2 August 2004 - Pensions Compensation Board: Appointments
Andrew Smith, Secretary of State for Work and Pensions, today announced the re-appointment of Sir Bryan Carsberg as Chairman of the Pensions Compensation Board. Sir Bryan Carsberg has just completed his first term as Chairman and is to serve a further term with effect from 1 September 2004.
Notes for editors
- Sir Bryan Carsberg was previously a chartered accountant and an honorary fellow of the Institute of Actuaries. Other previous posts held include Secretary General of the International Accounting Standards Committee (IASC), Director- General of Oftel and Director General of the Office of Fair Trading. He is currently non-executive Chairman of MLL Telecom and a non-executive director of Philip Allan (publishers). He is also Honorary Chairman of the Council of Loughborough University.
- The Pensions Compensation Board was established in 1997 to provide some help to occupational pension schemes which had suffered a reduction in the value of their assets as a result of dishonesty and where the sponsoring employer is insolvent.
- The Pensions Compensation Board (PCB) is an executive non-departmental public body within the jurisdiction of the Parliamentary Commissioner for Administration and the Public Accounts Committee. It consists of three part-time members appointed by the Secretary of State: a chairman and two Board members who are selected following consultation with organisations representative of employers and employees.
- Compensation is funded by a levy on occupational pensions schemes provided for by Sections 165 (4) and (5) of the Pensions Act 1995. The first compensation levy was raised in 1997/98 and the PCB reviews on an annual basis the need to raise a further levy. A second levy was raised in April 2004 of 23p per scheme member.
- The current Pensions Bill provides for the establishment of a new Fraud Compensation Fund under the control of the Board of the Pension Protection Fund. The Board will assume the functions of the PCB on a date determined by the Secretary of State. On that date, the PCB will be dissolved.
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