WhenMonday, March 8th from 6:00pm until 8:00pm, UK time
WhereOnline symposium via Zoom.
FormatThere'll be a great line-up of speakers plus ample scope for discussion and debate.
Why you should attend
The keynote speakers for this symposium are the administrators of the Fraud Compensation Fund.
The Fraud Compensation Fund (FCF) was set up in 2005 as a result of the Pensions Act 2004 and the Pension Protection Fund (PPF) has held, managed and applied the Fund since then. It pays compensation to occupational pension schemes which have lost out financially due to dishonesty, if the employer is insolvent or unlikely to continue as a going concern and the pension scheme can’t be rescued.
The FCF has received a number of claims to compensate members of occupational pension schemes that were themselves part of a scam. Pension savers were incentivised to transfer their pension from a genuine occupational pension scheme into these scam schemes. The legislation governing the FCF wasn’t designed with this type of scam in mind, and it wasn’t immediately clear if these schemes were eligible.
However, a recent court case has clarified how to interpret the legislation, and confirmed that under the right circumstances, these types of claims are eligible for FCF compensation, and the core principles that apply.
The PPF’s Director of Strategy and Policy and Director of Scheme Services will explain more about how the FCF operates, and the work underway to process the applications which were waiting for the court’s decision. While not able to go into detail of any individual’s circumstances, they’ll also explain eligibility criteria, how to make a claim and what would happen after a claim had been made.
We are also delighted to have Anthony Arter, the Pensions Ombudsman speaking at this event. Anthony will be explaining the work of the Pensions Ombudsman in relation to pension scams.
Other topics covered will include the Shark and Scorpion scam warnings and reflections from a campaigning scam victim.
Here's the programme and timings so far...
Welcome to the symposium, introductions and initial exploration of the main issues; by
Founder, Transparency Task Force; Governor, Pensions Policy Institute; Chair, Secretariat Committee, APPG on Pension Scams; Chair, Secretariat Committee, APPG on Personal Banking and Fairer Financial Services
Presentation #1, for 20 minutes + 10 minutes Q&A/Discussion by
Director of Scheme Services, Pension Protection Fund
Director of Strategy and Policy, Pension Protection Fund
Presentation #2, for 10 minutes + 5 minutes Q&A/Discussion by
Head of Fundraising Strategy & Member of TTF’s Advisory Group
Short leg-stretch and comfort break, for 5 minutes
Presentation #3, for 10 minutes + 5 minutes Q&A/Discussion by
Pension Ombudsman & Pension Protection Ombudsman, Pension Ombudsman
Presentation #4, for 10 minutes + 5 minutes Q&A/Discussion by
Recoveries Finance Manager, FSCS
The “Just a minute”-round
Inspired by the BBC Radio 4 programme, we have asked a selection of our attendees to spend just a minute sharing their thoughts on what has been covered during the symposium. But unlike the Radio 4 programme our speakers won’t be penalised for hesitation, repetition or deviation!
Open discussion & debate, 15 minutes
Final conclusions; and suggested next steps and close to the formal proceedings.
However, for those that want it…
8pm GMT until 8:30pm GMT
….informal, unstructured networking and informal conversation; a “fireside chat”
*The programme will continuously evolve so is subject to change.