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Supporting your practice: Revised Actuarial Profession Standard - P1

To better support your practice, today sees the publication of a revised Actuarial Profession Standard (APS) P1 (Version 3.0) which will come into force in April 2022.

APS P1 sets out specific practice area ethical obligations that apply, in addition to the Actuaries’ Code, for Members working in pensions.

The revised standard replaces Version 2.0, which will be withdrawn when Version 3.0 takes effect.

The new version provides a more streamlined and clearer standard for Members, clarifying your responsibilities with less prescriptive wording. In addition, there is an extension in the scope of the APS to those advising the employer of a pension scheme, and clarification in the new version that in-house actuaries are also covered.

The withdrawal of Version 2.0 and introduction of Version 3.0 of APS P1 was consulted upon earlier this year. The Regulatory Board is grateful to all those who took the time to respond. The consultation feedback is available on our website.

Should you have any questions about the new APS P1 please do not hesitate to contact the Regulation Team.