15 January 2008 – Trustees workshops on FAS changes

Trustees of pension schemes qualifying for the Financial Assistance Scheme (FAS) are being brought together by DWP for a series of workshops on the changes to the scheme and to ensure members receive payments as quickly as possible.

The first workshop will be held on 16 January 2008, with 13 key trustees, covering some 379 of the 698 qualifying schemes.

Announcing the initiative, Minister for Pensions Reform Mike O’Brien said:

“The cooperation of trustees is critical to ensuring the success of FAS extension and ensuring that the 140,000 people who lost their pensions get their money as quickly as possible after reaching retirement age.

“Many trustees are very helpful and we’ve forged a good working relationship with them. The FAS unit is paying everyone it can - more than 4,000 people. But we estimate that there are between 6,500 and 7,500 people over 65 who could potentially be receiving help under the current scheme.

“To reach these people we need trustees of all the FAS-qualifying schemes to apply for payments and provide us with information on their members. There are still too many schemes that haven’t – I’d urge their trustees to join in with future workshops so that together we can increase the number of people receiving payments.”

Terry Monk of the Independent Trustee Services (ITS) welcomed this approach from the department:
"The trustees meeting in January is one of the first key steps in discussing with stakeholders the recently announced changes so that benefits reach the eligible members as soon as possible."

Notes to Editors

1. The Government announced in December, last year, that the Financial Assistance Scheme would be extended to guarantee 90 per cent of accrued pension for 140,000 who lost their pensions, payable from their normal pension age, subject to a lower aged limit of 60.  The DWP will outline the legislation as soon as possible to give effect to the package.
2. Schemes which have yet to apply for payments or returned information about their members to the FAS are urged to do so as quickly as possible. There are 81 schemes in wind up were data is awaited.  There are currently 84 FAS-qualifying schemes which have yet to apply for payments on behalf of their members. Schemes can get involved in the workshops by emailing samantha.anthony@dwp.gsi.gov.uk
3. For more information go to www.dwp.gov.uk/other-specialists/financial-assistance-scheme/

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