Actuarial Standard TM1 updated
 
　　21 December 2012
　　A revised version of actuarial standard TM1 (AS TM1) has just been published by the FRC (v3.0 December 2012). This applies from 6 April 2013.
　　A revised version of actuarial standard TM1 (AS TM1) has just been published by the FRC (v3.0 December 2012).
　　AS TM1 sets out the assumptions to be used in annual statutory money purchase pension illustrations (SMPIs).Changes have been made to:
　　remove the cap of 7% pa on the rate at which pension scheme investments are assumed to build up
　　require insurance companies and other providers to make justifiable assumptions about the investment returns that can be achieved taking into account the nature of members’ investments.
　　document the rationale used to determine the accumulation rate and provide this to members on request
　　The Financial Reporting Council will also monitor the assumptions used in SMPIs to assess the impact of the removal of the cap.The new version of AS TM1 applies from 6 April 2013 with a transitional arrangement allowing compliance with the earlier version for illustrations with effective dates before 6 April 2014.
 
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