Consultation outcome

Revision to Financial Assistance Scheme synthetic buy-out basis

From:: Department for Work and Pensions
Published: 28 January 2010

Read the full outcome

Financial Assistance Scheme guidance on transfer of assets to government and proposed revisions to the synthetic buy-out basis: government response to consultation

PDF, 103 KB, 24 pages

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Detail of outcome

This response is to the consultation that sought views on proposed changes to the synthetic buy-out basis used to calculate Financial Assistance Scheme (FAS) payments.

Original consultation

Consultation description

The draft Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010, laid before Parliament on 3 February 2010, included provision for the assets remaining in relevant FAS-qualifying schemes to transfer to government.

The government took the opportunity to consult on related changes to the FAS synthetic buy-out basis that provided an estimate of the amount of bulk annuity that could have been secured for a cash sum from an insurer.

Who the consultation was aimed at

The consultation was aimed at pension industry professionals and others with an interest in defined-benefit occupational pension schemes. However, the government also welcomed feedback from members who might have been affected and their representatives.

Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (Office of Public Sector Information website)

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