New ASP Assumptions

In this note we present the proposed new ASP PRSA-2 assumptions provided by the Society of Actuaries, as at August 2024.

These assumptions have been released for “consultation” with Society of Actuaries members. The intention is that consultation ends on 16 August, with implementation by providers no later than 1 December. This date could be pushed out if there are any delays in the consultation, but I would not see the date being pushed out by more than a month.

Early adoption is encouraged and I would think providers could apply the new assumptions from 1 Sept, subject to when the rates are formally adopted by the Society.