Financial Assistance Scheme (FAS) | Practical Law

Financial Assistance Scheme (FAS) | Practical Law

Financial Assistance Scheme (FAS)

Financial Assistance Scheme (FAS)

Practical Law UK Glossary 3-207-8953 (Approx. 4 pages)

Glossary

Financial Assistance Scheme (FAS)

The scheme set up by the government to provide financial help for members of defined-benefit (DB) schemes who have lost out because their scheme was underfunded when it wound up. To qualify for help, the scheme's principal employer must be insolvent, the scheme must have started to wind up between 1 January 1997 and 5 April 2005, and members must also meet detailed qualifying conditions. The eligibility criteria are set out in the Financial Assistance Scheme Regulations 2005 (SI 2005/1986). For more information, see the FAS website.