UK - Chancellor Gordon Brown has announced a £6bn cash boost for the Financial Assistance Scheme (FAS).
Announcing the UK budget for 2007/2008, Brown said the amount of funding in the FAS would increase from £2bn to £8bn.
Referring to the cases of lost pensions much-publicised in the UK press of late, Brown also said: “All 125,000 pensioners who lost their pension will receive help.”
Further details of how the cash will be used are expected later today form secretary of state for work and pensions, John Hutton.
This comes less than a month after pensions reform minister, James Purnell, announced that the deadline for the pension schemes of insolvent companies to qualify for the FAS has been extended to 31 August 2007.
Currently the levels of benefits paid from the FAS are capped at £12,000 per year and only 871 people have received help from the FAS.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.