Technical amendments to the Pension Protection Fund and Fraud Compensation Fund Regulations

This consultation seeks views on two technical changes to the Fraud Compensation Fund (FCF) and the Pension Protection Fund (PPF) regulations. The set of draft regulations are the Occupational Pension Schemes (Fraud Compensation Fund Payments and Pension Protection Fund Compensation) (Amendment) Regulations 2023 which can be found in Annex A.

The changes are:

• inserting an additional prescribed liability that the Board of the PPF can make an interim payment for in order to cover scheme fees and costs while FCF claims are progressed.
• changing PPF provisions with regard to surviving child dependants so that a gap between qualifying courses of more than one year does not result in the loss of PPF compensation.

Chapter 1 of this consultation is aimed at:

• Trustees and scheme managers, including associations of professional and independent trustees

• Arm’s Length Bodies (ALB) such as the Pension Protection Fund (PPF), The Pensions Regulator (TPR) and the Pensions Ombudsman (TPO)

• Pension professionals

• Pension industry bodies

• Any other interested parties

Chapter 2 of this consultation is aimed at:

• PPF members and their dependents

• Charities with an interest in bereavement and bereavement benefits

• University boards

• Student associations

• Any other interested parties