Technical amendments to the Pension Protection Fund and Fraud Compensation Fund regulations
The PLSA fully supports victims of pension scams being compensated. Our members stand ready to contribute their fair share in paying the outstanding claims through the Fraud Compensation Fund. Our mission is helping everyone to have better retirement outcomes and it is wrong that some people have been defrauded of their life savings.
We support the technical changes to the FCF as proposed as they will help professional trustees in the administration and investigation of insolvent pension sham vehicles.
The PLSA does, however, wish to take the opportunity to repeat our call for the need for a strategic review of the Fraud Compensation Fund and all levies; repeated incremental changes such as these proposed exemplify the need for a holistic review of all levies against their intended combined functions and objectives.