Liberty’s Fund Deregistration Background
Over the past 30 years Liberty has acquired a number of employee benefits businesses, which have included a large number of legacy funds that required administrative clean up. Liberty’s historic records reflect that over this period it has deregistered approximately 9400 retirement funds, 4600 of these were deregistered during the Deregistration Project.
Funds Requiring Re-instatement
Since 2014, Liberty has embarked on a comprehensive audit of its systems and historic records to identify any funds that may have been deregistered in error. Due to the complex history of acquisitions and migrations of systems and data across multiple administration books, certain asset records were delinked from the administration records. This resulted in certain funds being deregistered in error by Liberty and some of the previous administrators. Liberty has identified 130 such funds and has successfully applied to the High Court for the re-instatement of 25 of these funds. Liberty is in the process of applying for the re-instatement of the remaining funds.