Evelyn Partners completes PSG SIPP sale to Alltrust Services

Evelyn Partners has completed the sale of PSG’s Self-Invested Personal Pension (SIPP) Limited (PSGS) to Alltrust Services Limited.

Adam Stephens and Chris Allen from Evelyn Partners were appointed as joint administrators of PSGS on 25 October.

Alltrust is an established provider of trusteeship and administration services for various types of pension schemes including a variety of SIPP structures, with a particular focus on offering flexible investment options for its clients.

Simultaneous with the sale to Alltrust, the joint administrators, having worked with the principal advisor to members of the Unity SIPP scheme, agreed with London and Colonial Services Limited for a transfer of PSGS’ Unity SIPP business.  The transfer is expected to complete in January 2025, at the latest. 

Arrangements have been made with Alltrust to provide the required staff and systems for PSGS to continue to operate the Unity SIPP until the transfer to London and Colonial.

London and Colonial has been providing “innovative” products for more than 20 years and was one of the earliest companies to provide a pure SIPP in 1995.

 The company acted as scheme administrator operating 5,500 SIPPs, with a total investment value of £1.2bn. In the coming days clients will be contacted by both the joint administrators and Alltrust with information about their pensions.     

Stephens, joint administrator, said: “We are pleased to announce completion of the sale to Alltrust and confirmation of exchange of contracts with London and Colonial. This will provide continuity of service to PSGS’s clients.”

Allen added: “We are also pleased to confirm that all of the employees of PSGS transferred to Alltrust, and there were no redundancies.”