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Updated FAS regulations come into force
THE updated Financial Assistance Scheme regulations have come into force.
The regulations introduce the first key elements of the reforms to the FAS –announced in December last year – allowing payment at 90pc of a qualifying member's accrued pension (subject to the cap) and payment from a member's normal retirement age or age 60 if normal retirement age is below 60.
Where relevant, payments will be made in relation to past periods from the later of the member's normal retirement age or the 14 May 2004, the date that FAS was first announced.
The department for work and pension said it will start to calculate payments in line with these changes immediately and aims to reassess all relevant member and survivor payments by the end of August.
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5 Jun 2008 15:24 by TMonk FAS Regulations
We welcome the regulations and hope that the money flows to the members as quickly as possible.
It is hoped that the taxation of back payments is dealt with in a way that is effective , fair and easy for the members to understand
The Annuity rate consultation does give cause for concern and clarity is currently being sough on this complex subject
6 Jun 2008 15:04 by NHawkes FAS regulations
There is a huge backlog of scheme members who are years passed their retirement date and the FAS are still requesting information from the trustees/administrators and giving until October for the information to be provided. The FAS need to start making payments immediately to those over scheme retirement age and deal with the arrears separately