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The Actuary The magazine of the Institute & Faculty of Actuaries

Pensions Board

Statutory actuarial certificates given after 5 April 2007 – a warning

Scheme actuaries giving statutory certificates after 5 April 2007 should take care that they refer to the Board for Actuarial Standards (BAS) where responsibility of actuarial guidance has transferred from the actuarial profession to BAS.

The Occupational and Personal Pension Schemes (Prescribed Bodies) Regulations 2007 (SI 2007/60) came into force on 6 April 2007. They replace references to the actuarial profession in a number of occupational and personal pension scheme regulations with new references to BAS. As a result, certain actuarial certificates need to refer to BAS.Finally, actuaries should take care when giving advice that they are making the correct references to the owners of these guidance notes. For example, since 19 May 2006, when recording compliance with GN9 giving funding advice, reference to the owner should be to the Board for Actuarial Standards.