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Uncapping is a complex process

In September this year, we issued an update on our work to implement the Court of Appeal’s ruling that the compensation cap was unlawful, and to pay arrears to pensioners due increases as a result of the Hampshire ruling. 

We’ve published our latest strategic plan

By achieving the goals set out in our last strategic plan, we’ve built strong foundations to protect our members going forward. Our 2022-25 Strategic Plan sets out our priorities for the next three years. We've also published our new Business Plan for 2022/23.

Changes to the FAS compensation cap

Each year the compensation cap for FAS members is increased in line with inflation, with changes taking effect from 1 April.

What are factors?

As with all defined benefit pension schemes, we use factors to calculate your PPF benefits to make sure we're paying you your correct pension, whether you want to retire before, after or on your retirement date, and whether or not you take a tax-free lump sum. 

Court of Justice of the European Union judgement - update

Following the judgment of the Court of Justice of the European Union (CJEU) last month, we have started to write to capped members who we believe are affected by the ruling. This is to confirm our records, because we do not have all the data we need to calculate the increase due. We will be writing in tranches over the coming weeks, so members who believe they are affected, but do not receive a letter immediately, do not need to contact us.

New levy estimate for 2019/20

We’ve announced the amount of levy we will collect in 2019/20 will be £500 million. This is down from £550 million in 2018/19.

The Purple Book 2024

We’ve published the Purple Book 2024, the most comprehensive data and analysis of the UK defined benefit (DB) pension landscape.

Next group of members receiving increased payments

We’ve started to make increased payments to pensioners whose benefits fell below 50% of the value of their accrued benefits because of a combination of the compensation cap and other factors. We’re aiming to increase payments to the majority of pensioners in this group by the end of September 2020.

We’ve reached 1000 schemes

The Carillion Rail (GTRM) Pension Scheme has become the 1000th pension scheme to transfer to us since we were established in 2005. 

Letting someone else deal with us on your behalf

If you’d like someone else to deal with us on your behalf, you can send us a Letter of Authority or a Power of Attorney.