FRC consults on proposed changes to AS TM1

While the proposal is technical and consultation-stage, it matters to trustees, scheme sponsors, actuarial advisers and compliance teams because AS TM1 underpins how actuarial information is disclosed in scheme funding valuations and related reporting. Firms should treat this as a timely review trigger rather than an immediate rule change. Compliance teams should confirm whether current templates, assumptions and governance around actuarial disclosures remain fit for purpose, and engage scheme actuaries early to map likely changes.

Trustees and sponsors should consider how revised disclosures could affect funding negotiations, covenant discussions and member communications. The main risks are inconsistent or incomplete disclosures if final changes are implemented without process updates, and added operational pressure during valuation cycles. There is also an opportunity to improve transparency and align reporting with current market conditions.

Actions: review the consultation, identify affected valuations and reports, assess system and template changes, respond to the FRC where appropriate, and monitor the final standard and implementation timetable. No immediate filing or notification obligation is evident from the source.