DWP fishing for details on benefits lost to bankrupt employers

The scheme is intended as a stop-gap measure ahead of the introduction of the Pension Protection Fund. Government statments in May this year suggested the FAS would meet benefits requirements of some 65,000 employees left without any pension income when their employers went bust. Steve Bee, head of pensions strategy Scottish Life, says the £400m vaguely committed to the scheme by former work and pensions secretary Andrew Smith may be woefully inadequate because the DWP does not actually know how much money is required to fund the scheme. Dividing the suggested £400m figure by the nu...