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The Actuary The magazine of the Institute & Faculty of Actuaries

Profession launches two new standards for pensions actuaries

The Actuarial Profession has launched two new Actuarial Profession Standards (APSs) for pensions actuaries:

>> Version 1.0 of APS P1: Duties and Responsibilities of Pensions Actuaries which is effective on 1 April 2011 can be found at www.actuaries.org.uk/ APS P1 Duties and Responsibilities of Pensions Actuaries, and

>> Version 1.0 of APS P2: Compliance Review: Pensions, which replaces GN48 and sets out the circumstances in which scheme actuaries are required to seek a review of their work, is effective on 1 April 2011 and can be found at www.actuaries.org.uk/APS P2 Compliance Review Pensions

These new APSs mark a shift from a reliance on detailed rules, to principles-based ethical and professional standards, and form part of the Actuarial Profession’s Guidance Note (GN) Transitions Project. This cross-practice-area project is designed to replace Guidance Notes containing ethical material, with APSs which will complement the Board for Actuarial Standards’ (BAS) Technical Actuarial Standards (TASs).

As a result of the introduction of APS P1 and APS P2, the following APSs are withdrawn from midnight 31 March 2011:

>> GN29, GN48 and GN51 Coinciding with the introduction of the Profession’s APSs, the BAS’s Pensions TAS comes into effect on 1 April 2011, as seen at www.frc.org.uk/images/uploaded/documents/Pensions TAS final version.pdf

Consequently, the following BAS-adopted GNs are withdrawn from 31 March 2011:

>> GN9, GN21, GN26, GN34, GN36, GN49 Further details on the phasing out of the BAS-adopted GNs can be found in the following letter from the chair of the BAS to the president of the Institute and Faculty of Actuaries dated 17 February 2011 at www.actuaries.org.uk/sites/all/files/documents/pdf/20110217gn-transition-letter-ap-president.Pdf