Independent Insurance's pension scheme will be wound up sooner than expected, its trustee the Law Debenture Pension Trust Corporation has revealed.

Some ex-Independent staff had been confused about the state of the scheme after they received incorrect enhanced transfer values earlier this year.

The scheme's administrator Hewitt Bacon & Woodrow later withdrew the incorrect valuation.

However, Law Debenture director Mark Ashworth said extra work done following the error had resulted in the timetable for winding up the scheme being accelerated.

"We believe that we're now in a position to bring forward the date when we can select the insurance company which will provide pension benefits for members who decide to stay in the scheme," he said.

"When we've done this, we'll be able to let members and their advisers know more details about their options."

Ashworth said he anticipated the insurance company would be selected before the end of the year.

He said Hewitt Bacon & Woodrow could now give members an accurate statutory minimum transfer value on request.