Actuarial Standard Technical Memorandum: AS TM1
AS TM1 Actuarial Standard Technical Memorandum
Introduction
Actuarial Standard TM1 specifies the actuarial assumptions and methods to be used in the calculation of Statutory Money Purchase Illustrations (SMPIs).
Feedback and queries on AS TM1 can be provided to [email protected]
Current versions
| Name | AS TM1: Statutory Money Purchase Illustrations v5.1 (from 6 April 2024) |
|---|---|
| Publication date | 9 February 2024 |
| Effective from | 6 April 2024 |
| Type | Standard |
| Format | PDF, 3.6 MB |
| Name | AS TM1 Statutory Money Purchase Illustrations Version 5.1 Guidance |
| Publication date | 8 April 2024 |
| Type | Guidance |
| Notes | This updated guidance document refers to standard AS TM1 v5.1, rather than v5.0, but with no changes to the guidance provided. |
| Format | PDF, 314.9 KB |
Latest consultation on AS TM1 v5.1
The FRC launched a consultation on AS TM1 v5.1, proposing to maintain the current standard following its annual review.
The consultation closed on 7 December 2024 and the FRC confirmed they will make no changes to AS TM1 following their annual review. The FRC’s feedback statement and impact assessment is also available on the consultation page.
Past versions
| Name | AS TM1: Statutory Money Purchase Illustrations v5.0 (from 1 October 2023) |
|---|---|
| Publication date | 7 October 2022 |
| Type | Standard |
| Format | PDF, 389.5 KB |
| Name | AS TM1 Statutory Money Purchase Illustrations Version 5.0 Guidance (Revised 2023) |
| Publication date | 21 June 2023 |
| Type | Guidance |
| Format | PDF, 319.0 KB |
| Name | AS TM1: Statutory Money Purchase Illustrations: Version 4.2 (October 2016) |
| Publication date | 3 October 2016 |
| Type | Standard |
| Format | PDF, 171.5 KB |
Older versions of the standard can be found in the Actuarial Standards Archive.
Past consultations and annual reviews
The following pages contain the consultation document and associated documents, including technical analysis, public responses and the FRC’s feedback statement.
- Consultation on AS TM1 v5.1 (November 2023)
- FRC concludes no changes needed to AS TM1 v5.0 (January 2023)
- AS TM1 v4.2 assumptions to remain unchanged prior to implementation of AS TM1 v5.0 (December 2022)
- Consultation on AS TM1 v5.0 (February 2022)
Older consultations can be found on the FRC consultations page.
Podcast
Pension dashboards and the changes introduced in v5.0 of AS TM1.