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6 pension and finance companies placed in provisional liquidation

Six companies have been placed in provisional liquidation following an investigation by the Insolvency Service.

The companies, involved in the operation of occupational pension schemes, were placed into provisional liquidation by the High Court.

They 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 orders placing the companies into provisional liquidation followed a hearing at the High Court on 29 March 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.

As provisional liquidator of the trustee to the pension schemes the Official Receiver:

  • will take steps to protect the investments and assets in the pension schemes
  • will not make investment decisions during the period of appointment
  • is unable to provide updates regarding individual’s pensions or to authorise transfers out of the schemes or any payments out of the schemes, including death benefits
  • is unable to provide advice to pension members regarding their pensions

Members of the pension schemes who require advice should consider contacting a solicitor, a regulated financial advisor or the Pensions Advisory Service (TPAS) on: 0300 123 1047; email: virtual.appointments@pensionsadvisoryservice.org.uk.

If you are a member of one of the pension schemes, the Official Receiver is requesting that you register your interest by email to piu.north@insolvency.gsi.gov.uk providing the following information:

  • name
  • contact details
  • the pension scheme you are member of
  • the date and amount of your investment

The provisional liquidator has the power to investigate the affairs of the companies as necessary to protect assets including any third party, or trust monies, or assets in the possession of, or under the control of the companies.

The case is now subject to High Court action and no further information will be made available until petitions to wind up the companies are heard in the High Court on 30 May 2018.

All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 2 Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN.

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