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 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.
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.
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 May 30 2018.
The six companies in provisional liquidation are:
•FP Scheme Trustees Ltd
•Blu Debt Management Ltd
•Blu Financial Services Ltd
•Blu Personal Finance Ltd
•Umbrella Loans Ltd
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
•VRSEB Retirement Plan