Manchester-based self invested personal pension (SIPP) provider iPensions Group has acquired business assets of FCA-regulated firm Forthplus Pensions — currently in administration — providing some certainty to the Edinburgh firm’s 2,500-plus customers.
“iPensions Group’s acquisition of the Edinburgh-based SIPP provider and administrator enables customers who include UK expats to transfer to a company with over two decades of experience in UK and international pensions and a commitment to the highest standards of personable service in the pensions market,” said iPensions Group.
“The acquisition which involves assets under management of around £500 million 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, which was advised by Eversheds Sutherland, will retain the Forthplus Pensions operations in Edinburgh together with its 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.”