Fast Pensions Ltd: The Shocking Pension Transfer Lessons

Pensions

In the world of pensions and retirement planning, trust is paramount. Individuals like you, work tirelessly to secure their financial future, often placing their hard-earned money into pension schemes with the hope of a comfortable retirement. Unfortunately, not all investment providers operate with integrity, and one such case that has come to light is Fast Pensions Ltd, the pension trustee and administrator.

In this article, we will explore the details surrounding Fast Pensions Ltd, the pension schemes involved, and how CP Financial Claims is poised to provide assistance to those who may have been affected by this unfortunate situation.

The Fast Pensions Schemes: Names to Remember

Douglas Baillie was the investment provider that has garnered significant attention due to its involvement in this pension scandal.

The Fast Pensions Ltd failures involves multiple pension schemes, each with its own set of members and promises. Here are the names of the Fast Pensions Schemes implicated in this controversy:

  • 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

The Birth of Fast Pensions Ltd

Fast Pensions Ltd was incorporated on June 28, 2012, with its registered office situated in Southampton. It initially presented itself as a promising avenue for pension investments, but as events unfolded, it became apparent that not everything was as it seemed.

Significant Announcements and Legal Proceedings

To understand the depth of the Fast Pensions Ltd liabilities, it's essential to take note of key milestones and legal actions:

  • On April 15, 2021, a progress report in a winding-up by the court was issued.
  • On November 1, 2021, a notice of removal of the liquidator by the court was filed.
  • Simultaneously, on November 1, 2021, the appointment of a new liquidator took place.

On February 6 2020, Simon Campbell and Andrew Watling, representing Quantuma Advisory Limited, assumed the role of Joint Liquidators of Fast Pensions Limited.

A Widespread Issue: Fast Pensions Ltd and Related Firms

The Fast Pensions Ltd fallout is not limited to the company itself. In fact, it extends to five other related firms that were wound up in the public interest at the High Court on May 30, 2018. The Official Receiver in the Public Interest Unit (North) now acts as the liquidator for these six companies.

The Transfer of Pension Savings

Between the years 2012 and 2013, Fast Pensions Ltd encouraged more than 520 individuals to transfer their pension savings from existing providers into any of the 15 schemes it sponsored. The promise of better returns and secure retirement seemed enticing, but the reality was far from it.

FP Scheme Trustees Ltd's Role

It's crucial to understand the role of FP Scheme Trustees Ltd (FPST) in this saga. FPST served as the trustee for the 15 pension schemes. Some of the funds from these schemes found their way into the remaining four related finance companies, adding another layer of complexity to this failure.

The Investigations Unveiled

Complaints about the management and operation of these companies eventually reached the Insolvency Service. The High Court ordered the provisional liquidation of Fast Pensions Ltd and the five related companies in March 2018, following an extensive investigation. This legal action was initiated after a petition presented by the Secretary of State.

Shocking Financial Manipulations

The Fast Pensions Ltd investigations uncovered a substantial sum of no less than £21 million poured into the 15 schemes. People were enticed to move their diligently accumulated savings through a variety of methods, including unsolicited phone calls that raised doubts about their current pension fund performance and proposed complimentary pension evaluations.

Lack of Transparency and Deception

Advisors associated with these schemes failed to disclose vital information regarding the high-risk and illiquid nature of the investments. Members were left in the dark about the actual benefits they were entitled to receive. Although they were promised diversified portfolios, the reality was far different.

Roughly £4 million was allocated for commission payments, while the remaining resources were predominantly channeled into granting loans to companies and entities that appeared to have affiliations with Fast Pensions and FPST.

The Missing Puzzle Pieces

One of the most distressing aspects of this scandal is the lack of accountability and transparency. The six companies involved failed to preserve, maintain, or produce adequate accounting records. Furthermore, they declined to provide complete cooperation during the investigation, rendering it nearly impossible for investigators to ascertain the complete scope of their actions, the characteristics and worth of the investments undertaken, or the accurate value of the pension funds belonging to members.

A Strong Message from David Hope

David Hope, Chief Investigator for the Insolvency Service, had this to say about the Fast Pensions Ltd issue: "People work long and hard to put money away for their retirements, but the six companies that have been shut down paid scant regard to their members. They used unsavoury tactics to attract members and failed to paint the full picture as to what would really happen with their savings. By shutting the companies down, the courts have put a stop to their unscrupulous activities, and we hope this sends a strong message that we will robustly investigate and take action where people's funds and savings are at risk."

Corporate Information

As we discussed earlier, Fast Pensions Ltd, with Company Registration Number (CRO) 08121954, was incorporated on June 28, 2012, and its registered office was situated at Crown House, 27 Old Gloucester Street, London WC1N.

Additionally, here are the details of the related companies:

  • FP Scheme Trustees Ltd, CRO 09126225, incorporated on July 11, 2014, with a registered office at 20-22 Wenlock Road, London N1 7GU.
  • Blu Debt Management Ltd, CRO 06699233, incorporated on September 16, 2008, with a registered office at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ.
  • Blu Financial Services Ltd, CRO 05912973, incorporated on August 22, 2006, with a registered office at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ.
  • Blu Personal Finance Ltd, CRO 07758290, incorporated on August 31, 2011, with a registered office at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ.
  • Umbrella Loans Ltd, CRO 07331044, incorporated on July 30, 2010, with a registered office at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ.

The Wide Felt Impact

The Fast Pensions Ltd fallout has left countless individuals who entrusted their pension pots in turmoil. Their life savings, often representing years of hard work, were put at risk due to deceptive practices and financial misconduct.

Fast Pensions Ltd convinced more than 500 people to invest, but the expectations of high returns promised by these schemes were never met. Many individuals realised they had been duped when it was already too late.

Following an extensive investigation by the Insolvency Service, Fast Pensions Ltd was placed into liquidation as a result of a High Court order. However, the aftermath of this has left individuals involved grappling with the consequences of their financial losses.

CP Financial Claims: Your Beacon of Hope

In the face of such adversity, CP Financial Claims stands as a beacon of hope for those affected by the Fast Pensions Ltd scandal. We understand the gravity of the situation and the financial distress it has caused many individuals and families. Our team of dedicated experts specialises in handling mis-sold pension claims, and we have a proven track record of securing justice for our clients.

Act Now

If you recognise any of the schemes mentioned please submit your details below for a free, no-obligation chat.

Have You Been Affected?

At CP Financial Claims, our goal is utmost transparency. You'll only be charged a fee if we successfully secure financial redress for you. The success fees can range from 15% to 25% of your settlement, depending on the amount. For more information, click here.
In the event that you pursue your claims until the end but they turn out to be unsuccessful, you won't owe any payment. If you decide to cancel your claim after the 14-day cooling-off period but before the process concludes, there may be a cancellation charge. To learn more about cancellation fees, click here.

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