A company that ran 15 pension schemes has been forced to suspend trading by the High Court, raising fears that hundreds of savers may have lost their money for good. Fast Pensions and five other related firms have been placed in provisional liquidation following an investigation by the Insolvency Service. Fast Pensions is the sponsoring employer of 15 pension schemes where it is thought around 250 people have invested sums adding up to millions of pounds overall. Last year, Telegraph Moneyreported how some Fast Pensions savers had been blocked from accessing their money. Over the past three years The Pension Ombudsman, which rules on complaints relating to workplace pensions, has upheld over 20 complaints against the firm.

Almost all the cases involve investors who have become alarmed after they stopped receiving annual statements and found it impossible to get information on their savings. At the time, Sara Moat, a director at the firm, said the rules of the scheme meant investors could not move their money until at least five years had passed since their original investment. For some people that deadline has now passed but the money is yet to be released.

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