The sale of the Unity SIPP business to Pathlines Pensions (formerly London & Colonial) has completed, the joint administrators of PSG SIPP Limited said on 10 January.
Adam Stephens and Chris Allen of Evelyn Partners LLP were appointed as joint administrators of PSG SIPP Limited on 25 October 2024, pursuant to an application made under Paragraph 22 of Schedule B1 of the Insolvency Act 1986.
Immediately following their appointment, the joint administrators completed the sale of PSG’s Self-Invested Personal Pension (SIPP) business, excluding its Unity SIPP scheme, to Alltrust Services Limited (Alltrust).
Simultaneous with the sale to Alltrust the joint administrators exchanged contracts with London & Colonial Services Limited (London & Colonial) for a transfer of PSGS’ Unity SIPP business.
On 31 October 2024, London & Colonial changed its name to Pathlines Pensions UK Limited (Pathlines Pensions).
The joint administrators completed the sale of the Unity SIPP business to Pathlines Pensions completed on 9 January 2025.
The company 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.
Adam Stephens and Chris Allen, joint administrators, 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.”
Osborne Clarke LLP acted as legal advisers to the Joint Administrators on the sale, led by restructuring and insolvency partner Will Gunston and Financial Services Regulatory partner Noline Matemera.
