Pensions Bill: Government undertakings relating to the Financial Assistance Scheme, fifth report of session 2006-07, report and appendices, together with formal minutes
The Stationery Office, May 11, 2007 - Business & Economics - 27 pages
This report is intended to inform Members of both Houses on the further proceedings of the Pensions Bill and the Government undertakings relating to the Financial Assistance Scheme that will form part of the Bill. An additional clause to the Bill, clause 18, was added in April 2007, which aimed to increase the scope and benefits given by the Financial Assistance Scheme (FAS) so that members of affected pension schemes are now eligible for payments of 80% of their core pension rights up to a cap of £26,000. Eligible schemes are those schemes that started winding up between 1 January 1997 and 5 April 2005, as a result of the sponsoring employer becoming insolvent. Further, the Government has announced it will also include schemes where the sponsoring employer remained solvent, along with a review of the use of assets in FAS pension schemes. The Committee believes the Government should seek ways to do more for improvements to FAS. This report contains a brief description of proposals to extend the Financial Assistance Scheme to cover those who lost pension rights when a solvent employer wound up a scheme. It also includes correspondence from the Department for Work and Pensions.
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11 June Administration Select Committee affected pension schemes Amendment annuities Assistance Scheme FAS beneﬁts promised billion in cash capped at 2.5 cash cost cash terms CETV Commons Library compromise agreements compromised debt core pension rights cost of providing current FAS David Heyes enforcing the debt ensure estimate the cost extended FAS FAS Regulations FAS scheme Fifth Report ﬁgures Financial Assistance Scheme full beneﬁts Gordon Prentice Government HC Deb House of Commons Ian Liddell-Grainger insolvency event Julie Morgan Kelvin Hopkins lost their pensions members of affected members of schemes Minimum Funding Requirement MP Labour net present value non-pensioner members occupational pension schemes Parliamentary Ombudsman pension in payment Pension Protection Fund pension scheme members Pensions Act 1995 Pensions Act 2004 Pensions Bill Pensions Promise PPF level present value terms providing indexation Public Administration Select schemes wound signiﬁcant improvements solvent employers speciﬁc sponsoring employer sufﬁcient transfer values trustees or scheme wind-up