Gov't Floats Changes To Pension Fraud Compensation Rules

By Ashish Sareen (July 27, 2022, 6:35 PM BST) -- The U.K. government launched a consultation on Wednesday on technical amendments to the rules that govern how the country's two compensation funds pay out for insolvency and fraud in occupational pension schemes.

The Department for Work and Pensions said that between 70% and 85% of the pension schemes that could fall within the scope of Fraud Compensation Fund have used up most or all their assets.

The Fraud Compensation Fund pays out to occupational pension schemes which have lost out financially because of dishonesty. It also covers situations where an employer is unable to make good the shortfall caused by the...

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