Call for struggling pension schemes to seek assistance

Pensions trustees who have not yet submitted information to the government’s £400m Financial Assistance Scheme now have six months left to apply.

The Financial Assistance Scheme Regulations (2005) came into operation yesterday as part of the scheme which will offer help to some people who have lost out on their defined benefit occupational pension because their scheme was under-funded when it wound up and their employer has been unable to make up the deficit.

The newly established Financial Assistance Scheme  Operational Unit is now calling for all trustees and administrators who think their schemes might be eligible to contact them as soon as possible.

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All schemes that have already supplied data are being contacted directly by the Financial Assistance Scheme Operational Unit and given the opportunity to confirm the details held and provide any additional information required.

Minister for pensions reform, Stephen Timms, said the government was looking to make the first payments by the end of the year.