Consultation outcome

Applying the Financial Assistance Scheme increased cap for long service

This consultation has concluded

Download the full outcome

Government response: Applying the Financial Assistance Scheme increased cap for long service consultation

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Detail of outcome

We published the government response to this consultation on 18 December 2017.

The government has considered the responses received and decided to introduce legislation to create the Financial Assistance Scheme long service cap. This response document summarises the responses received and sets out how the government intends to proceed.

Original consultation

Summary

This consultation seeks views on draft regulations to increase the cap for Financial Assistance Scheme members with long pensionable service.

This consultation ran from
to

Consultation description

The Financial Assistance Scheme (FAS) is administered by the Pension Protection Fund (PPF). The scheme provides assistance payments to members of eligible defined benefit occupational pension schemes which started to wind up between 1 January 1997 and 5 April 2005. This occurs where the scheme does not have enough funds to pay members’ benefits and the employer cannot pay the shortfall because it is insolvent, no longer exists or is no longer required to meet its debt to the pension scheme.

Assistance provided by the FAS is capped. This consultation seeks views on the draft regulations to apply an increased cap in respect of FAS members with long pensionable service.

We welcome views from any interested parties, particularly:

  • members of FAS
  • pension scheme administrators
  • the Pension Protection Fund Board

Documents

Applying the Financial Assistance Scheme increased cap for long service: consultation

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The Financial Assistance Scheme (Increased Cap for Long Service) Regulations 2018: draft regulations

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Published 18 September 2017
Last updated 18 December 2017 + show all updates
  1. We published the government response to this consultation on 18 December 2017.
  2. First published.