View Full Version : FAS latest: workers near retirement to get 80%

26th February 2005, 05:08 PM
Workers closest to retirement are set to receive a top up to 80% of their scheme pension from the Financial Assistance Scheme, announced Pensions Minister, Malcolm Wicks.

Malcolm Wicks confirmed that eligible workers who were within three years of their scheme pension age on 14th May 2004, when FAS was announced, will receive this level of assistance.

Given that FAS will apply to pension schemes that commenced winding up from 1st January 1997 until the introduction of the Pension Protection Fund, this means that depending on the pension age of their particular scheme, members currently aged between 57 and 73, should expect to get 80% of their core promised benefits. The money will be paid as a top up pension rather through the purchase of an annuity.

A list of the potentially eligible schemes - some 380 of them - that have so far provided data for the FAS was also published today.

Mr Wicks said:

"Workers who were a few years from retirement when their company went bust have been hit hardest - losing both their jobs and their pensions with little chance to start again.

"We urgently needed to give these people peace of mind by making their position clear, and today we are doing so, by announcing through FAS they will now get 80% of the core pension benefits for life.

"The list of schemes that we are publishing represents the work done so far. I must stress that the door has not been shut on those schemes and their workers who do not appear on this list - we expect to be contacted by more schemes in the coming months.

"We will continue to collect detailed information on the schemes, including crucially on the total number and level of individual losses."

At present there are at least 380 schemes where members may be eligible for assistance but schemes who may still consider themselves as potentially eligible can contact the Department to provide us with details.

The government will review the operation of FAS after 3 years. We will review the funding for the FAS in the next Spending Review alongside other spending priorities.

A dedicated team of DWP officials, based in York, will administer the scheme and aim to get payments to recipients as soon as possible once the regulations are in place.

* The Financial Assistance Scheme was part of the Pensions Act which has received Royal Assent on 19th November and can be viewed at: www.hmso.gov.uk/acts/acts2004/20040035.htm#aofs

* To focus resources where they are needed, as we previously announced, payments will be subject to a de minimis level restricting eligibility to those set to receive 10 a week or more from FAS, and a cap on assistance provided. Further information on these will be available when the draft regulations are published.

* After the FAS regulations have come into force, there will be a six-month period during which we shall accept formal notification from the representatives of other under-funded pension schemes, which may in due course be added to the list, so absence from this list does not preclude eligibility.

26th February 2005, 05:12 PM
Table 1: schemes that are winding-up
Name of Scheme

A & R Carton (UK) Limited Executive Pension & Life Assurance Plan
A & R Carton (UK) Limited Pension Fund
A J Reeves & Co (Birmingham) Limited Pension Scheme
A L Fuller Limited 1991 Retirement Benefits Plan
A Meredith Jones & Co Ltd Retirement & Death Benefit Scheme
A Riddell & Co Ltd RBS
A V Shenton Limited Pension Scheme
Abbeygate Group Retirement Benefits Plan
Abbots Barton Group Pension Scheme
Abingdon Carpets PLC Pension Fund
Aero-Print Limited Pension Plan
AEW Limited Benefits Plan
African Lakes Corporation Plc Pension Scheme
Albert Fisher Group Pension Fund
Alexanders Holdings Plc (Employees) Retirement Benefits Scheme
AoCop (Holdings) Limited Pension & Life Assurance Scheme
APW (Associated Perforators and Weavers Limited) Pension Fund
Arthur D Little Limited Benefits Programme
Astra Group Pension Scheme
ASW Pension Plan, The
ASW Sheerness Steel Group Pension Fund, The
Avon Holdings Group Pension Scheme
B.S.A. Tools Ltd Staff Pension Scheme
BAC Limited Retirement Benefits Scheme
Badger Catalytic Pension Scheme
Ballast Nedam Construction Ltd Retirement Benefit Scheme
Ballast Wiltshier Retirement Benefits Plan
Bartlett Group Pension & Life Assurance Plan, The
BCL Pension Scheme
Beard Bros Limited Retirement Security Plan
Berkeley JCB Pension and Life Assurance Plan
BEW (Auto Products) Limited Retirement & Death Benefits Plan
Bierrum Group Pension Scheme
Birmingham Mint Pension Plan, The
BKL Fittings Pension Scheme
BKL Fittings Senior Staff Pension Scheme
Black Clawson International Ltd Retirement Benefits Plan (1973)
Blueprint Group (UK) Pension Scheme
Blyth & Blyth Pension Scheme
Boulton Bros (Moddershall) Limited 1974 Pension Scheme
Box-Carton Limited Retirement Benefits Plan
Bradford Boxmakers Staff Pension Scheme
Bradstock Group Pension Scheme
Brannoc Fibres Limited Pension Fund
Britannia Zinc Retirement Plan
British Federal Limited Pension Fund
Broderick Stuctures Ltd Pension Scheme
Bronte Foods Ltd Retirement Benefits Scheme
Brooke Industrial Holdings Limited Group Pension Scheme
BSK Aluminium Limited Retirement Benefit Scheme
Building Specialists Limited Pension & Assurance Scheme
Buko Retirement Benefits Scheme (1991)
Burton Industrial Holdings Limited Group Pension Plan
Bush & Wilton Valves Limited Retirement Security Plan
BUSM Pension Plan
C&N Electrical Industries Limited Pension & Life Assurance Scheme
Cambridge Optical Ccompany Ltd Retirement Security Plan
Capper Rataud Limited Pension
Carkeek Limited Managed Pension Plan, The
Carpets International Pension Scheme
Carter Penguin Group Pension Scheme
Cartographical Services (Southampton) 1973 Pension Scheme
Cellar 5 Group Pension Scheme
Ceramic Tile Centres Limited 1992 Pension Fund
Chamberlain Phipps Group Pension & Life Assurance Plan
Charles W Hall Plc Management Pension Scheme
Charles W Taylor & Son Ltd Pension & Life Assurance Scheme
Charles W Taylor & Son Ltd Works Pension & Life Insurance Scheme
Chart Marston Pension Scheme
Cheney Pension Scheme
Christiani & Nielsen Ltd Pension Fund
Citex Group Pension Scheme
Citizen Manufacturing (UK) Personal Retirement Fund
Cliffe (Holdings) Retirement
Clifford Whatmough Limited Pension Plan, The
Colbrook Equipment Limited (1988) Retirement and Death Benefits Scheme
Colebrand Ltd Retirement and Death Benefits Scheme
Colour Processing Pension Scheme, The
Colway Tyres Limited Pension Scheme
Concurrent Computer Corporation Limited Pension Plan
Constructor Group Retirement Benefits Scheme, The
Cooperheat Employees Benefits Scheme
Coopers & Lyons plc Pension and Life Assurance Scheme
Copes-Vulcan Superannuation Fund and Life Assurance Scheme
Coupe Foundry Pension Scheme
Crawshaw Robbins & Co Ltd Retirement Benefits Scheme
Creechurch Pension Fund, The
Crest Pension Fund
Crosrol Limited - Staff Pension Scheme
Crosrol Limited - Works Retirement Benefits Plan
Crouch Mining Pension Scheme
Cuthbert Heath Family Security Plan, The
Dartington Crystal Limited Pension Scheme for Foreign Personnel
Dartington Crystal Pension Scheme
David Crabtree & Son Limited (No. 2) Pension & Life Assurance Plan
David Crabtree & Son Pension & Life Assurance Scheme
Dawson Fur Fabrics Limited Pension Scheme
Delplan Limited Employee Benefit Scheme
Demaglass Pension Scheme
Dennis Group Money Purchase Pension Scheme1
Dennis Group Pension and Assurance Scheme
Dexion Group Pension & Assurance Scheme, The
Dixons of Halifax Limited Retirement Benefits Scheme
Donside Paper Company Limited Pension Scheme, The
Dunlop Textiles Limited Pension Scheme
Dunn & Co Group Pension Scheme
Eagle Precision Technologies Limited Retirement Benefits Plan
Earby Light Engineers Limited Group Pension Scheme
Earlys of Witney Plc Contributory Pension Scheme
Eaton International Staff Pension Scheme
Echo Plastics Pension Scheme
Edward Hockley Holdings Limited Pension & Assurance Scheme
Elbief Plc Pension Scheme
Elliott-Thwaites Pension Scheme No 1
EMW Pension Plan
ESM Retirement Benefit Scheme
Estuary Colour Group Ltd Pension Scheme
Fabric Care Research Association Ltd RBS
Falmer Limited Pension Scheme
Famous Army Stores Limited Pension Scheme
Felix Schoeller Imaging Ltd Pension Scheme
Fennedale Group Executive Pension Scheme (1998)
Ferraris Piston Services Limited Retirement Benefits Plan
FII Group Pension
Fisher Foods RF No 2 Retirement & Death Benefit Scheme
Fishers Group Pension Scheme (1993), The
Flare Group PLC Pension Scheme
FMA Pension & Life Assurance Scheme
Fosters Trading Company Pension Scheme
G A Woodcock Limited & Subsidiary Companies Pension and Assurance Scheme
Gascoigne Pension Scheme
GBE International Plc Pension Scheme
Gibbons Refractories Pension Scheme
Gloystarne & Co Limited Retirement Benefits scheme
Greater Nottingham Tec Pension Fund
Grower Marketing Services Limited Retirement Benefit Scheme
Guide Pensions
Hancocks of Horsham Retirement Benefits Scheme
Harbury Group Pension Scheme
HAT Property Services Defined Benefits Scheme
Hawtal Whiting Pension Fund
Hayes Shell Cast Pension Scheme
Heathcote & Ivory Ltd Retirement Security Plan
Henry Barrett Group plc Pension & Life Assurance Scheme
Hill Leigh Group Retirement Benefits Scheme
Hird Hastie Ltd Pension Scheme
Hollas Group 1995 Retirement and Death Benefit Plan, The
How Produce Group Pension Scheme
HR Holdings Limited Final Salary Pension Scheme
HTA Industries Pension Scheme
Hubron Limited Retirement Benefits Plan (1974)
Hydra Tools International Limited Pension Scheme
Idem Furniture Limited Pension and Death Benefits Plan
Imperial Home Decor Pension Scheme, The
Independent Insurance Co Ltd Pension Scheme
Industry-wide Mineworkers' Pension Scheme - NSM Mining (South Wales) section
Industry-wide Mineworkers' Pension Scheme - Rackwood Colliery Company section
Inframan Pension Scheme
Interwood Pension and Life Assurance Scheme
ISC Retirement Benefits Plan, The
J Blake & Company Limited Retirement & Life Assurance Plan
J C Hatt Limited Pension Scheme
J Collingridge Limited Employee Benefits Scheme
J F Foord Limited Pension and Life Benefits Scheme
James Longley Group Pension Scheme James Mackie & Sons Ltd Staff Superannuation Fund
JOH Holding Limited Pension and Assurance Scheme
John French Industries LIimited Pension & Life Assurance Scheme
John Howitt Group Ltd Pension & Assurance Scheme
John Howitt Group Ltd Senior Managers Pension Scheme
John R Billows Limited Pension and Life Assurance Scheme
Johnson Radley Pension
Kalamazoo Pension & Life Assurance Plan
Kaldair Ltd Pension Scheme, The
Karrimor International Limited Retirement Benefits Scheme
Kaye Aluminium Pension Scheme
Kenrick & Jefferson Group Pension Plan
Killick Martin & Company Limited Retirement Benefit Plan 1989
Knight Organisation Pension and Life Assurance Scheme, The
Kode International Pension and Assurance Plan (1993)
Kontron Instruments Limited Pension Scheme
L Gardner & Sons Pension Scheme
Lamont Group Pension Plan, The
Lancashire Dairies Limited Pension Scheme
Landis & Gyr Pension & Life Assurance Plan
LAWDC's Pension Scheme
Lemken Tri-ag Staff Pension Scheme
Lewis & Peat (Rubber) Ltd Pension Scheme
Lewis Woolf Griptight Pension & Life Assurance (1978) Scheme
Leyland Printing Co & Associated Companies Pension & Life Assurance Scheme
Lighting Technology Group Pension & Assurance Scheme
Lion Mark Holdings Pension and Assurance Plan
Lister & Co Limited 1975 Pension and Life Assurance Scheme, The
Lister Petter Pension Scheme
LK Limited Retirement Benefits Scheme
LS & J Sussman Limited Pension & Life Assurance Scheme

26th February 2005, 05:12 PM
M Petrushkin Limited Staff Pension and Assurance Scheme
Macdermott, The
Mari Pensions 2000 Superplan
Marketing Improvements Group Defined Contribution Pension Scheme, The
Marwin Production Systems Pension & Assurance Scheme
Mason Pittendrigh Holdings Limited
Masta Struk Limited RSP
Mayfair Laundry Limited P & LAS
McMaster Stores Scotland Ltd
Mecro Limited Retirement Benefits Scheme
Meltis (1991) Pension Scheme
Melton Medes (Fletchers) Fund
Merretts Syndicates Limited Retirement Benefits Scheme, The
MetalTech International plc Pension Fund
MG (UK) Staff Pension Scheme
Michael Butler Leather Goods Limited Retirement Benefits Scheme, The
Midland & Scottish Resources PLC Retirement and Death Benefits Scheme
Miller Knight Limited Pension
Minerva Engineering Ltd 1992 Retirement Benefit Scheme
Mitchell Shackleton & Company Limited 1988 Pension Plan
Moll Industries Retirement Benefits Scheme
Morris Pension Plan, The
Mossley Spinning Pension Scheme
Motherwell Bridge Group Pension Plan, The
Motor Panels Staff Pension Scheme
Motorworld Group Limited Pension and Assurance Scheme
Moulinex Swan Retirement Benefits Plan
MSI UK Pension Scheme
Multiplex Techniques Ltd Retirement Benefits Scheme
National Welsh Omnibus Pension Scheme
New College Pension and Life Assurance Scheme (1983)
New Plan Furniture Ltd 1978 Retirement Benefits Plan
Nickerson Investments Limited Pension
Norman Cordiner Ltd Pension
Northampton Diesel & Electrical Services Pension Scheme
NSM Plc Group Pension Scheme
Offley Bros Retirement Benefit Scheme
Oldham Signs Limited Pension and Life Assurance Scheme
Oriental Express Pension Fund
Penton Pension Scheme
Perivan Pension Scheme, The
Philip Johnstone Group Pension Scheme
Phillips Structures Limited Pension and Life Assurance Plan
Pillans & Wilson Pension and Life Assurance Scheme
Placketts Express Parcels Limited Pension Scheme
Plaswood Products Ltd Pension Scheme
Plint & Partners Ltd Retirement Benefits Scheme
Plymbridge Distributors Pension Scheme
Powerhouse (Protected Employees) Pension Plan
Price & Finch Ltd Pension & Life Assurance Plan
Princedale Group Pension Scheme
Property Partnerships PLC Hotel Div Pension Scheme
Purpose Built Limited Pension Fund
Ravenhead Company Pension Plan
Ravenhead Company Senior Management Pension Plan
Real Software (UK) Limited Pension Scheme
Reece Final Salary Scheme
Richard Roberts Holdings Ltd RBS
Richards Group Pension Scheme
RKF Group Pension Plan
RSCG KLP Group Pension Fund
Rye Pension Fund, The
Ryford Limited Pension & Assurance Scheme
S Jones Industrial Holdings Plc Pension and Life Assurance Scheme
Sabena Pension Fund Sale Tilney Group of Companies Retirement Benefits Plan (1973)
Salex Group Pension Scheme
Salvage Association Retirement Benefits Plan for Surveyors, The
Samuel Jones Pension Scheme
Sanderson Pension Scheme, The
Scientific Investment Pension Plan
Scipher Pension Scheme
Scotia Pension Scheme, The
Scottish Computer Services Limited Retirement Benefits Scheme
Self Serve Hygiene Limited Pension Scheme (1981)
Selkirk Pension Plan (1989)
SES Group Pension Scheme
Shalet Limited Retirement Benefits Scheme
Shepherds Grove Limited
Shipbuilding Industries Pension Scheme - Appledore Shipbuilders Limited Section
Shirtmaker's Guild Pension Scheme, The
SHM Pension Scheme
Simson Pimm Retirement Benefits Plan
Skeet & Jefes Limited Pension & Assurance Scheme
Snackhouse plc Executive Pension Scheme
Sowester Limited Pension & Life Assurance Plan
Stag Employees Security Plan
Stag Furniture Retirement Benefits Plan
Stonehouse Battye Pension Scheme
Stormont Pension & Life Assurance Scheme (1977)
STS Pension, The
Sunleigh Pension and Life Assurance Scheme
SVM Pension Plan
Swanlux Public Sector Employee Pension Scheme
Syon Print Ltd Retirement Benefit Scheme, The
T R Transport Staff Pension Scheme
Technograv Limited Pension Scheme
Temperature Limited Pension Scheme
The Alltek Retirement and Death Benefits Plan
Thermo Electric International Limited Pension and Associated Benefits Plan
Thermos Pension Plan (1989)
Thomas Ryan Pension Fund, The
Tom Smith Staff Pension & Life assurance Scheme
Top Hat Holdings Ltd Pension Scheme
Totectors Retirement Benefits Plan
Tranromen Vehicles Limited Retirement Benefits Scheme
Transtec Automotive (Coventry & Nuneaton) Pension Scheme
Transtec Automotive (Coventry & Nuneaton) Retirement Benefit Scheme
Triefus Group Staff Pension
Triplex Components Group Limited Pension Scheme
Truman King Life Trucks Retirement Benefits Plan, The
Tyzack Machine Knives Ltd
UK Safety Group Pension Scheme
Unicomp Final Salary Scheme
Unidare Plastics Pension & Death Benefits Plan
United Engineering Forgings Pension Scheme
United Engineering Forgings Senior Executive Pension Scheme
Unsco steels limited pension plan
UPF Pension Plan, The
USM Texon Pension Scheme
VDL UK Pension Scheme
Viasystems Tyneside Limited Pension Scheme
Vink Plastics Limited Pension Scheme, The
Viscosuisse Textured Yarns Limited Pension and Death Benefits Scheme
W & G Pension Scheme
W J Cooper & Sons (Phoenix Works) Ltd 1975 Pension Scheme
Warrens Imaging Laboratories Limited Pension and Life Assurance Scheme
Westport Group Plc Pension Scheme
Whelpdale Maxwell & Codd Limited Pension Fund
Whiteley Read Limited RBS
Willbow Manufacturing Co Ltd (1978) (WORKS)
Willbow Manufacturing Co Ltd Pension & Benefit (STAFF)
William Bate Limited Retirement Benefit Scheme
William Denby & Sons Limited Retirement Benefits Scheme
Wills Group Pension Scheme
Wintercountry Services Scheme
Wrynams Pension & Life Assurance Scheme
Yardley Lentheric Payroll Pension Fund, The
Yardley Lentheric Staff Pension Fund
ZAL Holdings Group Pension Scheme
ZCCM(UK) Pension and Death Benefit Plan

Table 2: schemes that have wound up
Name of Scheme

Anglian Produce P & LAS
BH Matthews Limited Retirement Plan
Carlyle Group Pension Scheme
Charter Reinsurance Retirement Plan, The
Chatfield (Stoke) Limited Retirement & Death Benefit Scheme
DMB Contractors Limited Staff Pension and Life Assurance Plan, The
Don Construction Chemicals Limited Pension Scheme
Engine Express Components Limited Pension Scheme
Euribon Limited Pension & Life Assurance Scheme
Evesham Metal Pressings Limited Retirement Benefits Scheme
Fox Brothers & Co Ltd Staff Pension Scheme
G Cussons Ltd Pension
HH Robertson
H Page & Sons (Holdings) Limited ? Stanplan
Highfield Gears Limited (1974) Retirement Benefits Plan
Hydesville Tower School Limited P & LAS
International Oil Insurers Pension Scheme
James Mackie & Sons Limited Works Cash Benefit & Life Assurance Scheme
James North Footwear Limited Pension and Life Assurance Scheme
L'Union Des Assurances De Paris Pension & Life Assurance Scheme
Maples Pension Scheme
Maypark Holdings Ltd 1975 Retirement Fund
Miles Smith Plc & Associate Companies Pension Scheme
Norris Joinery Ltd 1978 RBS
P Williams (Chemists) Ltd 1980 Pension Scheme
Philip Stacey Contracts Limited Pension Scheme
Printline Stationers Limited Retirement Benefits Scheme
Proctor and Lavender Limited Pension and Life Assurance Scheme
R Dingle & Sons Limited 1986 Pension Scheme
Savile Estate Pension and Life Assurance Scheme
Shipbuilding Industries Pension Scheme : GEL (Rhayader) Limited Section, The
Silver Cross Limited Retirement Benefits Plan
Spencer Coatings Limited Pension Scheme
Stag Cabinet Pension fund
Stainton Metal Company Pension Plan, The
Stanplan F for Milne Tannahil & Methven limited
Steelfab Limited Pension Scheme
Tahiran (UK) Limited Retirement Benefit Scheme
Tucker Bros (Radio & TV) Ltd 1978 Pension Scheme
Turnright Controls Pension and Life Assurance Scheme
Tyndall Oversea (Sterling) Pension Scheme

1. The Dennis Group Money Purchase Pension Scheme is a hybrid scheme that contains a defined benefit tier Pens2202-Workers