Fast Pensions placed into provisional liquidation

Fast Pensions placed into provisional liquidation

Fast Pensions and five other companies involved in the operation of workplace pensions have been placed into provisional liquidation following a hearing at the High Court.

The Insolvency Service sought provisional liquidation of the companies, including Fast Pensions, which is the sponsoring employer of 15 pension schemes.

FP Scheme Trustees 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 at the end of March.

Around 250 people have invested millions of pounds in Fast Pensions’s 15 schemes, according to reports.

More than 20 complaints against Fast Pensions have been upheld, with investors increasingly worried that they will be unable to withdraw their funds.

Petitions to wind up the companies will be heard in the High Court on 30 May.

Categories: News, UK Pensions

About Author