FAS promise sparks disappointment

Workers closest to retirement will receive 80% of the amount due from their occupational pension as payments from the financial assistance scheme (FAS), while others who lost pension benefits must simply wait and see.

The Minister for Pensions, Malcolm Wicks, has announced the initial details of how compensation payments are to be distributed, provoking anger from the group representing those who have lost their pensions, which says the promised pay-outs are not enough.