Alltrust Services Limited has agreed to acquire the Phoenix Wealth Family Suntrust schemes, a move that would make it the only UK self‑invested personal pension (SIPP) provider accepting new business into a family pension trust structure once completed.

The Family Suntrust, which originated within the AXA Sun Life businesses, and the Alltrust Family Pension Trust, originally developed by Rowanmoor, are both group SIPPs developed at the same time.

Alltrust also announced its intention to reopen the proposition to new business.

Commenting on the acquisition, Alltrust managing director, James Floyd, said: “Bringing the Family Suntrust and the Alltrust Family Pension Trust back together is a significant moment for our industry.

“These products were originally developed to meet a specific demand for pooled family pension structures. Having already provided a long-term home for the Rowanmoor Family Pension Trust book, we are now investing further in the technology, governance and service capabilities required to deliver a first-class experience for members and their advisers.

"We are committed to being a lasting home for the family pension trust proposition.”

Phoenix Wealth product director, Jenny Holt, added: “Alltrust has deep specialism in bespoke family pension trust arrangements and a clear strategic commitment to this market. Ensuring continuity of service for advisers and clients is our priority, and we are working closely with Alltrust to ensure a smooth and straightforward transition.”

Members and advisers were told no immediate action was needed, with no changes to investment holdings or trustee protections as a result of the transfer.

Alltrust Services Limited said further operational details would be shared with advisers in due course.

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