ISO 55000 is available, so what
happens to PAS 55?

If your organisation has been using PAS 55, then migrating to ISO 55000 is fairly straightforward. Although the structure is very different, most of the elements above are incorporated into the requirements of ISO 55001. However ISO 55001 is a standard for ANY asset type, whereas PAS 55 is explicitly focussed on the optimal management of physical assets. So, even though PAS 55 will be 'withdrawn' as a BSI formal Specification in 2015 (enabling a 1-year overlap with ISO 55000 for transfers of their certifications), organisations may find that there is ongoing value of PAS 55 as useful guidance and education material.

PAS 55:2008 was developed by a consortium of 50 organisations from 15 different industry sectors in 10 countries. It has been adopted and applied in most industries, in public and private sectors and different regulatory regimes, cultures and environments. Quoted benefits from these implementations range from "it provided a structured basis for coordinating all our efforts into a common, business-prioritized direction", to very substantial bottom-line performance gains. China Light & Power, for example, report a 90% reduction in system losses, while meeting a 20% growth in demand and, simultaneously, reducing customer charging tariffs by 40%.

PAS 55 is structured around the familiar Plan-Do-Check-Act cycle of continual improvement, and introduces the need for a number of essential 'enablers and controls' to ensure alignment, integration and sustainability of efficient and effective asset management activities.