FAS draft out for consultation

The FAS, which carries a £400m purse over 20 years, has been set up to aid pension schemes which commenced winding up between 1st January 1997 until the introduction of the Pension Protection Fund. The regulations outline details of how the £400m FAS may function, says Minister for Pensions, Malcolm Wicks. In February, the Department for Work and Pensionsannounced UK workers nearest to retirement could be in line to receive a top up to 80% of their scheme pension from the Financial Assistance Scheme (FAS). Wicks says: “We are now pleased to publish these draft regulations and fulfil o...