What you need to know about the PPF’s Fraud Compensation Fund; and more

This event has now taken place but you can watch the video recording of it through our Youtube Channel, get to it by clicking the button below

When

Monday, March 8th from 6:00pm until 8:00pm, UK time

Where

Online symposium via Zoom.

Format

There'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...

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