Work and Pensions Committee inquiry: Norton pension schemes and the fraud compensation fund: PLSA response
The PLSA has submitted its response to the Work and Pensions Committee’s inquiry on Norton pension schemes and the Fraud Compensation Fund (FCF). The inquiry sought feedback on lessons learned following the fraudulent activity of the Norton pensions schemes as well as the role of the FCF in compensating victims who have lost pensions assets through fraud and dishonesty.
Among its several recommendations, the PLSA urges the Government to conduct a holistic review of fraud compensation in the UK and use this review to build a more robust compensation regime with the saver in mind. In addition, the PLSA recommends the Government review the FCF’s levy formula to ensure that it is fair to all types of schemes and savers, including Master Trusts and their members.