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.