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The Actuary The magazine of the Institute & Faculty of Actuaries

Pensions Board News

Amendments to BAS guidance

As you know, the profession transferred responsibilityfor GN19 Retirement benefit schemes –winding-up and scheme asset deficiency, version4.7 and Technical Memorandum 1 (TM1) Statutorymoney purchase illustrations, version 1.2 to theBoard for Actuarial Standards (BAS) on 6 April2007. BAS has now also adopted versions 4.0 to4.6 of GN19, available from the BAS website at www.frc.org.uk/bas/actuarial/previous.cfm.

A newversion of TM1 has been adopted to include theBAS web address at paragraph 2.5; no other alterationshave been made and the document isavailable from the BAS website via its Current Versionshomepage at www.frc.org.uk/bas/actuarial/index.cfm.

Consultation responses

The board recently submitted a response onbehalf of the profession to the DWP’s consultationto the approaches to the calculation ofpensions transfer values. A copy is available in theconsultation response section of the websiteat:www.actuaries.org.uk/Display_Page.cgi?url=/maintained/media_centre/responses.html.

At the time of writing, work is under way onresponses to the DWP’s consultation on amendmentsto the Occupational Pension Schemes(Employer Debt) Regulations 2005 and the PPF’sconsultation on the development of the pensionprotection levy. The responses will be submittedin early October and will be posted to the consulationresponses area of the website shortlythereafter, probably around the time this columnreaches your desk.

Pension scheme termination – PPFand wind-up: seminars

  • 27 November – London
  • 11 December – Edinburgh

The seminars will provide practical guidance onhow to deal with a scheme that enters a PPFassessment period covering both actuarial andnon-actuarial issues. The seminars will also covercurrent issues in wind-up. Full details and a bookingform are available at www.actuaries.org.uk/files/pdf/cpd/windup20071127.pdf.