Revision to Financial Assistance Scheme synthetic buy-out basis
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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.
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.
- Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (Office of Public Sector Information website)