1. Scheme Notified (unsuccessful)
Where a scheme has Notified (unsuccessful), a ‘Notification and Qualification Form (FAS A1) for Notification will have been received outside the prescribed time limits and the Scheme Manager will not have accepted Notification for that particular scheme.
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2. Notified (successful) not progressing to Qualification
A scheme professional/interested person successfully Notified the scheme to FAS but has advised the FAS Operational Unit that they do not intend to progress the scheme through Qualification. This may be for a number of reasons:
- No insolvency event
- Wind up start date outside parameters for the FAS
- Scheme is a money purchase scheme
- Relevant information to support Qualification has not been returned
(N.B. This list is not exhaustive)
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3. Notified (successful) progressing to Qualification
The scheme has Notified and is expected to progress through Qualification and the FAS Operational Unit is working with the scheme professional/interested person to obtain the evidence required to support the scheme through the Qualification process.
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4. Scheme Qualified (successful)
The scheme professional/interested person has completed the ‘Notification and Qualification Form (FAS A1)’ and provided all relevant evidence to support Qualification and the scheme has been determined to be Qualified (successfully for the FAS). The FAS Operational Unit will work with the scheme professional to obtain member data.
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5. Scheme Qualified (unsuccessful)
The scheme professional/interested person has completed the ‘Notification and Qualification Form (FAS A1)’ and provided evidence to support Qualification and the scheme has been determined to be qualified (unsuccessfully for the FAS). To qualify for the FAS there are a number of conditions that must be satisfied. Where any of the conditions are not satisfied the scheme will be unsuccessful. At this stage a decision letter will have been issued detailing why the scheme has been unsuccessful.
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6. Initial payments not requested
Due to changes in FAS Regulations, this code is no longer needed.
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7. Initial payments requested
Due to changes in FAS Regulations, this code is no longer needed.
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8. Initial Payments not considered appropriate
Due to changes in FAS Regulations, this code is no longer needed.
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9. The scheme professional has advised that initial payments are not required
The FAS has agreed with the scheme professional that no member data is required at present. This may be for a number of reasons, including:
- The scheme is funded above FAS levels
- The scheme funding position is too volatile
- No qualifying scheme members have yet reached thier normal retirement age
- There are no survivor members
NB This list is not exhaustive.
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10. Member data requested but not yet received
The scheme professional has been asked to provide the information that is required to enable member eligibility to be assessed. To date no information has been received.
11. Data collection is ongoing, no members can yet be assessed/paid
The scheme professional has provided some of the information that is required by the FAS, but it is insufficient to allow any members to be assessed/paid.
The FAS is working with the scheme professional to complete the details.
12. Data collection is ongoing, some members have been assessed/paid
The scheme professional has provided some of the information that is required by the FAS, but it is incomplete. There is, however, sufficient information to allow some members to be assessed/paid. The FAS is working with the scheme professional to complete the details for remaining members.
13. Data collection is ongoing. Current eligible members have been assessed/paid
The scheme professional has provided the information that is required by the FAS for some members. The FAS has assessed all members for whom data has been provided, and payments have commenced to those that are eligible. Until wind-up concludes, scheme professionals should continue to provide data for any members who may subsequently qualify. The FAS will consider these requests upon receipt of the data.
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14. Data assessed for initial and annual payments
This code is no longer needed.
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15. Annual payment data assessed/paid
The scheme professional has provided annual payment data for all members of the scheme. The FAS has assessed the data and payments have commenced to eligible members.
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16. Member data received, awaiting assessment
Member information has been received by the FAS and is currently being worked on to progress the scheme to assessment.
17. Scheme re-applying for Qualification following previous Qualification (unsuccessful)
The scheme has previously been issued with a decision letter advising that it was a Scheme Qualified (unsuccessful). Following legislation changes, the scheme wishes to re-apply for qualification. The FAS Operational Unit is working with the scheme professional/interested person to obtain the evidence required to support the scheme through the qualification process.
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18. Member data received, no members can be assessed/paid.
The scheme professional has provided some information to FAS. None of the members can be assessed and paid under the current regulations. Subject to changes in the regulations, FAS will assess and pay members as appropriate, working with the scheme professional if necessary.
19. Scheme fully funded, FAS no longer required
The scheme professional has advised FAS that the scheme is fully funded, and that members will receive their full pension entitlement. Payments from FAS are not required.