FRC confirms no amendments to AS TM1
News types: Codes and Standards Announcements
Published: 6 February 2025
Following its annual review and consultation on Actuarial Standard Technical Memorandum 1 (AS TM1), the Financial Reporting Council (FRC) has today confirmed that no changes will be made to the actuarial assumptions used to calculate Statutory Money Purchase Illustrations.
AS TM1 v5.1 will remain in effect for Statutory Money Purchase Illustrations calculations performed between 6 April 2025 and 5 April 2026.
The FRC reviews the appropriateness of the assumptions set out in AS TM1 annually to ensure they remain fit for purpose. The FRC is responsible for maintaining and issuing AS TM1, which specifies the assumptions and methods used in statutory illustrations of money purchase (defined contribution) pensions.
Read the feedback statement from the FRC's consultation on AS TM1.