Temple Trustees achieve first pensions transfer into Financial Assistance Scheme
11 August 2010
Temple Trustees, along with pensions consultants Trigon, have successfully transferred the first non-annuitised scheme into the Financial Assistance Scheme (FAS).
The Financial Assistance Scheme, administered by the Pension Protection Fund (PPF), offers assistance to members of underfunded final salary schemes who have lost out on their pension. The aim of the Scheme is to provide assistance so that members could receive up to 90 per cent of their expected pension. Assistance is also payable to the survivor of a pension scheme member and to certain surviving dependants.
Temple Trustees Director, Emma Hanley, says:
"The Financial Assistance Scheme is very good news for members of pension plans who otherwise might have lost a considerable portion of their pensions. FAS offers some certainty and this successful transfer will give many worried people some comfort and peace of mind."
Mark Frost, Actuarial Services Director of Trigon, says:
"The speed with which the transfer was approved is testament to the hard work and dedication of team members from Burges Salmon, Trigon and the caseworkers at the FAS. Everyone has been determined to help the pensions plan members benefit. Undoubtedly our efforts will make sure that many more benefit from entering the Scheme in the future."
Sue Rivas, Head of FAS says:
“This has been a real team effort, with everyone pulling out all the stops to help us get this scheme transferred.
“We would like to thank all those trustees and administrators who have worked hard to provide us with data on FAS annuitised schemes”.