Where the Board of the Pension Protection Fund1 determines to make one or more fraud compensation payments2, it must make the payment or payments to the trustees or managers3 of the scheme in accordance with these provisions4. A fraud compensation payment may be made on such terms (including terms requiring repayment in whole or in part) and on such conditions as the Board considers appropriate5. The amount of the payment (or, if there is more than one, the aggregate) must not exceed the difference between: (1) the amount of the reduction (or, if more than one, the aggregate amount
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