9.2 (effective 30.12.05) Covering letter [pdf]
Adopted by BAS on 6 April 2007

GN13: Actuarial statements required in connection with the US Statements of Financial Accounting Standards No 87, No 88 and No 132 (FAS 87, 88 and 132)
Version 3.1 (effective 01.10.99)
Version 3.2 (effective 14.10.02)
Version 3.3 (effective 01.06.04 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN16: Retirement benefit schemes - transfers without consent
Version 2.1 (effective 01.02.96) [covering letter not available]
Version 3.0 (effective 05.04.05) Covering letter [pdf]
Version 3.1 (effective 29.11.05 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN17: Accounting for pension costs under Statement of Standard Accounting Practice No 24
Version 1.0 (effective 01.05.91 to midnight on 18.05.06) [covering letter not available]
Adopted by BAS on 19 May 2006

GN19: Retirement benefit schemes - winding-up and scheme asset deficiency
Version 4.1 (effective 01.03.98)
Version 4.2 (effective 19.03.02)
Version 4.3 (effective 15.03.04)
Version 4.4 (effective 10.05.04) Covering letter [pdf]
Version 4.5 (effective 15.02.05) Covering letter [pdf]
Version 4.6 (effective 06.04.05) Covering letter [pdf]
Version 4.7 (effective 02.09.05) Covering letter [pdf]
Adopted by BAS on 6 April 2007

GN26: Pension fund terminology
Version 2.0 (effective 01.07.97) Covering letter [pdf]
Version 2.1 (effective 01.03.01 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN27: Retirement benefit schemes - minimum funding requirement
Version 1.4 (effective 01.06.99)
Version 1.5 (effective 01.12.00)
Version 1.6 (effective 07.03.02)
Version 2.0 (effective 19.03.02)
Version 2.1 (effective 13.01.03) Covering letter [pdf]
Retained by the Profession because the MFR legislation has been repealed (save only for limited purposes) and it was not possible for the DWP to make necessary legislative amendments to allow its handover

GN28: Retirement benefit schemes - adequacy of benefits for contracting-out
Version 1.2 (effective 01.03.98)
Version 1.3 (effective 01.03.04)
Version 2.0 (effective 05.12.05) Covering letter [pdf]
Version 2.1 (effective 29.07.06) Covering letter [pdf]
Adopted by BAS on 6 April 2007

GN29: Occupational pension schemes - advisers to the trustees
Version 3.1 (effective 01.07.99)
Version 4.0 (effective 01.03.02)
Version 5.0 (effective 01.03.03) Covering letter [pdf]
Version 6.0 (effective 06.04.05) Covering letter [pdf]
Version 7.0 (effective 01.04.07) Covering letter [pdf]
Version 7.1 (effective 31.03.08)
Retained by the Profession

GN31: Actuaries to appropriate personal pension schemes in terms of the Pensions Act 1995
Version 1.1 (effective 10.01.00) Covering letter [pdf]
Deleted 18.05.06

GN34: Illustration of defined contribution pension scheme benefits
Version 1.0 (effective 01.05.00)
Version 1.1 (effective 13.01.03 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN36: Accounting for retirement benefits under Financial Reporting Standard 17
Version 1.0 (effective 01.04.02 to midnight on 18.05.06) Covering letter [pdf]
Adopted by BAS on 19 May 2006

GN48: Compliance review: Pensions
Version 1.0 (effective 31.12.04) Covering letter [pdf]
Version 2.0 (effective 01.01.07) Covering letter [pdf]
Retained by the Profession

GN49: Occupational pension schemes - scheme funding matters on which advice of actuary must be obtained
Version 1.0 (effective 30.12.05) Covering letter [pdf]
Adopted by BAS on 6 April 2007

GN51: Retirement benefit schemes - modification of subsisting rights without consent
Version 1.0 (effective 06.04.06) Covering letter [pdf]
Version 1.1 (effective 06.11.06) Covering letter [pdf]
Adopted by BAS on 6 April 2007