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PSG SIPP - Administration
PSG SIPP, a self-invested personal pension operator authorised and regulated by the FCA, had most of its assets purchased out of administration by Alltrust Services, an established provider of trusteeship and administration services for various types of pension schemes.
PSG acted as scheme administrator, operating around 5,500 SIPPs with a total investment value of approximately £1.2 billion.
Chris Allen and Adam Stephens of Evelyn Partners were appointed joint administrators of PSG on 25 October and immediately completed the sale of PSG’s SIPP business, excluding its Unity SIPP scheme, to Alltrust. They also agreed with London & Colonial Services for a transfer of PSG’s Unity SIPP business, which is expected to complete in January 2025 at the latest. All PSG employees transferred to Alltrust.
Osborne Clarke, led by Will Gunston and Noline Matemera, acted as legal advisers to the joint administrators on the sale; Addleshaw Goddard, led by Karl Clowry, acted as legal advisers to Alltrust; and Withers, led by Harvey Knight, acted as legal advisers to London & Colonial.