12 November 2004 - New details on FAS eligibility announced
New details on the eligibility requirement for occupational pension schemes seeking help from the Financial Assistance Scheme (FAS) were announced by the Pensions Minister, Malcolm Wicks.
An amendment tabled to the Pensions Bill will mean that under funded final salary schemes that have started winding-up prior to the establishment of the Pension Protection Fund (PPF) with an insolvent employer, may now be eligible for FAS assistance.
Malcolm Wicks said:
“When we announced the creation of the Financial Assistance Scheme we undertook to consider the position of schemes that fell between the date of the announcement and the start of the Pension Protection Fund.
“This, together with the details on PPF eligibility we announced on Monday, will mean that help and protection will be available right up to the minute the PPF opens its doors, without the Fund being retrospective.
“This is good news for hard hit individuals in those schemes that have found themselves in difficulty.”
The Pensions Bill will be debated in the House of Lords on Monday and the House of Commons on Tuesday.
Notes for editors
- The Pension Bill was originally published on 12th February 2004 and is available from:
/www.publications.parliament.uk/pa/ld200304/ldbills/125/2004125.htm - Further details on the eligibility criteria for the Pension Protection Fund was announced on 8th November 2004. It can be found at:
/www.publications.parliament.uk/pa/cm200304/cmhansrd/cm041108/wmstext/41108m01.htm#41108m01.html_spmin6
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