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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