Pension Protection Fund

The Fraud Compensation Fund (FCF) was established under the Pensions Act 2004 to provide compensation to occupational pension schemes, with insolvent employers, that suffer a loss that can be attributable to an offence involving dishonesty.  The FCF became operational on 1 September 2005 and replaces the former Pensions Compensation Board.  It applies to most defined benefit and defined contribution occupational pension schemes.  It does not apply to state retirement pensions.