Revision to Financial Assistance Scheme synthetic buy-out basis
This consultation sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.
The draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010, laid before Parliament on 3 February 2010, included provision for the assets remaining in relevant FAS-qualifying schemes to transfer to government.
The government took the opportunity to consult on related changes to the FAS synthetic buy-out basis that provided an estimate of the amount of bulk annuity that could have been secured for a cash sum from an insurer.
Who the consultation was aimed atThe consultation was aimed at pension industry professionals and others with an interest in defined-benefit occupational pension schemes. However, the government also welcomed feedback from members who might have been affected and their representatives.
Related documents- Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (Office of Public Sector Information website)