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Pensions: Financial Assistance Scheme

Volume 461: debated on Tuesday 19 June 2007

To ask the Secretary of State for Work and Pensions which companies and associated pension funds are eligible for the Financial Assistance Scheme (FAS); on which date each company and pension fund were placed in administration; whether a pension holiday had been previously declared in each case; and which funds’ members have received payments from the FAS. (141057)

To ask the Secretary of State for Work and Pensions how many occupational pension schemes which are in wind up are in the formal Financial Assistance Scheme assessment stage; and what the longest time is for which such a scheme has been under assessment. (141880)

To ask the Secretary of State for Work and Pensions which piece of data is most often cited by the financial assistance scheme as the reason for delay in commencing financial assistance. (141881)

Non receipt of acceptable data from pension scheme trustees and administrators is the main reason for the delay in assessing pension scheme members' entitlement to the FAS. This could be because the data are incomplete, incorrect or are ambiguous, (for example containing additional information which needs to be clarified).

To ask the Secretary of State for Work and Pensions how many members of the Financial Assistance Scheme approved for assistance schemes (a) are not claiming the assistance which they are entitled to and (b) do not receive assistance because they fall under the de minimis level. (141884)

The information is as follows:

(a) Nine people who are entitled to FAS assistance have advised the FAS Operational Unit (FASOU) that they do not wish to receive payment. There are also 20 people who have been advised by FASOU that they are entitled, but whose reply to the FASOU to confirm the arrangements for payments has been outstanding for two months or more.

(b) 1,355 people are not receiving FAS assistance because they fell under the de minimis level. This figure includes members assessed for both initial and annual payments.

To ask the Secretary of State for Work and Pensions how many occupational pension schemes in wind up cannot begin the financial assistance scheme assessment process because they are affiliated members of a body of pension schemes some of which are not in wind up. (141885)

To ask the Secretary of State for Work and Pensions what the unfunded liability under the financial assistance scheme is of (a) Gloystarme and Co., (b) Hydra Tools and (c) United Engineering Forgings. (143268)

All three pension schemes have qualified for the Financial Assistance Scheme (FAS) and are still winding up. The unfunded liability under FAS will not be known until winding up is completed.