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The companies, involved in the operation of occupational pension schemes, were placed into provisional liquidation by the High Court.

They include Fast Pensions Ltd, which is the sponsoring employer of 15 pension schemes, and FP Scheme Trustees Ltd, which is the trustee of the pension schemes. The remaining four companies are entities into which some of the pension scheme funds have been invested.

The orders placing the companies into provisional liquidation followed a hearing at the High Court on 29 March 2018 of an application issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.

The Official Receiver has been appointed the provisional liquidator and has responsibilities to protect assets in the possession or under the control of the companies pending the determination of the petitions.

As provisional liquidator of the trustee to the pension schemes the Official Receiver:

• will take steps to protect the investments and assets in the pension schemes
• will not make investment decisions during the period of appointment
• is unable to provide updates regarding individual’s pensions or to authorise transfers out of the schemes or any payments out of the schemes, including death benefits
• is unable to provide advice to pension members regarding their pensions

Members of the pension schemes who require advice should consider contacting a solicitor, a regulated financial advisor or the Pensions Advisory Service (TPAS) on: 0300 123 1047; email: virtual.appointments@pensionsadvisoryservice.org.uk.

If you are a member of one of the pension schemes, the Official Receiver is requesting that you register your interest by email to piu.north@insolvency.gsi.gov.uk providing the following information:

• name
• contact details
• the pension scheme you are member of
• the date and amount of your investment

The provisional liquidator has the power to investigate the affairs of the companies as necessary to protect assets including any third party, or trust monies, or assets in the possession of, or under the control of the companies.

The case is now subject to High Court action and no further information will be made available until petitions to wind up the companies are heard in the High Court on 30 May 2018.

All public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 2 Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN.

Notes to editors

The six companies in provisional liquidation are:

• Fast Pensions Ltd – company registration number 08121954 – was incorporated on 28 June 2012. The company’s registered office is at Crown House, 27 Old Gloucester Street, London WC1N 3AX
• FP Scheme Trustees Ltd – company registration number 09126225 – was incorporated on 11 July 2014. The company’s registered office is at 20-22 Wenlock Road, London N1 7GU
• Blu Debt Management Ltd – company registration number 06699233 – was incorporated on 16 September 2008. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Blu Financial Services Ltd – company registration number 05912973 – was incorporated on 22 August 2006. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Blu Personal Finance Ltd – company registration number 07758290 – was incorporated on 31 August 2011. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
• Umbrella Loans Ltd – company registration number 07331044 – was incorporated on 30 July 2010. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ

The 15 pension schemes involved are:

• 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 petitions were presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of the companies on 29 March 2018 by HHJ Pelling, a Judge of the High Court.

Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Energy & Industrial Strategy (BEIS). Further information about live company investigations is available here.

The Insolvency Service, an executive agency sponsored by BEIS, administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities, both civil and criminal in nature, to support fair and open markets. We do this by effectively enforcing the statutory company and insolvency regimes, maintaining public confidence in those regimes and reducing the harm caused to victims of fraudulent activity and to the business community, including dealing with the disqualification of directors in corporate failures.

BEIS’ mission is to build a dynamic and competitive UK economy that works for all, in particular by creating the conditions for business success and promoting an open global economy. The Criminal Investigations and Prosecutions team contributes to this aim by taking action to deter fraud and to regulate the market. They investigate and prosecute a range of offences, primarily relating to personal or company insolvencies.

The agency also authorises and regulates the insolvency profession, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available here.

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The Government Property Agency (GPA) was launched as an Executive Agency of the Cabinet Office on 1 April. It will improve the efficiency and effectiveness of the Government Estate and generate benefits of between £1.4 billion and £2.4 billion over the next ten years.

GPA’s initial portfolio of 80 properties will grow to over 1,000 as it takes on increasing responsibility for managing the general purpose central government estate. This is an unprecedented move to manage the government’s property portfolio strategically in order to realise the benefits that departments cannot achieve on their own.

The GPA will partner with government departments to find innovative property solutions, and provide expertise to enable them to deliver wider business change more efficiently. More broadly, the GPA will also be an enabler for the delivery of Civil Service transformation, regional growth and the government’s vision to strengthen the Union.

The GPA leads the Government Hubs programme and with HMRC has announced 12 Hubs to date across the UK, amounting to almost 261,000 sq/m Each new hub has been the biggest pre-let in that city that year, and a huge boost in confidence and a source of investment for the locality. Furthermore the new hubs in Edinburgh, Cardiff and Belfast were the biggest pre-let in those cities in the last ten years. Canary Wharf at 50,000 sq/m was the biggest pre-let in the UK in 2016.

The design of hubs will lead to more efficient use of the estate. The space needed for each civil servant to work is intended to reduce to 6 sq/m within strategic hubs, outperforming the current workspace standard for the office estate of 8 sq/m per FTE. Smart working will be the foundation for the new Government Hubs – supporting flexibility, productivity, engagement, career development and wellbeing.

GPA has operated in shadow form for over a year, testing systems and ways of working, to ensure readiness for go-live and a sustainable organisation. During this period it has delivered estates services to Cabinet Office and BEIS as its foundation clients, worked in partnership with HMRC to deliver Hubs and secured £38m income from vacant space.

Through creating a centre for expertise in government for estates management, the GPA will have a breadth of experience, bringing specific property expertise, negotiation ability and commercial savvy to bear on major market transactions. This will have a direct benefit in maximising capital receipts, generating income and mitigating both costs and risks. The GPA will provide credible medium to long term investment opportunities, in both delivery of the suitable buildings and the longer term management of assets.

Oliver Dowden, Minister for Implementation said: “The creation of the Government Property Agency will transform the way property is managed in the general purpose central government estate, generating savings of over £1 billion over the next ten years. The Hubs programme is a catalyst for growth in city centres across the UK, helping to boost jobs and economic growth, as well as demonstrating the government’s commitment to strengthening the Union and enhancing regional career paths.”

Liz Peace, Chair GPA said: “This is an exciting time for government property and demonstrates the focus on improving the commercial capability in estates management. The GPA team will bring the concept of a cross government corporate real estate organisation into reality. As well as the significant benefits to the Exchequer that will come from the GPA, its impact on departmental transformation and quality of workspace will be key to delivering a truly modern and excellent Civil Service.”

Over 2 million people will get a pay rise from today (1 April 2018) thanks to an above-inflation rise in national living and minimum wage rates.

The National Living Wage will go up by 4.4%, from £7.50 to £7.83, meaning a full-time minimum wage worker will be over £2,000 better off since the introduction of the National Living Wage in April 2016. From today the tax-free personal allowance will also increase from £11,500 to £11,850.

Almost 400,000 young workers are expected to benefit from the fastest increases in the National Minimum Wage in more than 10 years.

Business minister Andrew Griffiths said:

Over 2 million people across the UK will get a step up in pay thanks to today’s rise in the National Living Wage and National Minimum Wage.

The uplift means a pay rise of over £600 a year for a full time worker on the National Living Wage – that could be two months food shopping or a year’s electricity bills.

So if you should be getting a rise this month, check your pay, talk to your boss and report underpayment to Acas or HMRC.

Employers who underpay minimum wage rates can face fines of up to 200% of the back pay they owe to workers and can be publicly named by the Department for Business, Energy and Industrial Strategy. Since 2013 the naming scheme has identified more than £9 million in back pay for around 67,000 workers, with more than 1,700 employers fined a total of £6.3 million. Since 2015, the government has doubled investment in minimum wage enforcement, spending £25.3 million in 2017 to 2018.

The uplift comes after the government published its Good Work plan in February, which announced the right to a payslip for all workers. The new law is likely to benefit around 300,000 people who do not currently get a payslip.

For those paid by the hour, payslips will also have to include how many hours the worker is paid for, making pay easier to understand and challenge if it is wrong. The move is part of the government’s Industrial Strategy, the government’s long-term plan to build a Britain fit for the future by helping businesses create better, higher-paying jobs in every part of the UK.

For more information on the National Minimum Wage and National Living Wage and to report underpayment, visit www.gov.uk/checkyourpay or contact Acas for free and impartial advice.

Notes to editors

1. The government takes advice on minimum wage rates from the independent Low Pay Commission, which balances the needs of workers and businesses.
2. The average UK domestic electricity bill is £619.
3. The average weekly food bill was £58 last financial year according to ONS statistics.