Consultation outcome

Revision to Financial Assistance Scheme synthetic buy-out basis

This consultation was published under the 2005 to 2010 Labour government

This consultation has concluded

Download the full outcome

Financial Assistance Scheme guidance on transfer of assets to government and proposed revisions to the synthetic buy-out basis: government response to consultation

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Detail of outcome

This response is to the consultation that sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.

Original consultation

This consultation ran from to

Summary

This consultation sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.

Documents

Consultation description

The draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010, laid before Parliament on 3 February 2010, included provision for the assets remaining in relevant FAS-qualifying schemes to transfer to government.

The government took the opportunity to consult on related changes to the FAS synthetic buy-out basis that provided an estimate of the amount of bulk annuity that could have been secured for a cash sum from an insurer.

Who the consultation was aimed at

The consultation was aimed at pension industry professionals and others with an interest in defined-benefit occupational pension schemes. However, the government also welcomed feedback from members who might have been affected and their representatives.