Forthplus Pensions Ltd (formerly Athena Pensions) was declared in default by the FSCS in July 2025. With over £500 million in assets under management and more than 2,500 clients — many of them British expatriates — this is one of the largest SIPP failures on record. If you were a Forthplus client, the FSCS compensation route is now open.
FSCS default declared: July 2025
Forthplus Pensions Ltd, formerly operating as Athena Pensions, was a major SIPP operator with a significant concentration of British expatriate clients. The firm accepted business from a network of unregulated international brokers who routed clients — many living in the UAE, Asia Pacific, and Europe — into high-risk, non-standard investment structures within their SIPPs.
The FSCS confirmed Forthplus in default in July 2025 following an inability to meet compensation liabilities arising from due diligence failures on the overseas adviser networks that introduced clients. With 600+ claims already registered and a total AUM of over £500 million, Forthplus represents one of the most significant SIPP collapses in the mis-selling wave of 2012–2021.
Many Forthplus clients were British nationals living abroad who were cold-approached by unregulated advisers and encouraged to transfer UK defined benefit pensions into SIPPs to facilitate investments in offshore property, storage pods, or other non-standard assets.
The FSCS has declared Forthplus in default as of July 2025. Direct FSCS claims are now open for eligible claimants. The FSCS is assessing claims relating to Forthplus's due diligence failures on its network of international unregulated introducers.
Up to £85,000Where the overseas adviser who introduced you was not FCA-authorised, FSMA s.27 may render the SIPP contract unenforceable and open a civil court route for full recovery. Route 4 is particularly relevant for Forthplus's large expat client cohort where losses routinely exceed the £85,000 FSCS cap.
Uncapped — FSMA s.27Default declared July 2025 — claim window is open but time is ticking. The FSCS route opened on the default date. However, the FOS six-year clock runs from the date of the original transfer — for many Forthplus clients who transferred between 2015 and 2019, this clock is already running or may be close to expiry. The three-year awareness clock begins from when you first knew or ought to have known about your loss. If you received any correspondence about your investment value declining, the awareness clock may already be running. See redressadvisory.com/time-limits for the full limitation framework.
Figures are indicative only and based on typical case profiles. Your actual position depends on your specific circumstances, the transfer value, and the applicable claim route. Not a guarantee of outcome.
Yes. Forthplus Pensions Ltd formerly traded as Athena Pensions. Both names refer to the same legal entity declared in FSCS default in July 2025.
Yes. The FSCS route applies to eligible UK-regulated SIPP claims regardless of where you live now. Additionally, if your overseas adviser was unregulated at the time of transfer, FSMA s.27 may open a Route 4 civil claim for the full uncapped amount.
DB pension transfer cases are assessed using FCA DISP Appendix 4 methodology. The calculation compares what your DB pension would be worth today against the current value of your SIPP. At current gilt yields, the average DB redress shortfall is approximately £32,000 — rising significantly if yields fall.
Many Forthplus clients were placed into offshore property developments, storage pod investments, or other non-standard assets introduced by unregulated overseas brokers. These assets are often illiquid, making it difficult to establish current value without a formal assessment.
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