Six pension and finance companies involved in the operation of occupational pension schemes have been placed in provisional liquidation following an investigation by the Insolvency Service
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. They are Blu Debt Management Ltd, Blu Financial Services Ltd, Blu Personal Finance Ltd, and Umbrella Loans Ltd.
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. The Official Receiver has been appointed the provisional liquidator.
The Insolvency Service said 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.
The 15 pension schemes involved are: Broughton Retirement Plan; DM1 Retirement Plan; Elphinstone Retirement Plan; EP1 Retirement Plan; Fleming Retirement Plan; FP1 Retirement Plan; FP2 Retirement Plan; FP3 Retirement Plan; Galileo Retirement Plan; Golden Arrow Retirement Plan; Leafield Retirement Plan; Springdale Retirement Plan; Talisman Retirement Plan; Templar Retirement Plan; and VRSEB Retirement Plan.
Report by Pat Sweet
