Trustees must speed up FAS payments - DWP

In March the Government said it would extend the FAS to pay out 80% of the core expected pension to 125,000 people who lost pensions when their schemes started winding up under-funded. The FAS will simplify the payment process to side-step delays. Trustees who did not apply for FAS initial payments to top up interim pensions paid by the winding up schemes caused the delays. The Department for Work and Pensions (DWP) says: “There should be no good reason for trustees to not ensure that eligible members receive FAS benefits.” The FAS can make payments at 80% of expected core pension to el...