The term Tactile Internet broadly refers to a communication network which is capable of delivering control, touch, and sensing/actuation information in real-time. The Tactile Internet is currently a topic of interest for various standardization bodies. The emerging IEEE P1918.1 standards working group is focusing on defining a framework for the Tactile Internet. The main objective of this article is to present a reference architecture for the Tactile Internet based on the latest developments within the IEEE P1918.1 standard. The article provides an in-depth treatment of various architectural aspects including the key entities, the interfaces, the functional capabilities and the protocol stack. A case study has been presented as a manifestation of the architecture. Performance evaluation demonstrates the impact of functional capabilities and the underlying enablers on user-level utility pertaining to a generic Tactile Internet application.