The Financial Assistance Scheme (FAS) is now administered by the Pension Protection Fund.
FAS offers help to some people who have lost out on their pension because:
- they were a member of an under-funded defined benefit scheme that started to wind-up between 1 January 1997 and 5 April 2005, and
- their scheme began to wind-up (ended) and did not have enough money to pay members’ benefits, and
- the employer cannot pay the shortfall because it is insolvent, no longer exists or no longer has to meet its commitment to pay its debt to the pension scheme, or
- the scheme started to wind up after 5 April 2005 but is ineligible for help from the Pension Protection Fund due to the employer becoming insolvent before this date.
Are you member of the Financial Assistance Scheme? If you are, please click on the button for our FAS Member site, which contains information aimed specifically at those who are already receiving assistance.
The FAS is managed by the Board of the Pension Protection Fund, a statutory corporation established under the provisions of the Pensions Act 2004, which is accountable to Parliament through the Secretary of State for Work and Pensions. It makes payments to top up scheme benefits to eligible members of schemes that are winding-up or have wound-up.
Assistance is also payable to the survivor of a pension scheme member and to certain surviving dependants.
For more information, please read further information about eligibility for the Financial Assistance Scheme.
If you wish to see details of the pension schemes that have been notified to the FAS, qualifying pension schemes that have been accepted by the FAS, and non-qualifying pension schemes that have not been accepted by the FAS, please see our list of schemes.
Please note that the Pension Protection Fund has announced that the Financial Assistance Scheme will close to Notification and Qualification of new schemes from 1 September 2016. We’d encourage trustees, advisors, former trustees and/or former advisors of any pension scheme they believe may be a qualifying scheme not yet notified to us to do so as soon as possible.
Members currently receiving, or with a deferred entitlement to receive, assistance payments from the Financial Assistance Scheme are not affected by this announcement.