Government to intervene if solvent companies wind-up pensions

The Government has vowed to help investors who lose savings when their pension schemes are wound up b...

The Government has vowed to help investors who lose savings when their pension schemes are wound up by companies that remain solvent. Around 4,000 current savers are now to be aided by the Financial Assistance Scheme (FAS), which tops-up the incomes of pensioners whose plans wind-up under-funded. FAS assistance was previously only available in cases in which companies went bankrupt leaving employees with insufficient or inexistent retirement pots. Minister for Pensions Reform Mike O’Brien announced the landmark move, which is to assist employees of Expamet, Fredk H Burgess, Lucas Yuasa...