Standards updates

The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council

2018 Updates
Update 44 Issued 20 April 2018	Revised Standard: APS X3 The Actuary as an Expert in Legal Proceedings Read full update

2017 Updates
Update 43 Issued 1 August 2017	Revised Standards come into effect on 1 September 2017: APS G1: The Chief Actuary in Non-Life. Version 2.0 APS L2: Duties and Responsibilties of Life Assurance Actuaries. Version 3.0 Read full update
Update 42 Issued 29 March 2017	TAS 100: Prinicples for Actuarial Work Read full update

2016 Updates
Update 41 Issued 16 December 2016	APS X1: Applying Standards to Actuarial Work; and TAS 100: Principles for Actuarial Work Read full update
Update 40 Issued 18 May 2016	Revised Standard: APS D1 Investment Related Business Activities for Authorised Professional Firms Read full update

2015 Updates
Update 39 Issued 1 December 2015	Revised Standard: APS L1 Duties and Responsibilities of Life Assurance Actuaries Read full update
Update 38 Issued 1 December 2015	New Standard: The Chief Actuary in Non-Life Insurance: APS G1 Introduced Read full update
Update 37 Issued 30 November 2015	New Standard: Duties and Responsibilities for Actuaries Working for UK Trust-Based Pre-Paid Funeral Plans: APS Z1 Introduced Read full update
Update 36 Issued 08.07.2015	New Guidance on the Actuary and Activities Regulated under FSMA 2000 and the withdrawal of the IAN: The Actuary and Activities Regulated under FSMA 2000 Read full update
Update 35 Issued 16.03.2015	Withdrawal of APS P2, effective 1 July 2015 Read full update
Update 34 Issued 29.01.2015	APS X2: Review of Actuarial Work – Version 1.0, effective from 1 July 2015 Read full update
Update 33 Issued 09.01.2015	AS TM1: Statutory Money Purchase Illustrations – Version 4.1, effective from 6 April 2015 Read full update

2014 Updates
Update 32 Issued 24/10/2014	APS X3: The Actuary as an Expert in Legal Proceedings - Version 1.0, effective 01.01.2015 Read full update
Update 31 Issued 28.02.2014	APS P2: Compliance Review - Pensions - Version 1.1 APS G2: Actuarial Reporting for Lloyd's Syndicates writing US business - Version 1.1 APS L1: Duties and responsibilities of Life Assurance actuaries - Version 1.1 APS L2: The Financial Services and Markets Act 2000 (Communication by actuaries) Regulations 2003 - Version 1.1 Read the full update

2014 Updates

Update 32
Issued 24/10/2014

APS X3: The Actuary as an Expert in Legal Proceedings - Version 1.0, effective 01.01.2015
Read full update

Update 31
Issued 28.02.2014

APS P2: Compliance Review - Pensions - Version 1.1

APS G2: Actuarial Reporting for Lloyd's Syndicates writing US business - Version 1.1

APS L1: Duties and responsibilities of Life Assurance actuaries - Version 1.1

APS L2: The Financial Services and Markets Act 2000 (Communication by actuaries) Regulations 2003 - Version 1.1

Read the full update

2013 Updates
Update 30 Issued 26.09.2013	Actuaries' Code (version 2.0) Update
Update 29 Issued 31.05.2013	APS P1: Duties and Responsibilities of Members Undertaking Work in Relation to Pension Schemes (version 2.0) Update
Update 28 Issued 15.02.2013	IAN: The Actuary as an Expert Witness (version 2.0) Update
Update 27 Issued 29.01.2013	APS D1: Investment Related Business Activities for Authorised Professional Firms (version 2.0) Update AS TM1: Statutory Money Purchase Illustrations (version 3.0) Update

2012 Updates
Update 26 Issued10.05.2012	Deletion of IAN : The Risks of Derivative Exposure Update
Update 25 Issued 20.01.2012	TM1 Statutory Money Purchase Illustrations (Version 2.0; 22 December 2011) Update

2011 Updates
Update 24 Issued 01.09.2011	Cross-practice Area Announcement: New TASs and Withdrawal of GNs (effective 1 October 2011) Update
Update 23 Issued 01.03.2011	New Pensions APS APS P1: Duties and Responsibilities of Pensions Actuaries (effective 1 April 2011; Version 1.0) Update APS P2: Compliance Review - Pensions (effective 1 April 2011; Version 1.0) Update
Update 22 Issued18.02.2011	Funeral Plans TAS Update

2010 Updates
Update 21 Issued 02.12.2010	Amendments to GN09: Funding Defined Benefits (version 9.0) and GN12: General Insurance Business - Actuarial Reports (version 5.0) Update
Update 20 Issued 15.11.2010	APS G2: Actuarial Reporting for Lloyd's Syndicates Writing US Business Update. This Actuarial Profession Standard replaces GN33 which will be withdrawn by the Board for Actuarial Standards from 15 December 2010.

2009 Updates
Update 19 Issued 29.12.2009	GN48: Compliance Review - Pensions (effective 1 February 2010) Update
Update 18 Issued 31.10.2009	APS D1 - Investment Related Business Activities for Authorised Professional Firms which (effective 1 December 2009) Update
Update 17 Issued 01.09.2009	Presidents Endorse new Actuaries' Code Update From 1 October 2009, any reference to the PCS in existing Guidance Notes maintained by the Profession or the BAS, should be read as referring to the Actuaries' Code.

2008 Updates
Update 16 Issued 01.11.2008	Re-adoption of Guidance Notes Update Members will be aware that responsibility for Technical Standards passed to the Board for Actuarial Standards with effect from April 2006. As part of this process, the Profession transferred the responsibility for a large number of its Guidance Notes to the BAS on 19 May 2006.
Update 15 Issued 22.09.2008	BAS Standards - GN11: Retirement Benefit Schemes - Transfer Values Update
Update 14 Issued 25.03.2008	BAS Standards - GN19: Retirement Benefit Schemes Winding-up and Scheme Asset Deficiency Update
Update 13 Issued 13.03.2008	Actuarial Profession Standards - GN29: Occupational Pension Schemes - Advisers to the Trustees Update
Update 12 Issued 31.01.2008	BAS Standards GN09: Funding Defined Benefits - Presentation of Actuarial Advice Update GN11: Retirement Benefit Schemes - Transfer Values Update GN22: Disclosure - FSA Rules Update

2017 Updates
Update 11 Issued 30.11.2007	GN20: Actuarial Reporting under the Lloyd's Valuation of Liabilities Rules Update
Update 10 Issued 30.10.2007	Actuarial Profession Standards (formerly known as MAP) GN5: The Prudential Supervision Outside the UK of Long-term Insurance Business (version 3.1) Update GN5: Letter from the Chairman of the Life Board Update
Update 9 Issued 20.06.2007	Professional Conduct Standards (PCS) (effective 1 August 2007; version 3.0) Update
Update 8 Issued 11.04.2007	GN11: Retirement Benefit Schemes - Transfer Values (effective 30 December 2006; version 9.2) Update GN19: Retirement Benefit Schemes - Winding-up and Scheme Asset Deficiency (effective 3 September 2005; version 4.7) Update GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting-out (effective 29 July 2006; version 2.1) Update GN49: Occupational Pension Schemes - Scheme Funding Matters on Which Advice of Actuary Must be Obtained (effective 30 December 2005; version 2.0) Update GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update Technical Memorandum (TM1): Statutory Money Purchase Illustrations (effective 1 November 2006; version 1.2) Update
Update 7 Issued 27.02.2007	GN29: Occupational pension schemes - Advisers to the Trustees (effective 1 April 2007; version 7.0) Update
Update 6 Issued 19.01.2007	GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update

2006 Updates
Update 5 Issued 27.12.2006	GN44: Mathematical Reserves and Resilience Capital Requirement (version 2.0 BAS amendment 1) Update GN45: Determining the With-profits Insurance Capital Component (version 2.0 BAS amendment 1) Update GN46: Individual Capital Assessment (version 2.0 BAS amendment 1) Update GN47: Stochastic Modelling of Economic Risks in Life Insurance (version 2.0 BAS amendment 1) Update Members were alerted to near final versions of the GNs in Professional Standards Directory (PSD) Update 4 issued on 20 December 2006. The GNs have now been replaced with final versions which take effect on 31 December 2008. As stated in the PSD Update of 20 December, the Profession considered what changes to the GNs might be appropriate as a result of the proposals in PS06/14 and shared its work with the BAS as input to the BAS's thinking. Paul Seymour, Chairman of the BAS, has written to the Presidents setting out the various options which the BAS considered in amending the GNs.
Update 4 Issued 20.12.2006	Due Process for approving Actuarial Profession (AP) Standards (effective 1 January 2007; version 1.0) Update Protocol for Information and Assistances Notes (IANs) (effective 1 January 2007; version 1.0) Update Due Process for Responding to Proposals from the IAA for International Actuarial Standards of Practice (IASPs) (effective 1 January 2007;version 1.0) Update
Update 3 Issued 30.11.2006	GN48: Compliance Review – Pensions (effective 1 January 2007; version 2.0) Update GN48: Covering Letter from the Chairman of the Pensions Board
Update 2 Issued 03.10.2006	GN51: Retirement Benefit Schemes - Modification of Subsisting Rights Without Consent (effective 6 November 2006; version 1.1) Update GN51: Covering letter from the Chairman of the Pensions Board
Update 1 Issued 07.07.2006	GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting Out (effective 29 July 2006; version 2.1) Update

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