A scheme to provide earlier financial assistance for individuals who have lost out on their company pension and have then been forced to stop working because of ill health has been announced by the government.
The draft regulations laid down by the Department for Work and Pensions will extend its Financial Assistance Scheme (FAS), which is designed to help individuals who have lost out on their company pension.
Employees who had to stop working early due to poor health will be able to get FAS payments up to five years before their normal retirement age.
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The regulations have also simplified the rules surrounding eligibility to speed up payments.
Pensions minister Mike O’Brien said: “Everybody is agreed FAS members should receive their payments as quickly as possible – so we have been continuing to work with trustees and other stakeholders to look at ways in which this process can be speeded up.”
