The UK Financial Reporting Council (FRC) revised Actuarial Standard Technical Memorandum 1 (AS TM1).
The revisions, according to a news release, incorporate "higher accumulation rate assumptions in response to higher long-term interest rates and gilt yields", resulting in higher long-term expected returns.
The FRC annually reviews the appropriateness of the assumptions set out in AS TM1 to ensure they remain fit for purpose, the release said. FRC Executive Director of Regulatory Standards Mark Babington said in the release that the