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Please note that the Financial Assistance Scheme closed to Notification and Qualification of new schemes on 1 September 2016, as previously announced.

Members currently receiving, or with a deferred entitlement to receive, assistance payments from the Financial Assistance Scheme are not affected by this change.

Government response to the consultation on the draft FAS Regulations 2012

28 May 2012

The Government today published its response to the comments received in respect of the consultation held in 2011 on the draft Financial Assistance Scheme Regulations 2012 (originally 2011). The consultation ran between 10 June and 1 September 2011.

The Government plans to introduce the regulations later this year.

Government response to the consultation on the draft Financial Assistance Scheme Regulations 2012

 

 

 

Underpin benefits – appendix to the valuation guidance

28 May 2012

The appendix provides additional guidance for actuaries undertaking valuations to determine the asset shares of beneficiaries in FAS qualifying schemes that are transferring assets to government. It provides guidance on the treatment of underpin benefits in the FAS valuation

FAS schemes should direct any queries to the Pension Protection Fund initially.

FAS Valuation Guidance on the DWP site

 

 

 

Missing Beneficiary Insurance for FAS1 Annuitising Schemes

23 August 2011

On the 23 August 2011 the PPF published the following advice to Trustees on the requirement to purchase Missing Beneficiary Insurance for FAS1 Annuitising Schemes.

“The Board of the PPF (the “Board”), as FAS Scheme Manager, would not usually consider it appropriate for trustees of schemes which are eligible for FAS to spend scheme assets on obtaining missing beneficiary insurance.  This is because it does not appear to the Board that such cover is normally required or even necessary. If any trustee can demonstrate that this cover is required in its case, only proportionate cover should be bought and at proportionate cost. 

Further, it is also the Board’s policy that if trustees do have the power under their Scheme’s Trust Deed and Rules to obtain run-off insurance, both the extent of cover obtained and the cost of such insurance should be proportionate to the risks in fact faced by the trustee.

 If any trustee wishes to buy any such insurance with scheme assets, the Board would wish to discuss the matter before any policy is bought.

The Board will consider all cases on their own facts and determine whether it is appropriate to apply this policy to each such case.  Where the Board determines that it is not appropriate to buy a missing beneficiary policy and/or a policy of run-off insurance in any particular case, the Board would consider issuing a direction under section 134 Pensions Act 2004 (as modified for its application to the Financial Assistance Scheme) to secure compliance with this policy.” 

 If you have any questions regarding this advice in the first instance please contact your FAS1 Caseworker.

 

 


 

The Financial Assistance Scheme Regulations 2011

10 June 2011

Today the Government published its consultation in respect of the draft Financial Assistance Scheme Regulations 2011.

These draft Regulations contain an addition to the qualification provisions and some revisions to the payment provisions for the Financial Assistance Scheme (FAS).  They also provide clarification of some of the existing provisions in the regulations.

The Government has taken this opportunity to consolidate the existing 12 sets of FAS Regulations that govern FAS payments and the administration of the Scheme and to simplify the regulatory structure.

The consultation runs from Friday 10th June until Thursday 1st September.

The Financial Assistance Scheme Regulations 2011 – consultation on the draft regulations

 

 

 

The Financial Assistance Scheme (Revaluation and Indexation Amendments) Regulations 2011

31 March 2011

New regulations came into effect on 31 March 2011, meaning that FAS payments will now be revalued in accordance with the Consumer Prices Index, rather than the Retail Prices Index.

Financial Assistance Scheme (Revaluation and Indexation Amendments) Regulations 2011

 

 

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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