You are here: Home - Uncategorized -

Workers who lost pension savings to get assistance

Written by:

Workers that have lost their pensions due to their employers going bust could receive financial help from the Government, according to the Department for Work and Pensions. 

Mike O’Brien, minister for pensions reform, announced the first six pension schemes backed by solvent employers to be admitted into the Financial Assistance Scheme (FAS). The scheme will help nearly 4,000 people to get their pension savings back.

The companies included are Expamet, whose pension scheme has 1,233 members, Fredk H Burgess, (1,128 members) and Lucas Yuasa, a car-battery maker who had 747 members of its pension scheme. The remaining companies – Dragon Cosmetics, J & D Wilkie and Norman Butcher, account for a further 1,000 people.

O’Brien said: “It’s very worrying for people when their final salary pension winds up under-funded and they don’t know how much of their pension they will receive. In rarer cases this can happen where the company continues trading, so I’m pleased that these six schemes have now qualified for the FAS.

“We have just published regulations to extend the FAS to allow people to receive 90% of their pension from their normal scheme retirement age. And later this year we intend to bring forward legislation to admit more schemes with solvent employers into the FAS.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Pensioners miss out on extra cash

An estimated 40% of pensioners qualifying for extra support are not claiming their full pension credit entitlement, according to Citizens...