The Actuarial Standards Board (ASB) has established three designated groups (DGs) to review the Standards of Practice, Part 3000. The review has been split amongst three DGs, each with a separate mandate:
Mandate 1: Measurement of benefit security and fiduciary responsibility.
Mandate 2: Meaningful stress testing.
Mandate 3: Full review of the standards excluding what is covered by mandates 1 and 2. In addition, the mandate also included potentially incorporating the annuity purchase guidance into Part 3000.
This exposure draft (ED) proposes changes to the practice-specific standards for pensions (Part 3000).