Government Papers: Applying the Financial Assistance Scheme increased cap for long service
The FAS provides assistance payments to members of eligible defined benefit occupational pension schemes which started to wind up between 1 January 1997 and 5 April 2005. This occurs where the scheme does not have enough funds to pay members' benefits and the employer cannot pay the shortfall because it is insolvent, no longer exists or is no longer required to meet its debt to the pension scheme.
Assistance provided by the FAS is capped. This consultation seeks views on the draft regulations to apply an increased cap in respect of FAS members with long pensionable service.
The consultation closes at 5pm on 25 October 2017.
