Board for Actuarial Standards. Consultation paper. TM1: Statutory illustrations of money purchase benefits. Comments from the Actuarial Profession

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The Actuarial Profession welcomes this in depth review of the Technical Memorandum. Since its issue in April 2003 it has been “patched and mended” with no material changes since November 2006. A thorough review is overdue and welcome.

We have chosen not to respond to the detailed questions as we believe that they may be best answered by practitioners and providers of illustrations. However we do have some general observations to make which we set out in this paper.