COMP 12A.1 Trustees and pension schemes

1If a claimant’s claim includes a claim as:

1. (1)

   trustee; or

2. (2)

   the operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme,

the FSCS must treat him in respect of that claim as if his claim was the claim of a different person.

[Note: this and other rules in this section derive from provisions previously in COMP 12.6]

If a claimant has a claim as a bare trustee or nominee company for one or more beneficiaries, the FSCS must treat the beneficiary or beneficiaries as having the claim, and not the claimant.

If a claimant has a claim:

1. (1)

   as the trustee of an occupational pension scheme or the trustee or operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme; and

2. (2)

   for one or more members of a pension scheme (or, where relevant, the beneficiary of any member) whose benefits are, or include, money-purchase benefits;

the FSCS must treat the member or member scheme (or, where relevant, the beneficiary of any member) as having the claim, and not the claimant (insofar as members’ benefits are money-purchase benefits).

If any group of persons has a claim as:

1. (1)

   trustees; or

2. (2)

   operators of, or as persons carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme,

(or any combination thereof), the FSCS must treat them as a single and continuing person distinct from the persons who may from time to time be the trustees, operators or persons winding up the relevant pension scheme.

Where the same person has a claim as:

1. (1)

   trustee for different trusts or for different stakeholder pension schemes (which are not occupational pension schemes) or personal pension schemes; or

2. (2)

   the operator of, or the person carrying on the regulated activity of winding up, different stakeholder pension schemes (which are not occupational pension schemes) or personal pension schemes,

COMP applies as if the claims relating to each of these trusts or schemes were claims of different persons.

Where the claimant is a trustee, and some of the beneficiaries of the trust are persons who would not be eligible claimants if they had a claim themselves, the FSCS must adjust the amount of the overall claim to eliminate the part of the claim which, in the FSCS’s view, is a claim for those beneficiaries.

Where any of the provisions of COMP 12A.1.1R to COMP 12A.1.6R apply, the FSCS must try to ensure that any amount paid to:

1. (1)

   the trustee; or

2. (2)

   the operator of, or the person carrying on the regulated activity of winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme,

is, in each case:

1. (3)

   for the benefit of members or beneficiaries who would be eligible claimants if they had a claim themselves; and

2. (4)

   no more than the amount of the loss suffered by those members or beneficiaries.