RegulationRegulatory BodiesFRC amends actuarial standards to include pension incentive exercises

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

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.”

Related Articles

FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

Accounting Standards Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

12m Kevin Reed, Writer
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

1y Stephanie Wix, Writer
CIIA appoints ex-FRC chief Paul Boyle as president

Company News CIIA appoints ex-FRC chief Paul Boyle as president

1y Stephanie Wix, Writer
FRC appoints former ICAEW president to its board

People Practice FRC appoints former ICAEW president to its board

1y Stephanie Wix, Writer
Watchdog launches audit investigation into Sports Direct

Accounting Firms Watchdog launches audit investigation into Sports Direct

1y Stephanie Wix, Writer
Record fine for Deloitte and audit partner over Aero misconduct

Accounting Standards Record fine for Deloitte and audit partner over Aero misconduct

1y Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

1y Stephanie Wix, Writer