The administrators of collapsed PSG Sipp have completed the sale of Unity Sipp business to Pathlines Pensions.
The sale, which was first announced last October, was completed yesterday (9 January)
The joint administrators, Adam Stephens and Chris Allen of Evelyn Partners, said: “We are pleased to have concluded the sale of the Unity Sipp scheme to Pathlines Pensions, which will ensure continuity of service to the clients within the Unity Sipp.”
Unity Sipp acted as scheme administrator operating c.5,500 Sipps with a total investment value of c.£1.2bn.
Unity Sipp clients will be contacted in the coming days by both the joint administrators and Pathlines Pensions with information about their pensions.
The Sipp provider is a subsidiary of Wiltshire-based PSG Sipp, which fell into administration last year after customers complained about their investments.
PSG Sipp has been under increasing pressure from customers over the handling of Sipp transfers and poor communication.
Following the collapse, the administrators sold the majority of PSG’s assets and all Sipp schemes, except the Unity Sipp, to Alltrust Services Ltd.
PSG’s employees and directors were transferred to Alltrust, which manages £2.8bn of clients’ assets.
The administrators also exchanged contracts with Pathlines Pensions (formerly London & Colonial Services) for the sale of PSG’s Unity Sipp business.
