Part 2The Board of the Pension Protection Fund
Chapter 4Fraud compensation
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.