DEFINITION
Fraud Compensation Fund

"Fraud Compensation Fund": (FCF). Established under the UK pensions legislation to provide compensation to occupational pension schemes, with insolvent employers, that suffer a loss attributable to an offence involving dishonesty. It applies to most defined benefit and defined contribution occupational pension schemes, however, it does not apply to state retirement pensions. The FCF is a statutory fund run by the Board of the Pension Protection Fund and is funded from the Fraud Compensation Levy raised on eligible pension schemes. It replaces the former Pensions Compensation Board.
Loading conversations.
Similar or Related Terms
Statistics
501
Characters
86
Words
37.1
Flesch Reading Ease
12.4
Flesch Kincaid Grade