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Proposals to introduce a revised Actuarial Profession Standard (APS) P1

The Institute and Faculty of Actuaries (IFoA) has today launched a consultation on proposals to introduce a revised APS P1 on ‘Duties and Responsibilities of Members undertaking work in relation to pension schemes’. The revised APS has been produced by the Pension Standards Committee, with approval from the Regulation Board.

APS P1 sets out specific practice area ethical obligations that apply, in addition to the Actuaries’ Code, for members working in pensions. The IFoA is proposing to introduce a revised version that it hopes will provide a clearer and more streamlined standard for members, and which uses less prescriptive wording to clarify members’ responsibilities. The proposals include an extension in the scope of the APS to those advising the employer of a pension scheme, and clarification regarding the fact that in-house actuaries are also covered.

The consultation on the proposals closes on 7 January 2021. We encourage you to read the proposals and give us your views. 

You can find further information, along with the full consultation package, on our webpage here.