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."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.