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FRC amends actuarial standards to include pension incentive exercises

FRC changes scope to address concerns that members of defined benefit schemes may be misled by financial incentives

15 Nov 2012 Accountancy Age

By Richard Crump

Financial Reporting Council

THE FRC has extended the scope of its technical actuarial standards (TASs) to include actuarial work on pension incentive exercises.

The reporting watchdog's move is intended to address concerns that members of defined benefit schemes may be misled by financial incentives being offered into giving valuable pension benefits.

Commenting on the announcement, Olivia Dickson, chairman of the FRC's Actuarial Council, said: "It is important that members are provided with clear, reliable and sufficient information so that they can take informed decisions.

"In order to provide greater assurance of the quality of actuarial information provided, the FRC has decided to bring incentive exercises into the scope of the Pensions TAS."

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