Pension provider and retirement services firm Alltrust Services has acquired the self-invested personal pension (SIPP) business of PSG SIPP, excluding its Unity SIPP scheme.

PSG SIPP went into administration on 25 October 2024, with Adam Stephens and Chris Allen of Evelyn Partners appointed as joint administrators.

Following their appointment, the joint administrators completed the sale of PSG’s SIPP business to Alltrust, excluding its Unity SIPP scheme, which was acquired by SIPP operator London and Colonial Services (LCS).

All the other SIPP schemes administered by PSG SIPP have been transferred to Alltrust, while PSG SIPP has exchanged contracts with LCS for Unity SIPP, with the transfer expected to complete in January 2025 at the latest.

Unity SIPP customers will be supported by Alltrust for a “limited period”, but once LCS has completed its purchase of Unity SIPP it will write to impacted customers to explain what is happening to their pension funds, as will Evelyn Partners.

Osborne Clarke LLP acted as legal adviser to the joint administrators on the sale.

Alltrust said the acquisition would expand its market presence and enhance its capacity to deliver pension administration services to its membership base, especially in property and bespoke investment solutions.

Furthermore, the firm said that the transaction positioned Alltrust to “seamlessly integrate” PSG SIPP’s schemes into its existing operations.

PSG SIPP acted as scheme administrator operating around 5,500 SIPPs, with a total investment value of approximately £1.2bn.

Clients will be contacted in the coming days by both the joint administrators and Alltrust with information about their pensions.

“We are excited to welcome PSG’s SIPP members to the Alltrust family,” said Alltrust managing director, James Floyd.

“Our primary focus is to provide a seamless transition and to enhance the pension experience for our new members.

“At Alltrust, we are dedicated to upholding the highest standards of regulatory compliance and customer service. This acquisition allows us to leverage our expertise to offer more personalised services and greater transparency, ensuring that our members are well-supported in achieving their retirement goals.

“Particularly exciting is the enhanced capability in commercial property investments and bespoke pension solutions that this combination brings to all our members.

“Looking ahead, all members will benefit from our continued investment in technology and digital services, designed to make pension management more accessible and efficient.”

This article originally appeared in our sister publication Wealth Investment News.

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