Consultation outcome

Revision to Financial Assistance Scheme synthetic buy-out basis

From:
Department for Work and Pensions
Published
28 January 2010
This was published under the 2005 to 2010 Labour government
This consultation has concluded

Download the full outcome

Financial Assistance Scheme guidance on transfer of assets to government and proposed revisions to the synthetic buy-out basis: government response to consultation

PDF, 103 KB, 24 pages

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Detail of outcome

This response is to the consultation that sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.

Original consultation

Summary

This consultation sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.

This consultation ran from
to

Consultation description

The draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010, laid before Parliament on 3 February 2010, included provision for the assets remaining in relevant FAS-qualifying schemes to transfer to government.

The government took the opportunity to consult on related changes to the FAS synthetic buy-out basis that provided an estimate of the amount of bulk annuity that could have been secured for a cash sum from an insurer.

Who the consultation was aimed at

The consultation was aimed at pension industry professionals and others with an interest in defined-benefit occupational pension schemes. However, the government also welcomed feedback from members who might have been affected and their representatives.

Documents

Revision to Financial Assistance Scheme synthetic buy-out basis: public consultation

PDF, 325 KB, 44 pages

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Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.
Published 28 January 2010