25 July 2006
The Minister of State for Pensions Reform, James Purnell, has
announced the outcome of a review of the administration of the FAS
as part of a drive to speed up payments. Key findings include:
- A different skill set and a revised approach to gathering data
on scheme members is required to speed up payments;
- These skills exist in the private sector and the Pensions
Protection Fund. Outsourcing, however, is not a viable option and
the DWP is examining options to inject skills into operations in
the shortest time;
- The length of the wind-up process and competing trustee
priorities are significant constraints to making more FAS
payments;
- A detailed work analysis is required to critically review job
roles, examine process timings and establish optimum staffing
levels for the FAS Operational Unit;
- The long term governance of the FAS is best placed within The
Pension Service.
The Review of the Administration of the Financial
Assistance Scheme can also be viewed in pdf format.
