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Pensions Act 2004

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This is the original version (as it was originally enacted).

The fund

188Fraud Compensation Fund

(1)The Fraud Compensation Fund shall consist of—

(a)any property and rights transferred under section 302 (dissolution of the Pensions Compensation Board) which the Board designates as assets of the Fund,

(b)contributions levied under section 189 (fraud compensation levy),

(c)money borrowed by the Board under section 115 for the purposes of this Chapter,

(d)amounts recovered under section 186 (recovery of interim payments), and

(e)any income or capital gain credited under subsection (2).

(2)The Board must credit to the Fraud Compensation Fund any income or capital gain arising from the assets in the Fund.

(3)The following are payable out of the Fraud Compensation Fund—

(a)sums required to meet liabilities transferred to the Board under section 302 (dissolution of the Pensions Compensation Board), which the Board designates as liabilities of the Fund,

(b)payments under section 185 (fraud compensation payments),

(c)payments under section 186(1) (interim payments),

(d)amounts required to be transferred to the Pension Protection Fund under section 187 (fraud compensation transfer payments),

(e)money required for the repayment of, and the payment of interest on, money within subsection (1)(c).

(4)No other amounts are payable out of the Fraud Compensation Fund.

(5)In subsection (1) (other than paragraphs (a) and (e)) and subsection (3) (other than paragraphs (a) and (e)) any reference to a provision of this Act is to be read as including a reference to any provision in force in Northern Ireland corresponding to that provision.

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