The following Pensions practice note produced in partnership with Weil Gotshal & Manges and Joanne Etherton of Client Earth provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.
Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme (FAS), the members will become eligible for benefits payable from the FAS.
The FAS closed to Notification and Qualification of new schemes on 1 September 2016. Members who are in receipt of, or with a deferred entitlement to receive, assistance payments from the FAS are not affected by the closure. The Pension Protection Fund (PPF), which administers FAS on behalf of the Department for Work and Pensions, has confirmed that the pension flexibility changes introduced on 6 April 2015 do not apply to the FAS and therefore do not affect entitlement to benefits payable from the FAS.
For further information, see The Financial Assistance Scheme—eligibility and entry.
The criteria and methods for calculating benefits are set out in the Financial Assistance Scheme Regulations 2005, SI 2005/1986 (the FAS Regs).
Benefits can be paid to:
a member of the pension scheme
a member’s surviving widow, widower or civil partner
a member’s surviving partner (who is not a spouse or civil partner), subject to certain conditions
a member’s surviving dependants (ie children), and
other individuals (in some circumstances)
A member can receive only one type
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