05 June 2008
The Financial Assistance Scheme (FAS) Regulations came into
force yesterday. The Regulations introduce the first key elements
of the FAS which were announced on the 17 December 2007. This
allows payment at 90% of a qualifying member's accrued pension
(subject to a cap) and payment from a member's normal retirement
age (or age 60 if their normal retirement age is below this).
Where relevant, payments will be made in relation to past
periods from the later of the member's normal retirement age or the
14 May 2004, the date FAS was first announced.
FAS will start to calculate payments in line with these changes
immediately and they aim to reassess all relevant member and
survivor payments by the end of August.
