The Board for Actuarial Standards (BAS) has published a new draft of Technical Memorandum (TM1): Statutory Money Purchase Illustrations. These rules set out the assumptions that should be used in statutory pension illustrations.

The BAS proposes to update the mortality assumptions specified in TM1 and is consulting on whether the maximum rate at which funds can be assumed to accumulate should be lowered (currently set at 7 per cent pa).

Please click on the following link to view the draft rules online.