Manchester pensions group acquires Scottish firm from administrators
Growing SIPP provider iPensions Group has acquired the business assets of FCA-regulated firm, Forthplus Pensions, currently in administration, for an undisclosed sum, providing certainty to its 2,500-plus customers.
Manchester-based iPensions Group’s acquisition of the Edinburgh SIPP provider and administrator enables customers, who include UK expats, to transfer to a company with more than two decades of experience in UK and international pensions and a commitment to the highest standards of personable service in the pensions market.
The acquisition, which involves assets under management of around £500m, builds on the growth strategy at iPensions Group driven by technology-enabled products and solutions as it continues to drive innovation in the SIPP market following significant investment in technology.
iPensions Group was advised by Eversheds Sutherland. It will retain the Forthplus Pensions operations in Edinburgh together with its highly experienced administration staff.
Forthplus Pensions appointed administrators Leonard Curtis Business Solutions on October 19, having previously closed to new business from September 1.
iPensions Group managing director, Craig Cheyne, said: “We empathise with Forthplus Pensions’ members and recognise that the past months must have been unsettling for them and staff.
“We look forward to supporting Forthplus Pensions members by continuing to provide our personable service and we welcome the expert administration staff at the company.
“iPensions Group is focused on delivering transparent service in a timely manner and our innovative technology combined with decades of experience and expertise in UK and international pensions means we can offer a secure home for their pensions.”
iPensions Group offers a full range of SIPP services through the adviser market with its range of SIPPs including the Adviser SIPP, Platform SIPP, USA SIPP, and its Irish Transfer Service.
Andrew Poxon, Alex Cadwallader and Barry Stewart of Leonard Curtis handled the administration.
Andrew Poxon said: “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 have been advised to 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.
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.
