17.12.2024
Each year the compensation cap for FAS members is increased in line with inflation, with changes taking effect from 1 April.
For Financial Assistance Scheme (FAS) members, there is a cap on the amount of expected pension we can consider when we work out your assistance. Only a small proportion of our members are affected by the cap, which means the vast majority of members aren’t.
As of 1 April 2022, the FAS cap will increase from £36,901 p.a. to £38,045 p.a. The increase reflects the level of inflation over the period. The new cap will apply to members retiring on or after 1 April — if you’re already receiving payments from us these changes won’t affect you.
What's happening to the PPF compensation cap?
The PPF compensation cap is in the process of being removed, so it's not necessary to update it — we've explained more about this in our recent update. The reasons for removing the PPF compensation cap do not apply the FAS, so the FAS compensation cap is continuing to be updated and applied as normal.
