SIPP provider iPensions Group has acquired the business assets of closed SIPP firm Forthplus Pensions.

Edinburgh-based Forthplus Pensions is currently in administration.

The deal provides certainty to the 2,500 customers of the Edinburgh-based SIPP provider and administrator.

The acquisition involves assets under management of around £500m.

iPensions Group, based in Manchester, will retain the Forthplus Pensions operations in Edinburgh along with its administration staff.

Forthplus closed to new business at the start of September before appointing an administrator in October.

Craig Cheyne, managing director at iPensions, 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.”

Last month iPensions expanded into the direct-to-consumer pension market with the launch of iSIPP, a digital consolidator for UK and international clients. 

iPensions Group says the service is designed to provide UK and international customers with a way to consolidate their pension funds.

The pension consolidation market has grown rapidly in recent years. iPensions said around £250bn in UK pensions pots could benefit from consolidation.

iPensions Group continues to offer a full range of SIPP services via the adviser market.