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The Board for Actuarial Standards (the BAS) has today published a consultation paper setting out proposals for a technical actuarial standard on pensions. A key objective of the proposed standard is to ensure that actuarial information provides the best possible support to trustees, sponsors and others who use the information to make decisions.

The issues covered by the paper include:

• the principles underlying the selection of discount rates used to value pension scheme liabilities;
• whether prudent estimates of liabilities of pension schemes should be accompanied by best estimates of the same liabilities; and
• the content of the report produced after regular Scheme Funding reviews of pension schemes.

Following the consultation, the BAS will issue an exposure draft of a principles-based standard that will apply to actuarial work in pensions.

Commenting on the publication, Louise Pryor, Director of the BAS, said: “We have issued exposure drafts of our Generic Standards on data, modeling and reporting. The pensions consultation builds on the solid foundation being laid down by the Generic Standards and will help to ensure that trustees, sponsors and others receive clear and reliable actuarial information to enable them to make informed decisions”.

The consultation period ends on 18 September 2009.