182 Cases where fraud compensation payments can be made
Pensions Act 2004 (2004 c 35) | Legislation

Chapter 4
Fraud Compensation

Entitlement to fraud compensation

182  Cases where fraud compensation payments can be made

(1)     The Board shall, in accordance with this section, make one or more payments (in this Part referred to as “fraud compensation payments”) in respect of an occupational pension scheme if—

(a)     the scheme is not a prescribed scheme or a scheme of a prescribed description,

(b)     the value of the assets of the scheme has been reduced since the relevant date and the Board considers that there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting a prescribed offence,

(c)     subsection (2), (3) or (4) applies,

(d)     an application is made which meets the requirements of subsection (5), and

(e)     the application is made within the authorised period.

(2)     This subsection applies where—

(a)     a qualifying insolvency event has occurred in relation to the employer in relation to the scheme,

(b)     after that event, a scheme failure notice has been issued under section 122(2)(a) in relation to the scheme and that notice has become binding, and

(c)     a cessation event has not occurred in relation to the scheme in respect of a cessation

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