Wealth Options Trustees Limited (WOTL) has agreed to retire and cease acting as trustee to small self-administered pension schemes (SSAPs) following legal action by the Irish Pensions Authority.
In June 2021, the Pensions Authority applied to the High Court to remove WOTL as the professional trustee of seven sample SSAPs, which invested in Dolphin loan notes issued by MUT 116 Limited, and replace it with Pillar 2 Pension Trustees