News
September 2005
Financial Assistance Scheme begins operation
The Financial Assistance Scheme Regulations (2005) were approved by Parliament on 19 July 2005 and the scheme came into operation on 1 September 2005.
The Financial Assistance Scheme (FAS) offers help to some people who have lost out on their pension because the pension scheme they were a member of was under-funded when it started to wind up, and the employer is insolvent or no longer exists.
Assistance is given to those who are in most urgent need. Not all members of schemes will meet qualifying conditions.
The FAS is administered by the Department for Work and Pensions and is managed by a national FAS Operational Unit. The Government has committed £400 million of public money over 20 years to the Scheme.
To learn more about the FAS, visit the Financial Assistance Scheme section of the Department for Work and Pensions website