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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The updates on this page provide details of Actuarial Profession Standards (APSs) which have been amended, withdrawn or newly issued, and updates from the Financial Reporting Council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
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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
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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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    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

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    The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.

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    The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.

    Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).

    In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.

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    • Some background on the risks of misselling in an ESG context, including the DWS case

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    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

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    In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members.  Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.

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    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Social Care Agenda

    11 October 2022

    Spaces available

    Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.

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    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.

  • GIRO Conference 2022

    ACC Liverpool  
    21 November 2022 - 23 November 2022
    Spaces available

    We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.

  • Life Conference 2022

    ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP
    23 November 2022 - 25 November 2022
    Spaces available

    Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.

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    Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.