BAS publishes Version 1.4 of TM1: Statutory Money Purchase Illustrations
News types: Guidance
Published: 8 February 2011
BAS PN 38
Since 6 April 2003, there has been a requirement for members of certain money purchase pension arrangements to be provided with Statutory Money Purchase Illustrations (SMPIs). SMPIs are produced in accordance with 'Technical Memorandum 1: Statutory Money Purchase Illustrations' (TM1), which is issued by the Board for Actuarial Standards (BAS) of the FRC. The BAS reviews TM1 regularly.
On 12 November 2010 the Government published regulations which amend some of the requirements for disclosure of information to pension scheme members. The amendments included changes to some of the requirements for the information to be shown on SMPIs – some information no longer has to be provided while other information may be signposted to a website. The new regulations came into effect on 1 December 2010. TM1 (version 1.4 ) has been amended to include references to these regulations.
Following a wide-ranging consultation in 2010 on TM1 the BAS is intending to publish an exposure draft of a revised version of TM1 later this year.
Notes to Editors
Since 6 April 2003, there has been a requirement for members of certain money purchase pension arrangements to be provided with Statutory Money Purchase Illustrations (SMPIs). SMPIs are produced in accordance with 'Technical Memorandum 1: Statutory Money Purchase Illustrations' (TM1), which is issued by the Board for Actuarial Standards (BAS) of the FRC. The BAS reviews TM1 regularly.
On 12 November 2010 the Government published regulations which amend some of the requirements for disclosure of information to pension scheme members. The amendments included changes to some of the requirements for the information to be shown on SMPIs – some information no longer has to be provided while other information may be signposted to a website. The new regulations came into effect on 1 December 2010. TM1 (version 1.4 ) has been amended to include references to these regulations.
Following a wide-ranging consultation in 2010 on TM1 the BAS is intending to publish an exposure draft of a revised version of TM1 later this year.
Notes to Editors
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The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
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The Board for Actuarial Standards has a primary objective of promoting competence and transparency of actuarial practice by establishing and improving actuarial technical standards and ensuring that they are coherent, consistent and comprehensive.
Document created under a former FRC operating body.