Advice & Interim Management

PAS 55 - Asset Management withdrawn

PAS 55BSI has withdrawn the British PAS 55 standard – Asset Management, as of February 1 2015. A duplicate arose because of the international ISO 55000 standard that was published at the start of 2014.

Starting from company objectives, PAS 55 clearly indicates what is needed to manage your assets throughout the entire life cycle.

Development PAS 55

The first version of PAS 55 was published in 2004. The last version in 2008. The standard was developed by the industry. Mainly the water, gas and electricity branches made an active contribution to the development of this standard. The standard was picked up in other branches later. A number of Dutch organizations also applied PAS 55 successfully. The big success of PAS 55 and the international attention for asset management that the standard caused also, contributed to the development of ISO 55000.

Differences between ISO 55000 and PAS 55

Although the words are different, the content of ISO 55000 and PAS 55 is mainly the same. There are some differences though. The most important differences are summarized below:

  • ISO 55000 has more attention for the stakeholders. Besides the organization’s objectives, the stakeholders’ expectations and requirements form the starting point for the asset management system;
  • ISO 55000 makes a stronger and more explicit connection with financial management;
  • Awareness and involvement on all levels of the organisation are an explicit part of ISO 55000.

Status PAS 55

PAS 55 remains with the status “withdrawn”. You can therefore keep using it. Certification in conformity with PAS 55 has become less favourite because of the new ISO 55000 standard, but is still possible.