31 March 2008
The government has announced plans to help workers who need to
retire early because of ill-health but who lost their company
pensions when their employers collapsed.
Following draft regulations, people who qualify for help from
the Financial Assistance Scheme (FAS) may be able to get FAS
payments up to five years before their scheme's normal retirement
age if they are unable to work for health reasons.
In addition, proposals in these regulations will speed up
payments by including a requirement for scheme trustees and other
relevant people to provide information three months before a
member's normal scheme retirement age, or within 14 days of a
request for that information where the member is unable to work due
to ill-health.
Other measures being introduced will see up to 11,000 people
from 162 schemes, where the employer is solvent but an underfunded
company pension scheme has been wound up, qualify for help from the
FAS.
