The Board of the Pension Protection Fund1 must, in accordance with the following provisions2, make one or more payments (in Part 2 of the Pensions Act 2004 referred to as 'fraud compensation payments') in respect of an occupational pension scheme3 if: (1) the scheme is not a prescribed4 scheme or a scheme of a prescribed description; (2) the value of the assets of the scheme has been reduced since the relevant date5 and the Board considers that there are reasonable grounds for believing that the reduction was attributable to an act or omission constituting a prescribed offence; (3) one
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