The Board of Actuarial Standards (BAS) is consulting on proposals for a technical actuarial standard on pensions.
Amongst other things, the consultation covers the following issues:
- the principle underlining the selection of discount rates used to value pension scheme liabilities;
- whether prudent estimates of liabilities of pension scheme should be accompanied by best estimates of the same liabilities; and
- the content of the report produced after regular Scheme Funding reviews of the pension scheme.
After the consultation, BAS intends to issue an exposure draft of a principles-based standard that will apply to the actuarial work in pension.
The consultation closes on 18 September 2009.