6 September 2005
HANSON ANNOUNCES DEADLINE FOR FINANCIAL ASSISTANCE SCHEME
Social Development Minister David Hanson MP has announced that pension fund trustees have six months to apply to the Financial Assistance Scheme (FAS).
The £400 million Scheme was set up to help members of some occupational pension schemes which collapsed before April 2005 when the Pension Protection Fund was introduced.
David Hanson MP said: "Trustees and administrators of pension funds who think their schemes might be eligible should contact the newly established FAS Operational Unit right away. The scheme is designed to offer real help to individuals who have lost their pensions through no fault of their own."
All schemes that have already supplied data are being contacted directly by the Unit and offered the opportunity to confirm the details held and provide any additional information required.
The Minister continued: "A lot of progress has been made in collating all the necessary information and this final notification period is the formal step towards being in a position to assess scheme eligibility.
"This has been a complicated procedure, but with the FAS Operational Unit now up and running we are looking to have the first payments made as quickly as possible. Now is the time to apply."
This call for information is aimed primarily at trustees and administrators. Members of schemes who feel they may be eligible are asked to contact their trustees for further information rather than the FAS Operational Unit. Once information is collated from the trustees, the Operational Unit will write to all members of qualifying schemes to let them know what payments they can expect.
Trustees should contact the FAS Operational Unit on 0845 6019941 to obtain form FAS A1. This form should be returned by 28 February 2006. Individual members, whose scheme has already wound up and therefore has no trustees, can also complete notification for their scheme.
Information for individual scheme members is available on the FAS website at www.dwp.gov.uk/fas. In due course, this will include details of schemes that have completed notification and which are qualifying schemes. In the meantime, there is no need for scheme members to contact the FAS Operational Unit at this stage unless their scheme has wound-up. If it isn't they should contact their scheme trustees.
NOTES TO EDITORS:
- The Financial Assistance Scheme was part of the Pensions Act which has received Royal Assent on 19th November and can be viewed at: http://www.hmso.gov.uk/acts/acts2004/20040035.htm#aofs
- Further details on the Financial Assistance Scheme can be found at www.dwp.gov.uk/fas
- The FAS Operational Unit is based in York.
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