Fast Pensions and five other related companies were wound up in the public interest at the UK High Court on 30 May 2018.
The court heard that money was gobbled up by high commissions and investments in firms connected to Fast Pensions.
In its role as independent trustee to the 15 schemes linked to the collapse, Dalriada will attempt to get to the bottom of what happened to savers’ money.
Liaising with the Insolvency Service, Dalriada has been tasked by the TPR with; determining who the members are, how the schemes operated, how the transferred funds were invested, and what the likelihood is of any recovery.
It is estimated that around 520 people were encouraged to transfer their pension savings totalling a minimum of £21m ($27m, €23m) from existing providers into one of 15 schemes:
- Broughton Retirement Plan,
- DM1 Retirement Plan,
- Elphinstone Retirement Plan,
- EP1 Retirement Plan,
- Fleming Retirement Plan,
- FP1 Retirement Plan,
- FP2 Retirement Plan,
- FP3 Retirement Plan,
- Galileo Retirement Plan,
- Golden Arrow Retirement Plan,
- Leafield Retirement Plan,
- Springdale Retirement Plan
- Talisman Retirement Plan
- Templar Retirement Plan
- VRSEB Retirement Plan
Dalriada will be contacting scheme members.
Andrew Cheeseman says:
Could the Regulator justify its close links with Dalriada. Even Parliament is asking questions.