BBS Actuaries implement TAS-R

Mar 30, 2010

New Reporting Standard now in force

BBS, along with the rest of the actuarial profession, will be implementing a new Reporting Standard (known as TAS-R) from 1 April 2010.  The standard applies to all advice required by law, or under a pension scheme's Trust Instrument.

The aim of the standard is to ensure that all users of reports receive sufficient information to judge the relevance of the contents of the report, as well as ensuring that the information is presented in a clear and comprehensible manner.

Paul Bunzl, Actuarial Director, confirms that "TAS-R is fundamentally different to the existing guidance on the contents of actuarial valuation reports, in that it looks at all of the advice provided prior to reaching agreement on the valuation, rather than merely the final report.

"We support the aims of the new standard and will, of course, be complying with it for all advice falling within its scope.

"Fortunately, most of our existing reports already meet the new standard, so we are well placed to ensure compliance without any on-going disruption to our clients.