PARLIAMENTARY WRITTEN QUESTION
(7 January 2025)
Question Asked
To ask the Secretary of State for Work and Pensions, what support her Department is providing for victims of pension fraud schemes.
Asked by:
James McMurdock (Independent)
Asked by:
James McMurdock (Independent)
Answer
Where fraud does occur, the Fraud Compensation Fund (FCF) compensates occupational pension schemes where there has been a loss in the value of the scheme assets due to fraud or dishonesty. Following payment of compensation to schemes, independently appointed trustees can then provide compensation to individual victims.
In addition, the Pensions Regulator (TPR) has robust powers to target mishandling of pension schemes and protect pension savers from losing out to fraud. MoneyHelper has guidance on its website to help identify, avoid, and report pension scams.
Answered by:
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