[Skip to content]

Sign up for our daily newsletter
The Actuary The magazine of the Institute & Faculty of Actuaries

Professional Standards Directory — Update 16

The Professional Standards Directory can be found at www.actuaries.org.uk/regulation/standards_compliance/professional_standards_directory

It is designed to permit members and others to access the current issued by the standards issued by the Board for Actuarial Standards (BAS) together with the current version of the Actuarial Profession Standards. Update 16 was issued to members on 1 November 2008

Re-adoption of guidance notes
Members will be aware that responsibility for Technical Standards passed to BAS with effect from April 2006. As part of this process, the Profession transferred the responsibility for a large number of its Guidance Notes (GNs) to BAS on 19 May 2006.

BAS has reviewed the Guidance Notes that it adopted from the Profession, and consulted on the results of the review in its Consultation Paper on the Structure of new BAS Standards (and implications for adopted GNs). In September, it published an analysis of the responses it received. Subject to confirmation at its Board meeting on 10 November, it intends to withdraw nine of the adopted GNs, and to reduce the content of GN19 — Retirement Benefit Schemes — Winding-up and Scheme Asset Deficiency V4.8 significantly, as follows:

From midnight on 1 November 2008:
GN22 — Disclosure — FSA Rules V3. From midnight on 30 November 2008:
GN03 — Contracted-out Pension Schemes where Wind-up Commenced before 6 April 1997 V3.4
GN04 — Insolvency of Employers Safeguard of Pension Scheme Contributions V2.4
GN10 — Valuation of Reversions and Life Interests V3.1
GN13 — Statements Required in Connection with FAS 87, 88 & 132 V3.3
GN17 — Accounting for Pension Costs under Statement of Standard Accounting No 24 V1.0
GN39 — Reserved Roles in Long-term Insurance Business V2.1
GN42 — The Reviewing Actuary V2.0
GN51 — Retirement Benefit Schemes — Modification of Subsisting Rights Without Consent V1.1. Acknowledging that some elements of the Guidance Notes need to be retained meantime, the

Profession will re-adopt four of them:
From midnight on 30 November 2008:
GN10, GN39, GN42 and GN51.

Copies of the withdrawn GNs will be maintained on the BAS website.

In parallel with this, the Profession has been developing its thoughts on the Actuaries’ Code and supporting Standards and in due course will bring forward a range of Standards which will subsume and replace the relevant parts of the GNs now being re-adopted.