Standard Life has been appointed the "safe haven" provider for people who have been scammed out of their pensions.
The company will run a new scheme for people being recompensed from the Fraud Compensation Fund.
Standard Life was chosen by Dalriada, the trustee appointed by The Pensions Regulator to represent almost 7000 members across over 100 distressed scheme.
Donna Walsh, head of master trust at Standard Life said: “Losing all your pension savings is simply unthinkable. Saving into a pension is based on trust and the expectation that all those involved, from employers and trustees to the scheme provider, are acting in your best interests.
"While we are absolutely delighted to be appointed by Dalriada, we are also hugely conscious of the added responsibility we have to members to help restore their faith in pensions and to help them feel comfortable in how we are managing their savings.
"It’s a unique challenge where we are providing a range of wrap-around care and developing bespoke communications and resources to help them as they take steps to re-establish their pensions savings.
"This appointment puts us in a privileged position to use all our experience and knowledge for a ‘social good’. We are extremely proud that we have this opportunity to help our new members in this way."
As well as providing a scheme for the victims, Standard Life is expected to help them regain trust in pension saving after the trauma of losing their life savings.
It has set up a assembled a dedicated team for this led by senior business development manager, David Yule.
Dalriada board director and chair, Tom Lukic, added: "We were meticulous when making this selection, with Standard Life standing out in its understanding of the members’ needs, the terrible circumstances they have endured and its ability and willingness to adapt its processes to provide them with additional support to reconnect with their pension savings.
"In appointing the Standard Life Master Trust, we are providing victims with a ‘safe haven’ provider, a trusted brand and reassurance they deserve but have been denied for many years."
tara.o'connor@ft.com
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