The PPF has confirmed that the FCF levy 2021 / 22 will increase due to the number of claims it has received following a court ruling last year.
The PPF has confirmed it needs to raise the FCF levy to 75p per member and 30p for master trusts for 2021 / 22 in light of the number of claims it has received.
This follows a court ruling that clarified that occupational pension schemes set up as part of a scam were eligible for compensation.
Members of a scheme that have lost out due to dishonesty may be able to receive compensation where the sponsoring employer has become insolvent or is unlikely to continue as a going concern, their scheme cannot be rescued, and that scheme has lost funds because of criminal offences involving dishonesty.
Any trustee, scheme manager, member or beneficiary can make a claim but, if they’re successful, compensation can only be paid out directly to the scheme trustees (who in the case of scam schemes may be court-appointed).