iPensions Group has acquired the Forthplus Pensions book of business with its 2,500-plus members.

It said in a statement that the acquisition of the Edinburgh-based SIPP provider and administrator with assets under management of around £500m "enables customers who include UK expats to transfer to a company with over two decades of experience in UK and international pensions and a commitment to the highest standards of personable service in the pensions market".

Managing director Craig Cheyne said: "We empathise with Forthplus Pensions' members and advisers 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."

It's main office will remain based in Manchester and it is also retaining the Forthplus operations in Edinburgh "together with its highly experienced administration staff".

Forthplus went into administration in October 2021, after it was forced to shut down its international SIPP a month earlier as it was unable to renew or secure professional indemnity cover.

Administrators of Forthplus Pensions Limited (Forthplus) are  Andrew Poxon, Alex Cadwallader and Barry Stewart of Leonard Curtis.

The Administrators were advised by a team headed by Tim Taylor, Barry Davies and Sam Urry from the Manchester office of international law firm, Addleshaw Goddard.

Poxon said: "We would like to place on record our appreciation for the patience and understanding demonstrated by customers of Forthplus whilst we have worked to secure the transfer to iPG.

Completion of the transfer is a huge milestone and concludes a number of weeks of joint effort and hard work between Leonard Curtis, our legal advisors at Addleshaw Goddard and iPG."

Customers of Forthplus with a complaint against Forthplus should now make a claim to the Financial Services Compensation Scheme (FSCS).