Consultation on the draft Financial Assistance Scheme and Pension Protection Fund (Valuation, Revaluation and Indexation Amendments) Regulations 2011
12 August 2010
Today the Government published a consultation document in respect of the draft Financial Assistance Scheme and Pension Protection Fund (Valuation, Revaluation and Indexation Amendments) Regulations 2011.
On 8 July 2010, the Minister of State for Pensions, Steve Webb MP, announced that the Government intend to use the consumer prices index (CPI) for statutory minimum revaluation and indexation for occupational pension schemes and for payments made by the Pension Protection Fund (PPF) and the Financial Assistance Scheme (FAS). These draft regulations are intended to deliver some of these changes to FAS and PPF rules.
The consultation seeks views on the detail of this proposal and will end on 3 November 2010.
View the Consultation on the DWP site
Webinar on Financial Assistance Scheme (Miscellaneous Amendments)
12 May 2010
On 6 May 2010, the PPF held a webinar explaining the new FAS regulations for trustees and administrators of FAS qualifying schemes.
For trustees, the webinar talks through the end-to-end valuation process, the lessons that have already been learnt and the reporting requirements.
For administrators, we provide an overview of the asset transfer, data and financial requirements, where to find advice and guidance on changes to the S1 forms, the need for data quality and how to help scheme members.
Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010
8 April 2010
The Financial Assistance Scheme (Miscellaneous Amendments) Regulations came into force on 2 April 2010.
These Regulations complete the delivery of the remaining elements of the extensions to the Financial Assistance Scheme (FAS) announced on 17 December 2007, and include:
- the transfer of assets to government;
- payment of lump sums in certain cases; and
- provision for those members of schemes who would have received more from their pension scheme than the assistance payments FAS would otherwise provide had their scheme continued to wind-up and purchase annuities rather than transfer assets.
For a copy of the regulations, click on this link Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010
Draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010
20 January 2010
The Government published the response to its consultation on the draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations on 20 January 2010. A draft of the Regulations was also laid before Parliament and will be published shortly.
These draft Regulations complete the delivery of the remaining elements of the extensions to the Financial Assistance Scheme (FAS) announced on 17 December 2007, which include:
- the transfer of assets to government;
- payment of lump sums where appropriate; and
- provision for those members of schemes who would have received more from their pension scheme than the assistance payments FAS would otherwise provide had their scheme continued to wind-up and purchase annuities rather than transfer assets.
The Government Response can be accessed at: www.dwp.gov.uk/consultations
An Equality Impact Assessment has also been published today in respect of the FAS and can be accessed at:
http://www.dwp.gov.uk/publications/impact-assessments/equality-impact-assessments
Draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010
12 August 2009
The Government published today a consultation on the draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010. The consultation seeks views on the draft Regulations that make proposals for the delivery of the remaining elements of the extension to the Financial Assistance Scheme (FAS) announced on 17 December 2007. These include:
- the transfer of assets to government;
- payment of lump sums; and
- provision for those members of schemes who would have received more from their pension scheme than the Assistance payments FAS would otherwise provide had their scheme continued to wind-up and purchase annuities rather than transfer assets.
The written consultation period ended on 6 October 2009.
http://www.dwp.gov.uk/consultations/
Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009
10 July 2009
Regulations came into force on 10 July to make changes to the FAS assistance payable to those qualifying members whose schemes are not among those whose assets are being transferred to government. The regulations also implement certain changes to the management administration of FAS, including making the Board of the Pension Protection Fund (PPF) the FAS scheme manager.
Further FAS news can be found on the DWP site
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