Member

Government Amendment 144 relates to FAS. It restores the original policy intention by removing from Clause 110 references to Schedules 3 and 5 to the FAS regulations. We have understood that the changes made to the schedules would have the unintended consequence that some members would have received higher payments than those to which they are entitled. This amendment corrects that. FAS members will receive the higher of the pension that their original scheme could have notionally offered to secure with the remaining assets or the standard FAS assistance. I beg to move.