What is tas300?
Technical Actuarial Standard 300: Pensions (TAS 300) promotes high quality technical actuarial work in pensions on matters where there is a high degree of risk to the public interest.
What is tas100?
TAS 100 applies to ‘technical actuarial work’ which is completed on or after 1 July 2017. In some cases, work that is started well before 1 July 2017 may need to comply with TAS 100.
Which model standard of the International Actuarial Association does APS X1 require all members to be consistent with?
standard ISAP 1
2 of APS X1 and sets out a note of bodies that have indicated their standards are substantially consistent with the IAA model standard ISAP 1.
Is IFoA guidance mandatory?
The IFoA has developed non-mandatory Guidance to support the principles and amplifications in the Actuaries’ Code. It has advice for members to help them better understand the nature of their obligations under the Code and applying it in practice.
What are the standards of the IFoA called?
Both the IAA and AAE produce model actuarial standards: the IAA produces International Standards of Actuarial Practice (known as ISAPs) and the AAE produces European Standards of Actuarial Practice (known as ESAPs). Those are model standards and, as such, are not binding on individual members of the IFoA.
What is the name of the ethical code of conduct for the IFoA?
The Actuaries’ Code is the ethical Code of Conduct that all Members of the IFoA must adhere to. It came into force on 18 May 2019.
Which IFoA Standard assists members in determining which standards to apply?
An updated Standards Chart (the illustrative guidance previously produced by the IFoA and described as the Standards Decision Tree) has been prepared and is incorporated as Appendix 1 to this Guide. This is intended to provide a visual aid to assist members in determining which standards they should apply.
What are the revised TASS for actuarial science?
The “revised TASs” consist of one generic TAS, TAS 100: Principles for Technical Actuarial Work which applies to all technical actuarial work and Specific TASs which apply to specified areas of technical actuarial work where there is a high degree of risk to the public interest.
When to use generic TASS instead of TAS 100?
For Scheme Funding exercises with an effective date on or before 1 October 2016 and where the technical actuarial work is completed on or after 1 July 2017 compliance with the Generic TASs (TAS D, TAS M and TAS R) and the Pensions TAS is permitted instead of compliance with TAS 100 and TAS 300.
When do the revised TASS apply?
The “revised TASs” apply to work in their scope which is completed on or after 1 July 2017.
What is the FRC doing about TASS in 2021?
In February 2021 the FRC announced a post implementation review of the TASs, issuing a call for feedback for the current Framework for TASs, Technical Actuarial Standard 100 (TAS 100), and potential actuarial standards in relation to IFRS 17.