The High Court has placed six pension companies involved in the management of occupational pension schemes into provisional liquidation. The action follows an investigation by the Insolvency Service, after which it filed an application to the High Court on behalf of the Secretary of State for Business, Energy and Industrial Strategy. The six firms include the sponsoring employer of 15 pension schemes, Fast Pensions Ltd, as well as pension scheme trustees FP Scheme Trustees Ltd.
The High Court’s order was made on 29 March, with an Official Receiver appointed as provisional liquidator of the companies on the same day. The Official receiver takes responsibility for the schemes and will take steps to protect assets and investments. It will not, however, be able to make investment decisions, transfer payments out of the scheme or provide updates to members about their pension position. Petitions to wind up the companies have been filed under section 124A of the Insolvency Act 1986, and will be considered in the High Court on 30 May 2018.