UK - The Pensions Compensation Board is insisting it has a role in the occupational pensions industry despite having no new casework in the past year.
The PCB took the unprecedented step of defending itself in its annual report and accounts.
The report showed no new casework other than mention of a potential claim from “three additional applicants [which] have recently been received from members of one scheme” – currently under review.
Formal applications were received in relation to two other schemes during the year but both were found to be outside the scope of the PCB.
During the year, the board made its first and final settlement in relation to the Biltons Tableware Scheme over the year ending April 5, 2003.
It also reached a decision not to award compensation to members of the Restawile Scheme. And the board’s largest case – the Cheney Pension Scheme – received further compensation of £184,143.
To date the PCB has paid out £412,000 in compensation to the Cheney Pension Scheme, which was left with a £2.9m black hole under “improper” circumstances when the sponsoring company went bankrupt.
Chairman Bryan Carsberg said: “The board remains of the belief there will be a continued need for its services despite the low level of cases.
“The Cheney scheme in particular highlights this need. The current climate in the pensions industry is such that confidence in pensions is not as it should be and the existence of the PCB is an essential part in preventing a further erosion of confidence.
“The board hopes that dishonesty by people running pension schemes remains very much the exception and that the board’s services while important are rarely needed.”
The PCB was established by the Pensions Act 1995 and set up during 1996 to operate a compensation scheme which came into force on April 6, 1997.
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