keep The Occupational Pension Schemes (Pension Protection Fund (Compensation) and Fraud Compensation Payments) (Amendment) Regulations 2023
These are technical amendment regulations to the Pension Protection Fund (PPF) and Fraud Compensation Payments regimes. They make two changes: (1) remove a one-year time limit condition relating to previous course of study for PPF compensation period, and (2) expand the categories of costs/expenses recoverable in interim fraud compensation payments to include costs arising from the application itself. The regulations extend to England, Wales and Scotland and came into force on 6 April 2023.
While the PPF represents government intervention in pension markets, these specific amendments are technical corrections that: (1) remove an arbitrary restriction that could deny legitimate compensation to some claimants, and (2) clarify cost recovery for existing fraud compensation mechanisms without expanding the overall scheme scope. The changes are minor and do not introduce new regulatory burdens or materially distort pension planning incentives. Removing them would create operational ambiguities without advancing free-market objectives in any meaningful way.