Skip to main content

Financial Assistance Scheme

Volume 460: debated on Friday 18 May 2007

To ask the Secretary of State for Work and Pensions whether the Sifam Limited Retirement Plan is one of the pension schemes to be included in the extension of the Financial Assistance Scheme to solvent employers. (136558)

[holding answer 10 May 2007]: At present the Sifam Limited Retirement Plan does not qualify for the Financial Assistance Scheme (FAS) as we understand that the sponsoring employer has not undergone an insolvency event. We currently do not have sufficient information to establish whether the scheme will be included in the recently announced extension to include pension schemes with compromise agreements. The FAS Operational Unit wrote to the trustee on 4 May explaining the position and stating that it may be necessary for the scheme to re-apply once changes to Scheme Qualifying Rules have been finalised.