UK Government announces help for 140,000 who lost pensions
December 17th, 2007 by GilesThe Government today announced a substantial package of help for up to 140,000 people who lost savings when their employer-sponsored pension schemes collapsed.
The Financial Assistance Scheme (FAS) will be extended so that:
- All scheme members will be guaranteed 90 per cent of their accrued pension at the date their scheme began wind-up. This will be subject to a cap of £26,000, the value of which will be protected.
- Assistance payments derived from pension accrued post-1997 will be increased each year in payment in line with inflation.
- Assistance will be paid from each failed scheme’s normal retirement age, subject to a lower age limit of 60.
- People who are unable to work due to ill health will also be able to apply for early access to payments from age 60.
For more information you can go to the Department of Work & Pensions website: