Selectapension’s defined benefit (DB) transfer outsourcing business, Selectapension Bureau Services, has entered liquidation following a decision late last year to suspend DB pension transfers.
A notice on The Gazette revealed liquidators Mark Newman and Vincent John Green were appointed in October 2018 to wind down the firm.
In 2017, Selectapension suspended its DB transfer service for advisers. Its DB transfer outsource business Selectapension Bureau Services subsequently chose to exit the market entirely.
A Selectapension spokesperson said: “Selectapension Bureau Services was a subsidiary of Selectapension Ltd and so completely separate from the parent company. Selectapension Bureau Services was wound up following the decision in November 2017 to suspend DB pension transfers.”
Selectapension Bureau Services is not the first firm to enter administration following DB transfer issues. A couple of advisers associated with British Steel, namely Active Wealth UK and Retirement & Pension Planning Services, entered administrations after having their permissions revoked by the Financial Conduct Authority.
The regulator has been carrying out a multi-firm supervision exercise into DB transfers since 2015. During that time, at least 99 firms had their DB transfer permissions cancelled. The latest step in the exercise was sending a marketwide questionnaire to those with pension transfer permissions at the end of last year.