PSG SIPP Limited entered administration on 25 October 2024, with Christopher Allen and Adam Stephens of Evelyn Partners appointed as joint administrators. At the time of its collapse, PSG was administering approximately 5,500 SIPPs with a combined investment value of around £1.2 billion, making this one of the most significant SIPP operator failures in recent years.
Protecting Client Assets: The Asset Sales
The administrators moved quickly to protect clients. Two major asset sales followed. PSG’s main SIPP book was sold to Alltrust Services Limited, ensuring that the majority of clients retained uninterrupted access to their pensions. The Unity SIPP product was sold separately to Pathlines Pensions UK Limited, formerly known as London and Colonial, completing in January 2025.
For Unity SIPP holders, the practical message is that contributions, withdrawals and investment decisions should continue to function normally with Pathlines as the new administrator. For other PSG SIPP clients now with Alltrust, the same applies.
Were You Mis-Sold a PSG SIPP?
However, the transfer of the business to new administrators is a separate matter from the question of whether you were mis-sold a SIPP in the first place, or whether unsuitable investments were made within your PSG SIPP on the recommendation of an introducer or adviser. That question is what the FSCS is now actively investigating.
The FSCS has warned that this investigation is likely to be complex, given the variety of advisers and introducers that channelled clients into PSG SIPPs. If you received advice to invest your pension in assets that have since failed or become inaccessible, the sale of the SIPP book does not affect your right to pursue SIPP claims or seek pension compensation for that historical failing.
Liquidation Confirms the Wind-Down
PSG subsequently moved from administration to creditors’ voluntary liquidation in October 2025, with the same individuals serving as liquidators. This progression confirms that the formal wind-down of the entity is now underway.
Get Help With Your Claim
If you had dealings with PSG SIPP Ltd and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk , we are here for you.
