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Pensions Act 2004

Section 184: Recovery of value

672.Trustees or managers of schemes which apply for fraud compensation are required to attempt to recover the value of the loss due to fraud where the recovery can be made without undue cost or delay.

673.Subsection (2) provides that fraud compensation cannot be made until the Board has set a “settlement date”. This is the date after which further recoveries would be unlikely without undue cost or delay. The Board must consult the trustees or managers before setting the date.

674.Subsections (3) and (4) provide that ‘recovery of value’ refers to payments received by the scheme in respect of the act or omission which resulted in the reduction of the scheme’s assets. This will not include payments from the Board. It is for the Board to decide whether a payment will be classified as a recovery of value.

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