The IFoA has launched a consultation on proposals to introduce a revised Actuarial Profession Standard (APS) P1 on ‘Duties and Responsibilities of Members undertaking work in relation to pension schemes’.
APS P1 currently sets out specific practice area ethical obligations that apply, in addition to the Actuaries’ Code, for members operating in the pensions area.
The proposed revised version provides a clearer and more streamlined standard that clarifies members’ responsibilities.
In addition, there is a proposed extension of the standard’s scope to those advising the employer of a pension scheme, as well as clarification that in-house actuaries are also covered.
The consultation closes on 7 January 2021. We encourage you to read the proposals and give us your views. Find the consultation package at bit.ly/3g8aMPL