Prudential Regulation Authority Rulebook

2.1

A firm may apply TMTP only:

1. (1) if it has a TMTP Permission; and
2. (2) to the extent of its TMTP Permission.

2.2

A firm that has a TMTP Permission must not apply the risk-free interest rate transitional measure.

2.3

A firm must not apply TMTP after 1 January 2032.

2.4

A firm may apply TMTP only to technical provisions for such of its insurance and reinsurance obligations that are the firm’s qualifying insurance and reinsurance obligations on the 31 December 2024 or are such obligations assumed by the firm after 31 December 2024 as a result of a transfer event.

2.5

A firm must calculate TMTP using the TMTP method.