Evelyn Partners team closes sale of Unity SIPP to Pathlines Pensions. Source: Shutterstock

The joint administrators of PSG SIPP has successfully completed the sale of the Unity SIPP business to Pathlines Pensions, formerly known as London & Colonial.

The transaction, finalised on 9 January 2025, marks a key step in the resolution of PSG SIPP’s administration process.

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Adam Stephens and Chris Allen of Evelyn Partners were hired Joint Administrators of PSG SIPP on 25 October 2024, under the Insolvency Act 1986.

Following their appointment, they oversaw the sale of the company’s Self-Invested Personal Pension (SIPP) business, excluding the Unity SIPP scheme, to Alltrust Services Limited. Simultaneously, agreements were made with London & Colonial for the Unity SIPP transfer.

Moreover, London & Colonial rebranded as Pathlines Pensions UK Limited on 31 October 2024, and the Unity SIPP sale concluded earlier this week.

PSG SIPP Limited had operated approximately 5,500 SIPPs with a combined investment value of around £1.2bn ($1.4bn).

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In addition to this, Unity SIPP clients will be contacted soon by both the Joint Administrators and Pathlines Pensions to provide updates on their pensions.

Stephens and Allen, both shared: “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.”  

The legal aspects of the sale were handled by Osborne Clarke LLP, with their team led by restructuring and insolvency partner Will Gunston and financial services regulatory partner Noline Matemera.

This development secures a new chapter for Unity SIPP clients while addressing the administrative challenges of PSG SIPP Limited’s insolvency.