Pensions Minister Mike O'Brien will propose an amendment to the Pensions Bill extending the definition of a qualifying member of the Financial Assistance Scheme (FAS).
In a letter to all MPs, O’Brien says the changed definition would include those in schemes still in wind-up who would have received their benefits from the scheme in full. The letter, which outlines several proposals, follows a statement before Christmas that the Department for Work and Pensions (DWP) will improve the FAS. In March O’Brien will also propose to bring forward regulations to make FAS payments at 90% up from 80% and from normal retirement age rather than from age 65. He says the DWP needs the power to make FAS payments to members when taking over their assets so they receiv...
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