A. 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.
B. Notified (successful) not progressing to Qualification
A scheme professional/interested person successfully Notified the scheme to FAS but has advised the FAS 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
NB This list is not exhaustive
C. Notified (successful) progressing to Qualification
The scheme has Notified and is expected to progress through Qualification and the FAS is working with the scheme professional/interested person to obtain the evidence required to support the scheme through the Qualification process.
D. 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.
E. 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 is working with the scheme professional/interested person to obtain the evidence required to support the scheme through the qualification process.
F. 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 scheme professional has been asked to provide the information that is required to enable member eligibility to be assessed. The FAS will continue to work with the scheme professional to obtain the information that is required for all members of the scheme. The FAS will assess the information when it is received and will make payments to those members that are eligible.
Whilst wind-up is ongoing the scheme professional should provide data for any members who may subsequently qualify. This includes members whose benefits in the scheme are fully discharged, members who are approaching their normal retirement age, early access members, and survivors. The FAS will consider these requests upon receipt of the data.
G. Scheme funded over the FAS level, FAS no longer required
The scheme professional has advised FAS that:
• the scheme is funded above the FAS level, and
• the scheme is not transferring assets, property or liabilities to FAS in respect of any member, and
• all members benefits have, or will be, discharged by way of annuity purchase or payment of a lump sum
No member data is required by the FAS. Members will receive a pension from the scheme above the FAS level.
H. Acceptable final data received for all members
The scheme professional has provided final data for all members of the scheme. All data has been checked and has been passed to the Financial Assistance Scheme Operations Team at Darlington. Full details are shown on the 'Contact the FAS' page.