The PSG Sipp business and some of its assets have been sold to Alltrust Services after the company fell into administration.
Adam Stephens and Chris Allen of Evelyn Partners were appointed as joint administrators of PSG Sipp Limited last week (October 25).
Immediately after their appointment the administrators completed the sale of PSG’s Sipp business, excluding its Unity Sipp scheme, to Alltrust Services Limited.
The joint administrators also exchanged contracts to enable the Unity Sipp business to be transferred to London & Colonial Services Limited.
It is anticipated the Unity Sipp transfer will complete by January 15, 2025 at the latest, at which time London & Colonial will take over the operation of all its customers’ Sipps.
Arrangements have been made with Alltrust to provide the required staff and systems for PSG Sipp to continue to operate the Unity Sipp until the transfer to London & Colonial.
Stephens said: “We are pleased to announce completion of the sale to Alltrust and confirmation of exchange of contracts with London & Colonial. This will provide continuity of service to PSG’s clients.”
The administrators confirmed all of the employees of PSG Sipp transferred to Alltrust, and there were no redundancies.
amy.austin@ft.com
