C4C3C5C6Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C6

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C1C2Chapter 4Fraud compensation

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C2

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

The fund

188C2Fraud Compensation Fund

I11

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,

F1ca

money borrowed by the Board under section 115A 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).

I12

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—

I1a

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,

I1b

payments under section 185 (fraud compensation payments),

I1c

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

I2d

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

I1e

money required for the repayment of, and the payment of interest on, money within subsection (1)(c) F2or (ca).

I14

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

I15

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.