Financial Assistance Scheme: £3.5 billion To Protect Pensions

Financial Assistance Scheme: £3.5 billion To Protect Pensions

The Government has announced tens of thousands of people who lost pensions when their employers went bust will get at least 90% of their retirement savings guaranteed, as the final phase of the Financial Assistance Scheme (FAS) regulations are put before Parliament.

As part of the Scheme, the Government will pay out £3.5 billion to around 150,000 people.

Part of the funding for FAS will come from the Government’s absorption of assets remaining in the affected pension schemes.

Pensions Minister Angela Eagle said:

“The Government is completing its promise to provide a just and final settlement for those who lost pension savings when their employers went bust.  There can be few greater cruelties than to find the pension you have earned has suddenly disappeared through no fault of your own.  That is why the Financial Assistance Scheme, which we are completing with these regulations, is so important to around 150,000 people.”

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