FAS should be transferred to Pension Service

Alongside the consultation document, which beginning 24 July will last for eight weeks, the DWP has also released the findings of a review on how the FAS can speed up payments to eligible people, including the transfer of the department to the Pension Service. The FAS was set up in May 2004 to provide help to members of qualifying pension schemes which started to wind-up, under-funded and with the employer declared insolvent, between 1 January 1997 and 5 April 2005, when the Pension Protection Fund (PPF) came into effect. Originally the FAS, which came into effect on 1 September 2005, h...