Wicks promises 80% top up for most eligible under FAS

Pensions Minister Malcolm Wicks MP has confirmed those eligible workers who were within three years of their scheme pension age on 14th May 2004, when FAS was announced, would be compensated where their employer has collapsed and the pension fund is under threat. 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. As a result, depending on the pension age of their particular scheme, members aged between 57 and 73 will receive 80% of their ‘cor...