UK - Payouts to scheme members who lost benefits due to dishonest management dropped by more than half last year.
The Pensions Compensation Board’s annual accounts for the year to April 5 show payments fell to £88,169 compared to £198,043 a year ago.
The report also shows there were just three new applications for compensation, which can only be given to members of an insolvent company where it has been proven the scheme’s losses were attributable to “an offence involving dishonesty”.
The PCB’s operating costs fell from £72,384 to £66,755.
Chairman Bryan Carsberg said: “The %B is to be subsumed into the new board of the Pension Protection Fund and I am pleased that the work we undertake will continue within the new body.”
The largest case it is involved in concerns the Cheney Pension Scheme where £2.9m was taken due to offences of dishonesty between November 1999 and October 2000.
Scheme assets were estimated at £70,000 at the date of application, compared with scheme liabilities of about £3.1m.
The PCB has paid six-monthly compensation payments into the scheme until January this year when it was announced a formal settlement date was due in 2004-05.
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