People who have to stop working due to ill health will receive early help from the Financial Assistance Scheme (FAS), says Pensions Minister Mike O'Brien.
Draft regulations, published today, mean people who have to stop working early because of poor health will receive FAS payments up to five years before their scheme’s normal retirement age.
The consultation also proposes to speed up payments by including a requirement for trustees 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 cannot work due to ill health.
The regulations will also remove the need for the FAS operational unit to wait until trustees apply for initial payments.
O’Brien says: “Everybody is agreed FAS members should receive their payments as quickly as possible so we have been continuing to work with trustees and other stakeholders to look at ways in which this process can be speeded up.
“The changes made by these regulations will mean we have the basic information to enable payments to be made faster."
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