The Administrators of Forthplus Pensions Limited (Forthplus) being Andrew Poxon, Alex Cadwallader and Barry Stewart of Leonard Curtis, today announced that they had successfully completed the sale of the Forthplus SIPP. The sale will result in the orderly and co-ordinated transfer of all 2,500 customers’ SIPPs to a single FCA regulated SIPP Administrator, iPensions Group Limited (iPG). The value of assets under administration at the date of Administration was approximately £500m.
The transfer to iPG was completed on 13 December 2021 without any further action required from customers.
Customers who are members of the Forthplus SIPP became part of the iPG range of self-invested personal pensions as a result of the transfer. On a day-to-day basis, it is business as usual for customers and iPG will be the new operator and administrator of customers’ SIPPs.
In addition to iPG’s experienced administration and technical support team based in Manchester, iPG have retained the Forthplus Edinburgh administration team. This means that customers will have consistency and familiar names going forward as their day-to-day contact. The Administrators were advised by a team headed by Tim Taylor, Barry Davies and Sam Urry from the Manchester office of international law firm, Addleshaw Goddard.
Andrew Poxon commented: “We would like to place on record our appreciation for the patience and understanding demonstrated by customers of Forthplus whilst we have worked to secure the transfer to iPG. Completion of the transfer is a huge milestone and concludes a number of weeks of joint effort and hard work between Leonard Curtis, our legal advisors at Addleshaw Goddard and iPG.”
Customers of Forthplus with a complaint against Forthplus should now make a claim to the Financial Services Compensation Scheme (FSCS) The FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000. Making a claim to the FSCS is free of charge and the FSCS will investigate whether there are any claims that meet the qualifying conditions for compensation.
The Administrators continue to encourage customers to remain vigilant and to exercise caution when dealing with correspondence regarding the Administration. Support is available to all customers and further information on the Administration and the transfer to iPG can be found on the dedicated webpage www.leonardcurtis.co.uk/forthplus.