Thousands face benefit cuts following FAS overpayments

clock •

Almost 4,000 members of the Financial Assistance Scheme have had their benefits reduced after overpayments resulting from administrative errors.

Responding to a written parliamentary question, pensions minister Steve Webb said 3,881 people were repaying money to the scheme, with 3,846 of these having their benefits cut to take account of th...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Benefit

Third-party cyber risk key concern for DB trustees

Third-party cyber risk key concern for DB trustees

Less than half of schemes regularly use simulations to test incident response plans

Alex Levy
clock 08 October 2026 • 1 min read
Age threshold risks more costly and complex surplus payments, say lawyers

Age threshold risks more costly and complex surplus payments, say lawyers

Draft rules pose practical challenges for sharing DB surplus with members

Alex Levy
clock 07 October 2026 • 7 min read
Exclusive - Up to ten sponsor swap deals could transact over coming year

Exclusive - Up to ten sponsor swap deals could transact over coming year

Advisers say schemes unlikely to wait for DWP consultation before making a move

Alex Levy
clock 05 October 2026 • 5 min read
Trustpilot