Financial Assistance Scheme (FAS) Assessment

Since its birth in 2004, the Financial Assistance Scheme (FAS) has been transformed into something which – with some subtle but key differences – now looks very much like the Pension Protection Fund (PPF) which now of course also has the role of Scheme Manager for FAS.

Drawing from our extensive PPF experience, we work very closely with FAS caseworkers and have now built up a substantial and varied portfolio in this area as it has continued to evolve over recent months.

Because of its different funding basis, FAS is subject to different regulations and pressures from the PPF. Some of these are only emerging in detail now that schemes are finally transferring and we are completely up to speed on all aspects of the process as we handle schemes at every stage, and meet regularly with FAS and PPF representatives.

“Working closely with FAS caseworkers we have built up a substantial and varied portfolio”

It is only as we approach the final stages before transfer to FAS that some of the member facing issues are emerging and we have learned the importance of precise and thoughtful communication with the scheme members, particularly those at or near retirement.

Through our sister company actuarial firm Spence & Partners, which is a member of the Pension Protection Fund Actuarial Panel, we have specialist expertise in all aspects of work on Regulation 22 valuations required for entry to the Financial Assistance Scheme.

As with PPF cases, we handle this work either as trustee, or on a project management basis working with and reporting to other trustees.

For more information, contact Connie Johnstone who heads up our Scheme Terminations team.

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