FAS extended to 15 years

The government says the extension should ensure up to a further 30,000 people who lost significant amounts when their pension schemes were wound up will benefit from the new arrangements. Under the extension scheme benefits will be tapered so the government will pay the full 80% to those within seven years of the scheme pension age, 65% to those within eight to 11 years of the scheme pension age and 50% to the remainder. The FAS was established under the Pensions Act 2004 to help those who had lost the most in the past as a result of insecure occupational savings. It came into operati...