Financial Assistance Scheme
- Financial Assistance Scheme
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The scheme set up by the government to provide financial help for members of defined benefit pension schemes (defined benefit scheme) 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, and members must also meet detailed qualifying conditions. The FAS pays compensation to members within 15 years of their normal retirement, and will also pay limited compensation to members' surviving dependants.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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