The Fraud Compensation Fund
The Fraud Compensation Fund (FCF) can help if a workplace (occupational) pension scheme has suffered a loss due to dishonesty. Scheme managers, trustees, members, scheme beneficiaries, scheme administrators and their representatives can all make a claim. Any compensation will be paid to the workplace (occupational) pension scheme.
The Fraud Compensation Fund (FCF) can help if a workplace pension scheme (sometimes referred to as an occupational pension scheme) has had its assets reduced due to an offence involving dishonesty. Trustees, scheme managers, members, scheme beneficiaries, scheme administrators and their representatives can all make an application for compensation. Any compensation will be paid directly to the trustees of the workplace (occupational) pension scheme.
The FCF can under certain circumstances arrange for compensation to be paid to a pension scheme where all of the following conditions have been met:
- the scheme is a workplace (occupational) pension scheme that has not been excluded from the FCF;
- the employer has gone out of business or is unlikely to continue in business;
- the value of the scheme has been reduced because of dishonesty; and
- there is no possibility that the scheme will receive any funding to cover its loss and all other attempts to seek compensation for the loss must have been tried.
All applications to the FCF have to be made within certain deadlines.
The FCF is operated by the Pension Protection Fund. To find out more about the FCF and making an application to it for compensation, visit www.pensionprotectionfund.org.uk
Click here to find out more about the Pension Protection Fund.
Where can I find out more?
If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.