Summary: There seems to be quite a crisis in British pension funds, which casualty 'disappear' funds and enable companies to plunder staff and former staff; in this series we focus on two such funds, one of which employs close to 10,000 people and covers very many companies (millions of people's pensions)
Founded relatively recently (2011), the pension provider currently used by Sirius 'Open Source' has quite a colourful (and surprisingly short) past. It was moaning about the state of the economy in recent years (in public filings that we saw) and it probably struggles a lot. It's a very small company, already sold to another due to difficulties, and its service has been truly appalling.
"I cautioned them that I would take this public and name them unless things improved."They didn't respond. They never respond. I did this patiently and politely for months already. The above is an escalation in tone.
So who's behind this company? Not many people and public records show a volatile board with many resignations. It was put up for sale 5 years ago or just over a year after Sirius had moved funds into it (after Sirius apparently silently plundered all the older pensions -- the subject of further verification these days, maybe even an impeding class action lawsuit).
For some context see our prior writings about that:
"We'll release some audio soon."So they already got fined for breaches. Only less than a year before the fines Sirius chose this company. How come? And where did the money go?
I've already cautioned former colleagues about this and if this is representative of the state of the "pension industry", then we're all in deep quicksand and generally in trouble. Based on recent articles in the media, more and more people nowadays realise they're affected.
In the case of NOW: Pensions, maybe they realise that some of the money that they possess is linked to fraudsters and they'd rather protect the fraudsters than do what's right. We'll release some audio soon. ⬆