Six companies, including Fast Pensions and FP Scheme Trustees, have been placed in provisional liquidation by the High Court following an investigation by the Insolvency Service, the government agency has said.
The companies involved in the operation of occupational pension schemes include Fast Pensions Ltd, which is the sponsoring employer of 15 pension schemes, and FP Scheme Trustees Ltd, which is the trustee of the pension schemes. The remaining four companies are entities into which some of the pension scheme funds have been invested, the Insolvency Service has said.
The liquidation orders followed a hearing at the High Court on March 29 2018 of an application issued by the Insolvency Service, on behalf of the secretary of state for business, energy and industrial strategy.
The official receiver has been appointed the provisional liquidator and has responsibilities to protect assets in the possession or under the control of the companies pending the determination of the petitions.
Members of the pension schemes who need advice should consider contacting a solicitor, a regulated financial adviser or the Pensions Advisory Service on 0300 123 1047 or email virtual.appointments@pensionsadvisoryservice.org.uk.
Members of the affected pension schemes must register their interest by email to piu.north@insolvency.gsi.gov.uk, providing their name, contact details, the pension scheme they are member of, and the date and amount of their investment.
Fast Pensions has been the subject of several Pensions Ombudsman determinations in recent years, upholding complaints of members who had been unable to transfer their pension out of the scheme.
