Finance Assistance Scheme – information required by 12 November 2004
On 14 May 2004, the Government announced that £400 million would be made available to fund a Financial Assistance Scheme (FAS). The intention is to offer help to people who will not be eligible for benefits under the new Pension Protection Fund (when it comes into being in April 2005), but who have lost out financially because their defined benefit (DB) pension scheme has wound-up with insufficient assets. Details of the FAS are still being developed through consultation with stakeholders and it is still unclear preceisedly which individuals it will assist. (Intial indications were that the FAS would be aimed at schemes wound up recently with an insolvent employer.)