You are here

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The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council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

Filter or search events

Start date
E.g., 14/12/2019
End date
E.g., 14/12/2019

Events calendar

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

    Spaces available

    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This IFoA event for NEDs explores what skills and experience are required to undertake non-executive roles, e.g. as independent NEDs on fund boards or members of IGCs. The event will be chaired by Brandon Horwitz, an actuary who is a consultant and who has held various investment governance roles and who specialises in investment governance as well as being an iNED.

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

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

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

    Spaces available

    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk.

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2020

    Spaces available

    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • 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 actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • What does this mean for Actuaries serving as NEDs and Trustees? These areas are likely to provide ne

    Staple Inn, 4 High Holborn, Holborn, London. WC1V 6DR, UK
    19 March 2020

    Spaces available

    Recent years have seen ESG, Climate Change, and Responsible Investing thrust onto the corporate agenda in every boardroom. The same also be said for pension funds. Expectations of how companies should respond are high and NEDs on Boards are expected to adapt and adjust their guidance to companies accordingly. What does this mean for Actuaries serving as NEDs and Trustees?

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

    Spaces available

    What next in Economic Policy?

    Please join us on 25 March 2020 for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. 

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    Not to be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.