FRC consults on changes to TAS 310 for multi-employer CDC schemes

The Financial Reporting Council (FRC) has opened a consultation connected updates to Technical Actuarial Standard (TAS) 310, the model designed to enactment fairness and transparency successful corporate defined publication (CDC) pension schemes.

The regulator said the projected changes are intended to support TAS 310 acceptable for intent arsenic the CDC marketplace develops successful enactment with caller legislation.

The authorities allows multiple, unrelated employers to enactment successful a azygous corporate pension arrangement, a determination that could widen entree to this benignant of pension successful the UK.

According to the FRC, the enlargement into unconnected multi-employer arrangements introduces further actuarial considerations.

In particular, it highlights the request for actuarial enactment that helps trustees and strategy proprietors code fairness betwixt participating employers.

As portion of the projected revisions, the FRC is looking to adhd requirements relating to “actuarial equivalence” to TAS 310, with the purpose of giving actuaries an updated model for enactment linked to this processing conception of the pensions market.

Mark Babington, enforcement manager of regulatory standards, said: "High-quality actuarial enactment is cardinal to maintaining capitalist assurance successful UK pension schemes.

“These revisions to TAS 310 guarantee that arsenic CDC schemes germinate to service much employers and members, the standards underpinning them support pace. This supports informed decision-making and reinforces the UK's estimation for well-regulated pension provision."

The consultation covers TAS 310 mentation 1.1, which the FRC said is intended to support enactment for high-quality actuarial investigation that informs decision-making.

TAS 310 was archetypal published successful 2024 to underpin assurance successful CDC schemes, and the FRC said the revised mentation would physique connected that basal arsenic the marketplace grows.

The consultation play runs until 23 March 2026. The FRC expects the updated modular to instrumentality effect connected 31 July 2026, aligning with the commencement day for the caller authorities covering unconnected multi-employer CDC schemes.

"FRC consults connected changes to TAS 310 for multi-employer CDC schemes" was primitively created and published by The Accountant, a GlobalData owned brand.

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