A total of £81.5m has been paid out in compensation to more than 2,000 victims of pension scams in the UK, The Pensions Regulator (TPR) announced today.
Over the past year, Dalriada Trustees, which was appointed by TPR to manage a group of defrauded pension schemes, has secured £81.5m for affected scheme members, who will now have access to this pension money via a secure pension scheme.
More payments are to follow for other victims as a result of the initiative, which is being jointly conducted by TPR, Dalriada, The Pensions Ombudsman and the Fraud Compensation Fund (FCF).
It follows a High Court ruling in 2020 clarifying that occupational pension schemes set up as part of a scam could potentially be eligible for FCF compensation.
"We know how devastating the impact of pension fraud can be and hope this compensation will help members of the affected schemes to rebuild their lives," said Gaucho Rasmussen, executive director of regulatory compliance at TPR.
"We and our partners have identified further opportunities to bring compensation to victims of historic scams – and more payments are to follow later this year and in 2026. We urge pension savers to stay on their guard against fraudsters."
This piece was originally published on our sister title International Adviser.
