On 31 August 2021, DAC Pensions Limited was placed into creditors’ voluntary liquidation. Liquidators are now winding up the firm’s personal pension scheme, known as the Davies & Co SIPP. This article gives advice to DAC clients on the steps they should take and also advice on how to protect against scams.
If you are a client of DAC Pensions, you should immediately stop paying contributions to the Davies & Co SIPP. You should also have already received information from the firm or its liquidators, Quantuma Advisory Limited, about any actions to take regarding your pension. If you have not received this information, contact DAC Pensions or Quantuma – using the details below.
Being alert to scams
All consumers should remain alert to the possibility of fraud. If you are a client of DAC Pensions and are called by someone claiming to be from DAC Pensions, Quantuma or any other company claiming to be involved in the liquidation, please end the call and call the liquidators back using the following number: 02380 336464.
What is DAC Pensions Limited?
DAC Pensions is an FCA authorised self-invested personal pension (SIPP) operator based in Cambridgeshire.
What happens to DAC Pensions now it is in liquidation?
Although in liquidation, DAC Pensions remains an FCA-authorised firm and is still subject to our rules so that the liquidator can continue to operate the pension scheme while it is being wound up.
DAC Pensions and Quantuma have written to the firm’s clients to explain next steps and any actions that need to be taken. If you are a client of DAC Pensions and you haven’t heard from it or Quantuma, please contact the liquidators’ using these details:
What should I do if I have a complaint against DAC Pensions?
DAC Pensions or Quantuma should have already written to you to explain next steps and the process to make a complaint.
If you have already referred a complaint to the Financial Ombudsman Service, you don’t need to take any action. As the firm is in liquidation, the Financial Ombudsman Service will contact you in due course to ask for permission to refer the case to the Financial Services Compensation Scheme (FSCS).
What should I do if I want to complain?
DAC Pensions is covered by the FSCS. The FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000. If you are a client of DAC Pensions, you should now make a claim to the FSCS for any losses you have incurred as a result of transferring your pension to DAC Pensions. The FSCS will investigate whether there are any claims that meet the qualifying conditions for compensation.
There is more information about the FSCS on its website or you can call 0800 678 1100 to speak directly.
Do I need to use a third party to make a claim?
You do not need to use a claims management company to make a claim against the firm or through the FSCS.
For the vast majority of consumers, there is no benefit to using a third party to make a claim. Any clients of DAC Pensions who believe they have a complaint against the firm should contact Quantuma or the FSCS directly.
What if I have a SSAS with DAC Pensions?
We understand DAC Pensions provides administration for a small number of small self-administered scheme (SSAS) pensions. These are occupational pensions regulated by The Pensions Regulator. See more information on what a SSAS is and how they work.
Quantuma will write to you confirming next steps if you have a SSAS. For more information, contact Quantuma using the details above.