Gibraltar Pension Trustee Administration: Corinthian, Pantheon & Relay – Full 2025/26 Member Update

In late 2023, two Gibraltar-based pension trustee firms, Corinthian Pension Trustees Limited and Pantheon Pension Trustees Limited, along with the administration company Relay Administration Ltd, were placed into special administration following the collapse of their investment and platform partner, Brite Advisors. These firms, collectively known as the Relay Group, historically oversaw Qualifying Recognised Overseas Pension Schemes (QROPS).

This blog explains:

• Who Corinthian, Pantheon and Relay are
  
• How they became connected to the Brite Advisors collapse
  
• Why special administration was necessary
  
• What has happened behind the scenes over the past months
  
• How the recent Australian court-approved interim distribution affects your pension today.

While the outlook has improved and most member assets are expected to be returned, the process is not yet complete. The final recovery still depends on the successful transfer or sale of the Gibraltar trustee business to a new provider, meaning members should remain informed and vigilant as the next stage unfolds.

At a Glance – What Members Need to Know (2025/26)

• Corinthian and Pantheon, two Gibraltar-based pension trustee firms linked to Brite Advisors, entered administration in late 2023.
  
• Begbies Traynor were appointed as Joint Administrators to stabilise operations and safeguard member pensions under court supervision.
  
• The Federal Court of Australia approved an interim distribution in November 2025, enabling c.80% of assets to be returned by 21 January 2026.
  
• A sale of the pension book is underway, with three GFSC-regulated Gibraltar trustee firms in advanced discussions.
  
• Members do not need to take immediate action, but preparing for transfer options and tax implications now is strongly recommended.

Who Are Corinthian, Pantheon and Relay Administration Ltd and How Were They Connected to Brite Advisors?

Corinthian Pension Trustees Ltd, Pantheon Pension Trustees Ltd and Relay Administration Ltd are Gibraltar-regulated pension trustees and an administration firm. Historically, they oversaw a range of international pension structures, including HMRC-recognised QROPS such as the Apollo Gibraltar QROPS.

While these schemes are available to a broad range of international investors, they have been particularly common among UK expatriates and former UK residents looking to manage or consolidate their pensions overseas.

Their Connection to Brite Advisors

Brite Advisors acted as investment and financial advisers, while:

• Corinthian and Pantheon served as the trustee firms, legally holding client pension assets in trust under Gibraltar regulation.
  
• Relay Administration Ltd provided day-to-day administration and now acts as a liaison between members, the Gibraltar courts and the Joint Administrators.
  

In multiple legal documents and in Brite’s own marketing, Corinthian and Pantheon were described as part of “the Brite Group of companies,” operating within Brite’s wider international pension ecosystem. Although structurally located in Gibraltar, they were deeply integrated into Brite’s international pension model. This connection is central to understanding how and why the trustees became affected by Brite’s collapse. This integration is key to understanding why Gibraltar’s pension trustees ultimately entered special administration in late 2023 and why the restructuring and member-recovery process continues today.

Why Were Corinthian, Pantheon and Relay Affected and Why Were the Trustees Placed Into Administration in 2023?

The administration stemmed directly from the financial collapse of Brite Advisors Pty (Australia) in 2023. Australian regulators identified serious financial irregularities, triggering widescale global repercussions.

The Australian Collapse: Missing Funds and Regulatory Action

The Australian Federal Court found that Brite Advisors Australia had:

• transferred approximately AUD $129 million of client pension assets to a Brite-linked Hong Kong entity;
  
• but could not account for around USD $69 million of those assets;
  
• while operating a platform holding around AUD $1 billion in total client funds;
  
• including roughly £58 million belonging to Gibraltar-based pension schemes.
  

This shortfall of $69m affected many investors globally and raised immediate concerns about the security of assets linked to the Gibraltar trustees.

Why Gibraltar’s Trustee Firms Became Entangled

Although Corinthian and Pantheon were legally separate Gibraltar-regulated entities, they shared:

• key directors,
  
• operational systems and
  
• infrastructure
  

with the wider Brite Group. This blurred governance structure, combined with the exposure of scheme assets to Brite’s Australian platform, this prompted the Gibraltar Financial Services Commission (GFSC) to intervene.

GFSC Intervention and Special Administration

After appointing inspectors in 2022, the GFSC invoked emergency powers in December 2023 under the Financial Services (Temporary Administration of Companies) Act 2010, appointing:

Joanne Wild and Adrian Hyde (Begbies Traynor) as Special Administrators.

Their mandate was to:

• Protect client pensions
  
• Stabilise operations
  
• Reconstruct asset records and
  
• Secure the return of members’ funds

Insolvency Proceedings in February 2024

On 14 February 2024, the Gibraltar Supreme Court formally placed the Relay Group into insolvency administration. The Special Administrators reported that:

• company accounts were disordered and incomplete,
  
• it was initially impossible to confirm which assets belonged to which member,
  
• and significant forensic reconstruction was required.
  

The court acknowledged that while full recovery for every member could not be guaranteed, the majority of assets should ultimately be recoverable once properly traced and transferred to a new trustee.

This phase of court-managed special administration was therefore essential to protect pension members from further losses arising from the Brite Advisors collapse.

Joint Administrators: Who They Are and What They’re Legally Required to Do

Following the Gibraltar Supreme Court’s intervention, Joanne Wild and Adrian Hyde were appointed as the Joint Administrators of Corinthian and Pantheon. Both are senior, licensed insolvency practitioners from Begbies Traynor (Gibraltar), a firm specialising in complex financial restructurings and distressed pension entities.

• Adrian Hyde is licensed by the Institute of Chartered Accountants in England & Wales (ICAEW).
  
• Joanne Wild is authorised by the Gibraltar Financial Services Commission (GFSC).
  

Before the court order, they had already been acting as Special Administrators appointed by the GFSC, meaning they were deeply familiar with the financial situation and governance issues surrounding the Brite-linked pension schemes. Their formal appointment under the Gibraltar Insolvency Act 2011 granted them full legal authority to assume control of the companies and act on behalf of the Court.

What Is Their Mandate?

In practical terms, the Joint Administrators’ mandate is to protect members’ pensions and oversee the recovery and restructuring process. They act independently of Brite Advisors and are required to prioritise the interests of the creditors, i.e. the pension scheme members.

Their core responsibilities include:

• Maintaining continuity of pension administration
  
• Tracing, reconstructing and recovering assets previously held or invested through Brite Advisors
  
• Separating member entitlements and rebuilding accurate accounting records
  
• Stabilising the trustee firms during the investigation and recovery period
  
• Executing a long-term solution, such as transferring the schemes to a new regulated trustee or winding down the firms in an orderly, controlled manner
  

Every action taken by the Joint Administrators is:

• supervised by the Gibraltar Supreme Court and
  
• overseen by the GFSC
  

to ensure transparency, accountability and compliance with insolvency legislation.

Independence From the Brite Group

The administrators have repeatedly confirmed that they operate entirely independently from Brite Advisors and any former directors. In their member circular, they stated:

“Control of client assets was removed entirely from the Brite Group… by virtue of the intervention of the GFSC and our appointment… Management of the Firms is not connected to the Brite Group whatsoever. All of our actions are supervised by the Court, overseen by the regulator.”

In short, Ms. Wild and Mr. Hyde work solely on behalf of the members, not for Brite’s former owners, not for any associated entities and not for any shareholder interests.

What Happens Next?

Their mandate will conclude once they have:

• rescued the business (e.g. by transferring it to a new regulated trustee), or
  
• distributed all recoverable assets back to members,
  
• and closed the old companies in an orderly fashion.
  

Their overarching role is to secure member benefits, minimise losses and bring the administration to a stable, complaint resolution.

What Has Happened Since the Administration Began?

Since Corinthian and Pantheon entered administration, there has been extensive behind-the-scenes work to protect members’ pensions and stabilise the trustee operations. Below is a clear summary of the key legal, operational and governance developments since late 2023.

1. Court Orders to Safeguard and Recover Assets

The Gibraltar Supreme Court has issued several orders to ensure the administration proceeds fairly and efficiently.

Berkeley Applegate Order

One of the most significant steps was the Court granting a “Berkeley Applegate” order over the pension trust assets. This allows the Joint Administrators to use a small, proportionate portion of the overall trust fund to cover the essential costs of:

• managing the schemes
  
• tracing assets
  
• reconstructing records and
  
• recovering funds held or invested via Brite Advisors
  

Because Corinthian and Pantheon do not have corporate assets (all funds legally belong to members), this mechanism ensures:

• costs are shared fairly among all members,
  
• no single group bears the burden and
  
• the administration can continue until full asset recovery is complete
  

Both the administrators and the Gibraltar Financial Services Commission (GFSC) agreed this was the fairest and most transparent way to fund the ongoing work. The administrators also provide members with cost updates and have expressly committed to minimising fees wherever possible.

Cross-Border Court Coordination

The Gibraltar court has been in continuous coordination with the Australian Federal Court, which oversees the Brite Advisors receivership. A key application was heard in Gibraltar in February 2025 to reinforce that:

• all pension assets held by Brite’s Australian receivers belong to the Gibraltar pension trusts and
  
• they must be returned to Gibraltar for accurate member-by-member distribution.

This cross-jurisdictional cooperation ensures that trust assets are protected, legally ring-fenced and ultimately brought back under Gibraltar control.

The overarching goal remains the same:
To get your pension assets back securely and ensure all members are treated equitably.

2. Formation of the Members' Creditors’ Committee

One of the earliest steps taken by the Joint Administrators was encouraging members to elect a Creditors’ Committee. This committee was formally established at the First Creditors’ Meeting in July 2024 and consists of five representatives, including:

• individual scheme members and
  
• independent financial advisers acting on behalf of groups of members.
  

Role of the Creditors’ Committee

The committee serves as an oversight and liaison body. Its responsibilities include:

• meeting with the Joint Administrators
  
• reviewing detailed progress reports
  
• asking questions or challenging decisions and
  
• conveying members’ concerns directly into the administration process
  

The administrators have said the committee “assists us with our duties,” providing an additional layer of governance and transparency.

In practice, the committee has been consulted on all major strategic matters, including:

• the handling of Brite asset distributions and
  
• the potential transfer or sale of the trustee business to a new provider

This representation helps ensure that your interests are actively voiced and monitored throughout the administration.

❗Important: Pantheon Creditors’ Meeting – 11 December 2025

The Joint Administrators have issued a formal notice inviting Pantheon members to attend a Creditors’ Meeting at 2pm UK time (GMT) on Thursday 11 December 2025. The purpose of the meeting is to approve the remuneration of the Joint Administrators from 20 September 2025, in line with the Court Order of 13 February 2025.

To participate in the vote, Pantheon members must submit a completed Claim Form, with a nominal claim amount of £1, by 12 noon on 10 December 2025. Claims submitted after the deadline will be registered, but you will not be able to vote.

Joining instructions and proxy forms can be requested via Relay.Comms@btguk.com.

(Source: Official Pantheon Administrator Notice, 26 November 2025)

3. Regular Member Communications and Transparency

Throughout the administration, the Joint Administrators have made member communication a central priority. They have kept pension holders updated through:

• email circulars at key milestones
  
• a secure online member portal containing all legal notices, proposals and claim forms
  
• periodic Q&A updates and
  
• a dedicated communication email: Relay.Comms@btguk.com.
  

Important documents, such as the Administrators’ Proposals, creditor notices and instructions for claims, have been made available on the portal.

In their December 2024 member update, the administrators also reiterated that:

• the firms are fully independent of the Brite Group
  
• all actions are court-supervised and
  
• the sole priority is the protection and return of member funds.
  

While they cannot respond individually to every query (particularly during peak periods such as creditor meetings), they continue to address common questions via updated FAQs and group communications.

4. Overall Stability of the Pension Schemes

These combined measures, court orders, equitable cost-sharing, member oversight and transparent communication, have helped maintain full operational stability of the pension schemes throughout the administration.

Proposed Sale of the Pension Trustee Business

One of the most significant developments since the administration began is the plan to sell the entire portfolio of pension schemes, that is, all member accounts and trustee responsibilities, to a new long-term, regulated pension trustee firm. Instead of liquidating Corinthian, Pantheon and Relay and leaving members to navigate the situation individually, the Joint Administrators have concluded that a structured sale and transfer will deliver the best outcome for both members and creditors.

A sale would provide:

• continuity of pension administration
  
• a secure long-term home for member assets
  
• reduced disruption for pension holders and
  
• a more efficient, equitable recovery for all creditors.
  

This strategy was formally approved by members at the First Creditors’ Meeting.

Interest From Gibraltar-Based Trustee Firms

Since members approved the strategy, the Joint Administrators have been actively negotiating with potential acquirers. As of mid-2025, three GFSC-regulated, Gibraltar-based pension trustee firms have expressed serious interest in acquiring the book.

Because the process is subject to signed Non-Disclosure Agreements, individual bidders cannot yet be named. However, the administrators have confirmed that each prospective buyer is:

• well-established,
  
• fully regulated in Gibraltar and
  
• experienced in managing large international pension schemes.
  

Due diligence is underway with all interested parties.

How the Sale Benefits Members

The aim of the transaction is to secure the highest possible value for the portfolio, because:

• any sale proceeds flow directly into the administration estate,
  
• which is then used to pay the costs of the administration,
  
• thereby reducing the amount charged to members through the Berkeley Applegate cost-sharing mechanism.

As the administrators explained:

“Our aim is to negotiate the best possible price for the portfolio, which will go towards the costs of the administration process and in turn reduce the sums to be contributed by Members”

In other words, a successful sale benefits every member financially.

How the Transfer Will Work for You

The proposed sale is being structured to create as little disruption as possible for pension holders.

If a sale is approved:

• Your pension would automatically transfer to the new trustee
  
• Your existing terms and scheme structure would remain in place unless regulated changes are required and formally communicated
  
• All bulk paperwork and legal processes would be handled by the administrators and the incoming trustee
  
• You would only be contacted if your action is required for regulatory or administrative reasons
  

Before any transaction proceeds, the Creditors’ Committee will review the shortlisted proposals. Their role is not only to assess the highest financial offer, but also to ensure the chosen trustee has:

• the right technical capability
  
• a strong regulatory track record
  
• operational stability and
  
• the resources and infrastructure required to administer a significant number of international pension members.

This oversight ensures that members’ interests, not just commercial considerations are prioritised.

Current Status of the Sale Process

Discussions with the interested trustee firms remain ongoing. The next steps are expected to follow this sequence:

1. Selection of a preferred bidder by the administrators.
   
2. Consultation with the Creditors’ Committee.
   
3. Formal application to the Gibraltar Supreme Court for approval of the transfer scheme.
   
4. Member notification, outlining:
   
   • the new trustee’s identity,
     
   • the timeline for transfer and
     
   • any required actions (if any).
     
5. Completion of the bulk transfer and transition to the new long-term trustee.
   

The overarching goal is clear:

To give members a stable, compliant and permanent home for their pensions after the disruption caused by Brite Advisors’ collapse.

Why This Case Involves an Extra Layer of Complexity Compared to Other Brite assets 

While the recovery of assets from Brite’s failed platform is a welcome development, members of the Corinthian and Pantheon schemes face an additional logistical hurdle compared to some other pension arrangements. The complication stems from the fact that the trustees of your scheme are themselves in administration and the formal transfer of their responsibilities to a new trustee provider has not yet been completed.

In other cases, such as the PSG SIPP transfer to AllTrust, the transition to a new trustee was completed before the release of funds. This meant the member book could be fully transferred and processed in advance, allowing pension distributions to be paid directly to AllTrust for onward management.

By contrast, in this case, while a sale of the Gibraltar-based book is actively being negotiated, it is not yet finalised. This means that once the funds are received from Brite’s Australian receivers (expected by January 2026), they may temporarily remain under the control of the administrators until the sale completes.

Latest Update: Australian Court Approves Interim Payout of Brite Assets (November 2025)

A major breakthrough has occurred in the Brite Advisors receivership. On 19 November 2025, the Federal Court of Australia issued orders authorising the interim return of the majority of client assets held on the Brite investment platform. This decision represents the most significant progress to date in unfreezing members’ pensions.

Below is a clear summary of what the court approved, and what it means for Relay Group members.

1. Court Approves c.80% Interim Distribution of Assets

The Court authorised an interim distribution of approximately 80% of each member’s pension assets.

Why not 100%?

The Court has temporarily withheld c.20% of assets, known as the “Non-Distributable Amount”, as a protective reserve to cover:

• potential tax liabilities (especially Australian tax),
  
• outstanding claims or disputes and
  
• remaining contingencies in the liquidation.
  

This reserve is not lost. Once the receivers resolve the remaining uncertainties, any surplus will be released in the final distribution.

The key point:
Most of your pension assets can finally be returned to your trustee rather than remaining frozen on Brite’s platform.

2. Payment Timeline: Funds Expected No Later Than 21 January 2026

The Court has set a strict, enforceable timetable:

• 12 December 2025 – Brite’s receivers must liquidate the necessary underlying investments.
  
• By 21 January 2026 – Receivers must transfer the interim distribution to trustees and beneficiaries.
  

For Corinthian and Pantheon members:

• The Court explicitly directed that the Relay/Corinthian/Pantheon group, one of the largest impacted member cohorts, should be prioritised in the distribution queue.
  
• This reduces the risk of delays and ensures Gibraltar-based trustees receive the funds at the earliest possible point.
  

Once received in Gibraltar, the Joint Administrators will:

• re-deposit or reinvest the assets as appropriate, or
  
• prepare them for transfer to the new long-term trustee (as described in the sale/transfer section).
  

The remaining ~20% will stay invested under the receivers’ control until the Court authorises the final distribution.

3. What This Means for Members

This court ruling marks a significant step forward in the recovery of pension assets. For affected members, here’s what you need to know:

• Roughly 80% of your pension assets should be returned to your scheme’s trustee by no later than 21 January 2026, under orders from the Federal Court of Australia
  
• Corinthian and Pantheon members are prioritised in the distribution queue, reducing the risk of delay
  
• The funds will not remain frozen on the Brite platform, they will be transferred to Gibraltar, where they can be held, reinvested, or prepared for onward transfer to a new trustee (once appointed)
  
• You will need to complete some actions to ensure smooth receipt of your funds:
  
  • Verify your identity via the secure GBG platform
    
  • Provide your bank account details
    
  • Upload required documentation (e.g. trust deed if applicable)
    
• The remaining 20% of your assets will remain held in reserve by the receivers until the final distribution is approved, to cover any tax or legal contingencies.
  

In practical terms, this means most members should see their pensions largely restored by early 2026, allowing the administration to move into its final phase. However, completing the verification steps is essential to avoid delays or complications.

No Immediate Action Required – But Sensible Preparation Is Strongly Advised

The Joint Administrators have consistently reassured members that no urgent or drastic action is required at this stage. That guidance remains correct. The interim distribution is being handled entirely through the courts, your pension assets are secure in the process and there is no need to intervene, attempt to “cash out,” or make rushed decisions.

However, “no immediate action” does not mean doing nothing. With the bulk of your pension assets expected to return by January 2026, now is the ideal time to prepare.

Proactive planning will ensure you can make informed decisions the moment your funds arrive back under trustee control and avoid any tax, reporting or regulatory pitfalls.

1. Seek Regulated Financial Advice Early

We strongly recommend that members speak to a qualified FCA-regulated pension adviser as soon as possible. Early engagement allows you to:

• review your personal situation
  
• understand your options once funds are released and
  
• map out a strategy well in advance of the transfer window
  

This is especially important for UK-connected members, including anyone who:

• originally transferred from a UK scheme
  
• may return to the UK in future or
  
• still falls under HMRC rules.
  

Why this matters

From 2027, upcoming UK policy changes could bring certain overseas pension funds back into an individual’s estate for UK inheritance tax purposes. That means moving a QROPS or overseas pension back to a UK pension could potentially expose you to 40% IHT on amounts above your IHT allowance.

Regulated, personalised advice is essential to avoid this kind of unintended tax liability.

2. Get “Decision-Ready” Before Your Funds Are Released

Once the Australian receivers transfer your funds back to the Gibraltar trustees, the pace of the administration will pick up significantly. To avoid unnecessary delays or misdirection of your assets, you should begin preparing now.

Consult an FCA Regulated Financial Adviser

A professional adviser can help you evaluate options such as:

• Remaining within the new Gibraltar-regulated trustee scheme or
  
• moving into a UK SIPP, QROPS, International SIPP, etc.
  

Your best option will depend on your residency, tax profile, future plans and investment needs.

Understand Tax and Reporting Obligations

Every member’s situation is different. You should:

• Review how UK tax-rules may affect you
  
• Assess tax implications in your current country of residence

This helps ensure you don’t face unexpected tax liabilities when your pension is restructured or transferred.

Prepare for Transfer Logistics

When the court releases the funds:

• they will not be paid directly to your personal bank account (unless you are listed as a verified direct beneficiary);
  
• they will first return to the Gibraltar trustee or the new acquiring trustee and then be allocated to your pension once the transition is complete.

⚠️ Important: If you have received a direct beneficiary letter but your pension is held in a trust (such as a QROPS, international SIPP or any other trustee-administered arrangement), you must notify the receivers immediately.

Some members may appear in the Australian receivers’ records as direct holders of pension assets, even when those assets are in fact legally held by a trustee. In such cases, the receivers need to be informed to prevent the funds being misrouted to a personal account in error.

To ensure smooth processing and compliance:

• Review your payment status: If your pension is held via a trustee or third-party scheme, do not submit personal bank details unless confirmed appropriate.
  
• Inform the receivers: Use the contact details provided in the Direct Beneficiary Letter to notify them that your funds should be returned to your trustee, not to you directly.
  
• Work with your adviser: If you're unsure about your setup, speak to your financial adviser immediately.
  

This step is vital to ensure:

• your funds are correctly routed back to the trustee for reinvestment or onward transfer;
  
• you avoid possible tax issues associated with an accidental personal payout.
  

Minimise Delays

To avoid delays:

• Start thinking now about whether you may wish to remain with the new trustee or explore other pension options
  
• Discuss your situation with an adviser, who can help you understand what’s most suitable for your goals
  
• Prepare any paperwork in advance where possible, so you're ready when decisions need to be made
  

You don’t need to take action immediately, but being prepared means you’ll be in the best position to act swiftly and confidently when the time comes.

The Bottom Line: Stay Patient, But Be Prepared

The recovery process is moving forward and your assets are coming back, but the transition will still take time. In the meantime:

• there is no crisis
  
• no need for emergency action and
  
• no benefit in making hasty financial decisions.
  

Your role is simply to prepare. With thoughtful planning and regulated advice, you will be ready to:

• reinvest your pension efficiently
  
• transfer it to the right long-term home
  
• and protect yourself from avoidable tax and regulatory risks.
  

The outlook is positive: by early 2026 your pension should be largely restored and with the right preparation, you will be in the strongest position to take advantage of the final phase of the administration.

Speak to a Regulated Pension Adviser Before Your Funds Are Released

The next stage of the administration will move quickly once assets return in early 2026. If you want to protect your pension, avoid unnecessary tax exposure and ensure a smooth transition to a new trustee or scheme, now is the right time to get regulated advice.

Book a call with a qualified pension specialist at Cameron James to review your options and prepare your next steps with confidence.

👉Book Your Free Consultation