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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The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council
2019 updates  
Update 45, Issued 19 March 2019

Minor amendment to standard APS X1 Applying Standards To Actuarial Work

Read the full update

 

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

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 

Contact Details

If you have any enquiries about standards updates please email

regulation@actuaries.org.uk

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Events calendar

  • IFoA & PRI Webinar: TCFD – leaders and challenges

    Online webinar
    2 September 2019

    Spaces available

    In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva. 

  • SIAS Event: Climate Zero to Climate Hero

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 September 2019

    Spaces available

    An introductory session to help you get ahead with climate change.

    • Science, terminology and initiatives: handy facts to keep in your back pocket 
    • Getting your point across: how to influence people and avoid common traps and pitfalls
    • Taking action: what are actuaries expected to do...and what are we actually doing?
  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Professional Skills Training session (Jointly held with China Life)

    China Life Insurance, Beijing •  China Life Shanghai Office • China Life Shenzhen Office  
    6 September 2019

    Spaces available

    Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30

    The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.

    The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience. They will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do, the roles they see for actuaries and the skills actuaries can bring to the banking industry. They will share their experiences of how they got into banking as well as give their thoughts on how actuaries can enter the banking profession.

  • KSS event – The Future of the Actuarial Profession with Alan Watson

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    23 September 2019

    Spaces available

    This KSS talk will explore how the Actuarial Profession is changing by looking at the past, the current and the future; considering what will be the key issues impacting the Profession over the next 20 years and why this will be different from today. Why will areas like data science be important?  What does the future hold for reserved roles? What impact will the Profession have on other professionals?  And much more!

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

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  • Chief Actuaries and Senior Life Actuaries Workshop 2019

    Staple Inn Hall High Holborn London WC1V 7QJ
    2 October 2019

    Spaces available

    This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.

  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Fully booked.

     

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • RSS/IFoA Data Science Ethics: the role of practitioners

    Royal Statistical Society, 12 Errol St, London EC1Y 8LX
    7 October 2019

    Spaces available

    The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work. 
     
    Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics. 

  • SIAS Event: AGM and talk on a Monetary Approach to Economics

    Staple Inn Hall. High Holborn, London, WC1V 7QJ
    8 October 2019

    Spaces available

    The SIAS Annual General Meeting will commence at 5.45pm and be followed by a talk given by the well known economist and author, Steve Keen, at 6pm. A live webinar will be available. 

  • Career Event - Count Me In

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    10 October 2019

    Spaces available

    This event is aimed at school age young people to encourage then into the profession

  • KSS Event – GAD: the 100 year life (Edinburgh)

    KPMG  Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    22 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • KSS event – GAD: the 100 year life (Glasgow)

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    24 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • ARC Event: Beyond Proportional Hazards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 October 2019

    Spaces available

    ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.

    This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.

  • Hot Topics in Health and Care: Networking and Drinks

    Staple Inn, 4 High Holborn, London WC1V 6DR
    4 November 2019

    Spaces available

    This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.

  • SIAS Event: Introduction to the Mortality Research Steering Committee (MRSC)

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    5 November 2019

    Spaces available

    The MRSC is responsible for guiding the profession’s research in the areas of longevity, mortality and morbidity such that it is recognised as a thought leader in this area. It has recently been reviewing what the priorities and have identified 6 areas that we believe are the most important areas of research that should be the current focus and these are:

  • The challenges for AI in Autonomous driving – Professor Andrew Blake

    Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh, EH2 1JQ
    11 November 2019

    Spaces available

    In conjunction with the Scottish Board and supporting the IFoA’s focus on data science.

    The IFoA’s Scottish Board have arranged for UK pioneer in Computer Vision and Machine Intelligence, Professor Andrew Blake to speak to delegates on the subject of AI in Autonomous driving. This lecture will focus on safety-critical operation and the computation of risk.  

  • Autumn Pension Seminar

    Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA
    13 November 2019

    Spaces available

    Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.

    • KSS event: How is Scotland’s population changing and what are the implications?

      Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ
      14 November 2019

      Spaces available

      The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:

      • population statistics
      • life expectancy
      • changes in age structure
      • birth and death rates, including causes of death statistics.
    • Life Conference 2019

      The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
      20-22 November 2019
      Spaces available

      The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

    • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

      Lincoln's Inn The Treasury Office, London WC2A 3TL
      2 December 2019

      Fully booked.

      The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.

    • Autumn Lecture 2019: Live Streaming

      Webinar 
      2 December 2019

      Spaces available

      Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP. 

    • Behavioural Finance Research Launch- 14 January 2020

      Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR
      14 January 2020

      Spaces available

      We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.

    • Sessional: Impact of E-cigarettes Working Party

      Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
      24 February 2020

      Spaces available

      This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed an actuaries with an interest in morbidity or mortality.