The Fraud Compensation Fund
The Fraud Compensation Fund (FCF) can help if a workplace pension scheme has suffered a loss due to dishonesty. Only the scheme managers or trustees can make a claim. Any compensation will be paid to the scheme.
The Fraud Compensation Fund (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 pension scheme;
- there is no possibility that the scheme will receive any funding to cover its loss;
- the employer has gone out of business or unlikely to continue in business; and
- the value of the scheme has been reduced because of dishonesty.
Before a scheme manager or trustee can approach the FCF, all other attempts to seek compensation for the loss must have been tried.
The FCF is looked after by the Pension Protection Fund. To find out more about the FCF, visit www.pensionprotectionfund.org.uk and look under the section headed 'About Us'.
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.