How much can I expect to receive from FAS?
Except for those whose assistance is based on their notional pension, FAS will (broadly) top up any scheme pension that will be paid (or is already being paid) to 90% of the pension that has been accrued. The total amount which can be paid is subject to a cap. From April 2011, the cap is increased each year in line with the Consumer Prices Index. (Previously it was increased annually in line with the Retail Prices Index). Payments will be made from the member’s FAS Normal Retirement Age, which is the age at which he would normally retire under the scheme and which cannot be before age 60. Before this standard assistance is paid at Normal Retirement Age, it is revalued (increased) in line with inflation, subject to certain limits.
Published: Wednesday, July 22, 2009
Associated Subjects: Financial Assistance Scheme
Associated Roles: General Interest;Pensions Professionals;Scheme members;Trustees
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