iPensions Group has acquired the business assets of Forthplus Pensions for an undisclosed sum.
The deal will provide certainty to Forthplus’s clients as the company is currently in administration.
The acquisition brings in £500m ($661m, €585m) in assets under management to iPensions who will take on Forthplus’ customers, including UK expats.
Edinburgh-based Forthplus went into administration in October 2021, after it was forced to shut down its international Sipp a month earlier as it was unable to renew or secure professional indemnity cover.
The firm also had to cancel all the pension transfers it was working on at the time.
Manchester-headquartered iPension will retain the Scottish operations after the acquisition as well as Forthplus’ administration staff.
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.”
