News story

Independent Trustee appointed to manage Fast Pensions schemes

Dalriada Trustees Limited has been appointed to act as the Independent Trustee to schemes connected to the defunct Fast Pensions Limited.

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Fast Pensions Ltd and five other related companies were wound up in the public interest at the High Court on 30 May 2018.

On 5 July Dalriada Trustees Limited (Dalriada) was formally appointed by the Pensions Regulator (TPR) to act as an Independent Trustee to the 15 schemes linked to Fast Pensions Limited.

As Trustee to the schemes, Dalriada is undertaking a detailed analysis of Fast Pensions and will liaise with the Insolvency Service to determine who the members are, as well as understand more about the schemes, how they were operated, how the transferred funds were invested and what the likelihood is of any material recovery of those funds.

It is estimated that around 520 people were encouraged to transfer their pension savings from existing providers into one of 15 schemes and a total of at least £21 million was transferred to the schemes.

Dalriada will issue a communication to members as soon as it is in a positon to do so and will keep members informed thereafter as to developments.

All pension enquiries by people who were members of schemes connected to Fast Pensions should now be directed to Dalriada via FastPensionsAdmin@dalriadatrustees.co.uk.

Members of the pension schemes who require advice should consider contacting a solicitor, a regulated financial advisor or the Pensions Advisory Service (TPAS) on: 0800 011 3797; email: virtual.appointments@pensionsadvisoryservice.org.uk.

The Official Receiver remains liquidator of the six pensions and finance companies and all enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit (North), PO Box 16663, Birmingham, B2 2JP; email: piu.north@insolvency.gsi.gov.uk.

Published 19 July 2018