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The Pension Protection Fund is raising a Fraud Compensation Levy in 2017/18, for the first time in five years. |
The PPF, which runs the Fraud Compensation Fund (FCF), has been notified of a number of possible claims which may come to the FCF in the next few years. Therefore, with forward planning in mind and to smooth the impact to schemes over time, the PPF is raising a levy of 25p per member – the same as in 2012/13. The levy is expected to raise around £5 million in total.
The FCF pays compensation to eligible work-based pension schemes – including defined contribution (DC) – where the employer is insolvent and the scheme has lost out due to offences involving dishonesty. |
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