WEIR WELCOMES PENSION BILL CHANGES

ANGUS PENSIONERS SHOULD CHECK ENTITLEMENT

Mike Weir MP, SNP Spokesperson on Work and Pensions, has welcomed changes to the way the Financial Assistance Scheme operates. The FAS pays assistance to people who have lost out on their defined benefit pension because the scheme was under funded when it was wound up and the sponsoring employer is insolvent, no longer exists or is unlikely to continue as a going concern.

“Many people throughout the country, including many in Angus, may have been affected by the wind up of schemes. Recent changes proposed in the Pensions Bill will significantly extend help for those people.”

“Members of qualifying FAS schemes who are currently 65 or over, are able to receive initial payments before their scheme has completed wind up.”

Mr Weir explained that whilst the law requires that the trustees of FAS schemes apply for these benefits on behalf of their members, new arrangements allow individual members who believe they are eligible for a payment can advise the FAS operational unit direct, who will then contact the scheme trustees to seek to arrange a payment.

“Whilst most trustees will have made approaches to the unit, not all have. Anyone who believes that they are eligible but have received no information from the trustees can approach the FAS direct in this way. Hopefully this may speed up initial payments.“

Mr Weir added that those who felt they might benefit should ensure that their scheme is a qualifying scheme, which can be done on the website www.dwp.gov.uk/fas . If any constituent did not have access to the web Mr Weir has indicated they should contact any of his offices with details of the scheme and his staff will check out the website for them.