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The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council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

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Fully booked.

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    25 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • 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
  • Sessional Research Event - Risk Margin Working Party

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

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • 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. 

     

  • 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

    Spaces available

    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.