The Department for Work and Pensions (DWP) may extend the rules of the Financial Assistance Scheme (FAS) to insure pension schemes exempt from the Pension Protection Fund (PPF).
In a consultation launched on Friday the DWP asked for views on the draft FAS Regulations 2011. The consultation was a direct response to the PPF exemption of the George and Harding (G&H) pension scheme after its funding collapse in 2009. G&H members were denied access to the PPF due to a legal technicality, despite the trustees of the scheme having paid levies to the PPF. The DWP confirmed G&H scheme members would qualify for the FAS under the new rules. Pensions minister Steve Webb said: "It is unfair G&H scheme members fell outside the pension protection regime. "That is w...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
