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Pensions: Financial Assistance Scheme

Volume 463: debated on Tuesday 17 July 2007

To ask the Secretary of State for Work and Pensions how many and what proportion of pension schemes whose qualification status for the financial assistance scheme is undecided are (a) waiting for scheme trustees to provide additional information before a decision can be made and (b) having their application considered by the Department; and if he will make a statement. (148603)

As at 6 July 2007 there are a total of 38 pension schemes whose status for the FAS is yet to be decided. Of these, 10 schemes (26 per cent.) are being considered based on the initial information provided by the trustees; we are awaiting further information from the trustees of 15 schemes (40 per cent.) and the remaining 13 schemes (34 per cent.) have indicated that a compromise agreement is in place, so we are unable to progress the application until the legislation to implement the extension to cover these schemes is in place.