HR Trustees has been appointed as independent trustee to the Hoverspeed pension plan by the Pensions Regulator.
HR Trustees will pick up guardianship of Hoverspeed’s pension plan during its assessment period by the Pension Protection Fund, following the firm’s insolvency.
The plan has around 1,000 members and assets of £16m.
HR Trustees is responsible for ensuring the efficient administration of the scheme as well as communicating with and continuing to make pension payments to members.
HR Trustees managing director Steven Ross says: “We are committed to ensuring the scheme members of the Hoverspeed pension plan remain informed throughout the whole period of assessment.
“HR Trustees is highly experienced in managing this process and our aim is to reach the best possible outcome for all concerned. Members can rest assured that their pension is in good hands and will remain protected while we are trustees.”