How much ill-health, severe ill-health or terminal ill health payment will I receive from the FAS?
FAS payments are normally paid at 90 per cent of your accrued pension (the pension you built up in your scheme) revalued to your entitlement date, less any scheme pension you receive, up to an annual limit known as the cap. Ill-health payments from the FAS will be actuarially reduced. The actuarial reduction makes assumptions about matters such as normal life expectancy and interest rates. This reduction means you get broadly the same amount overall as if you had waited until your normal retirement age but the monthly payments are lower because they begin up to five years before your normal retirement age and therefore are spread over more years. Severe/Terminal ill-health payments will not be reduced. However payments will be subject to revaluation only up to the time you start taking payments rather than to your normal retirement age. This means that you may get less than if you had waited until your normal retirement age. Payments will be made as final payments where all information
Related Questions
- Ive been told not to work due to my ill-health, but I have to keep working. Does staying at work mean I cant get ill-health, severe ill-health or terminal ill-health payments from the FAS?
- If I take ill-health, severe ill-health or terminal ill-health payments from the FAS, what will my husband, wife or civil partner be entitled to if I die?
- What can I do if I disagree with the decision FAS makes about my ill- health, severe ill-health or terminal ill-health claim?
