FRC consults on changes to TAS 310 for multi-employer CDC schemes
The Financial Reporting Council (FRC) has opened a consultation on updates to Technical Actuarial Standard (TAS) 310, the framework designed to support fairness and transparency in collective defined contribution (CDC) pension schemes.
The regulator said the proposed changes are intended to keep TAS 310 fit for purpose as the CDC market develops in line with recent legislation.
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The legislation allows multiple, unrelated employers to participate in a single collective pension arrangement, a move that could widen access to this type of pension in the UK.
According to the FRC, the expansion into unconnected multi-employer arrangements introduces additional actuarial considerations.
In particular, it highlights the need for actuarial work that helps trustees and scheme proprietors address fairness between participating employers.
As part of the proposed revisions, the FRC is looking to add requirements relating to “actuarial equivalence” to TAS 310, with the aim of giving actuaries an updated framework for work linked to this developing segment of the pensions market.
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By GlobalDataMark Babington, executive director of regulatory standards, said: “High-quality actuarial work is fundamental to maintaining investor confidence in UK pension schemes.
“These revisions to TAS 310 ensure that as CDC schemes evolve to serve more employers and members, the standards underpinning them keep pace. This supports informed decision-making and reinforces the UK’s reputation for well-regulated pension provision.”
The consultation covers TAS 310 version 1.1, which the FRC said is intended to maintain support for high-quality actuarial analysis that informs decision-making.
TAS 310 was first published in 2024 to underpin confidence in CDC schemes, and the FRC said the revised version would build on that base as the market grows.
The consultation period runs until 23 March 2026. The FRC expects the updated standard to take effect on 31 July 2026, aligning with the start date for the new regime covering unconnected multi-employer CDC schemes.
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